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Downgrade Alert for Endologix (ELGX)

By David Diaz

Endologix (NASDAQ:ELGX) was downgraded from Outperform to Sector Perform at RBC Capital today. The stock closed yesterday at $11.98 on volume of 7.9 million shares, above average daily volume of 866,000.

In the past 52 weeks, Endologix share prices have been bracketed by a low of $6.51 and a high of $18.07 and closed yesterday at $11.98, 84% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 3.2%.

Endologix, Inc. develops, manufactures, sells, and markets minimally invasive treatments for vascular diseases. The Company's products include the Powerlink System, a catheter-based endoluminal stent graft that treats abdominal aortic aneurysms. Endologix's products are sold in the United States as well as international markets.

Endologix has overhead space with shares priced $11.98, or 21.3% below the average consensus analyst price target of $15.22. The stock should find initial support at its 200-day moving average (MA) of $10.53 and further support at its 50-day MA of $9.44.

SmarTrend recommended that subscribers consider buying shares of Endologix on March 2nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $8.78. Since that recommendation, shares of Endologix have risen 56.6%. We continue to monitor ELGX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades endologix

Ticker(s): ELGX