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Upgrade Alert for Endologix (ELGX)

By Amy Schwartz

Endologix (NASDAQ:ELGX) was upgraded from Hold to Buy at Canaccord Genuity today. The stock closed yesterday at $12.88 on volume of 2.0 million shares, above average daily volume of 866,000.

Over the past year, Endologix has traded in a range of $6.51 to $18.07 and closed yesterday at $12.88, 98% above that low. The 200-day and 50-day moving averages have moved 0.62% lower and 3.16% higher over the past week, respectively.

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 $12.88, or 15.4% 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 44.4%. 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