Biopharma Stock With Layers of Technical Support in Place

After its most recent pullback, biopharmaceutical stock BioCryst Pharmaceuticals Inc (NASDAQ:BCRX) bounced off the $8 level and has now reclaimed the 320-day moving average -- both of which have been key lines of pressure and support. Furthermore, the stock is flashing a longer-term bullish signal that could add to its 13% year-to-date gain. 

Per Schaeffer's Senior Quantitative Analyst Rocky White, BCRX is trading within 3% of its 12-month moving average, after closing above the trendline for each of the past five months. This setup has occurred six other times over the last 20 years, after which the stock was higher one month later 67% of the time, averaging an 11.5% gain. Three months after these signals, BCRX was higher 83% of the time, averaging an impressive 36.1% return.

BCRX's 14-day Relative Strength Index (RSI) of 32 sits on the cusp of "oversold" territory. Plus, short interest represents 14.4% of the stock's available float, or nearly eight days' worth of pent-up buying power, at its average pace of trading. 

When weighing on, options look like a good way to go. The equity's Schaeffer's Volatility Index (SVI) of 49% ranks in the 11th percentile of its annual range, meaning options traders are pricing in low volatility expectations.