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Upgrade Alert for Spectranetics (SPNC)

By James Quinn

Spectranetics (NASDAQ:SPNC) was upgraded from Sell to Buy at UBS today. The stock closed yesterday at $23.67 on volume of 1.1 million shares, above average daily volume of 703,000.

The Spectranetics Corporation develops, manufactures, markets, and distributes its technology for interventional cardiovascular therapy. The Company's CVX-300 excimer laser system is used in applications such as coronary angioplasty and the removal of pacemaker leads. Spectranetics is also developing other applica- tions in restenosis stents and peripheral vascular applications.

Spectranetics (NASDAQ:SPNC) defies analysts with a current price ($23.67) 7.4% above its average consensus price target of $21.91. The stock should find initial support at its 50-day moving average (MA) of $15.57 and further support at its 200-day MA of $14.53.

In the past 52 weeks, Spectranetics share prices have been bracketed by a low of $10.65 and a high of $27.68 and closed yesterday at $23.67, 122% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1% while the 50-day MA has advanced 2.9%.

SmarTrend recommended that subscribers consider buying shares of Spectranetics on July 7th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $19.95. Since that recommendation, shares of Spectranetics have risen 15.8%. We continue to monitor SPNC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades spectranetics

Ticker(s): SPNC