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Downgrade Alert for Conmed (CNMD)

By David Diaz

Conmed (NASDAQ:CNMD) was downgraded from Outperform to Market Perform at Leerink today. The stock closed yesterday at $39.92 on volume of 1.6 million shares, above average daily volume of 188,000.

CONMED Corporation provides orthopedic products, specializing in arthroscopy and powered surgical instruments. The Company develops, manufactures, and supplies surgical instruments and systems used in a range of surgical procedures. CONMED's products include arthroscopic surgery devices and powered surgical instruments, electrosurgery systems, and ECG electrodes for heart monitoring.

There is potential upside of 31.9% for shares of Conmed based on a current price of $39.92 and an average consensus analyst price target of $52.67. The stock should run into initial resistance at its 50-day moving average (MA) of $41.46 and subsequent resistance at its 200-day MA of $44.60.

Conmed share prices have moved between a 52-week high of $60.66 and a 52-week low of $35.51 and closed yesterday at 12% above that low price at $39.92 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has slid 0.8%.

SmarTrend recommended that subscribers consider buying shares of Conmed on June 9th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $42.75. Since that recommendation, shares of Conmed have risen 12.7%. We continue to monitor CNMD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades CONMED

Ticker(s): CNMD