Nanosphere, Inc. (NASDAQ:NSPH) Rallies 6.23%
Northern, WI 06/17/2013 (GDPInsider) – Nanosphere, Inc. (NASDAQ:NSPH) is having a pretty good day so far and market valuation has jumped 6.23% since the start of trading. The stock opened at 3.67, 0.14 cents above its previous close of 3.53 and so far has seen a keen look from bullish investors. NSPH has a trading range for the day of 3.57 and 3.81. Volume has been bracing against average volume of 608,656 and currently stands at 570,486.
Today’s uptick is part of a continuing uptrend for NSPH which has increased 118.02% on its 52-week low of 1.72 since June 14, 2013. Current market valuation sees NSPH trending towards its second resistance point of 3.84.
The company seems to benefiting from earlier news developments which pointed to marked improvements in NSPH’s future performance. NSPH has been on the investor radar ever since it announced plans to develop and manufacture its ground breaking pathogen identification solution called the Verigene System. The technology was hailed by many analysts as a pertinent and potentially lucrative solution to the persistent problem of microbiological identification.
NSPH followed up with another interesting bit of news when it announced on June 3, 2013 that it was slated to present at the Jefferies 2013 Global Healthcare Conference, being held at the Grand Hyatt Hotel in New York City. During the presentation, CEO and President Michael McGarrity outlined the company’s business and commercial strategy as well as the growth prospects for the pool of technologies presently under development.
Market valuation has responded in kind to the breaking developments and investors have shown their confidence by increasing the volume activity in NSPH. The stock’s technical chart shows a northward sloping curve which began in earnest near the middle of May. The stock is trading above its SMA50 by 20.72% and EPS this year is expected to rise by 28.70%.
RSI is virtually neutral at 54.55 and analysts have set a target price of 4.43 for the stock. 55.91 million shares remain outstanding and NSPH has a float of 41.44. Institutions own 24.40% of the stock in NSPH while insiders own 1.60%.
The next earnings date for NSPH is August 05, 2013.
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