November 12, 2004
SpeculatingStocks.com Stock Pick: Nanogen, Inc. (NGEN)
Stock Price: $4.01 (short-term strong buy)
Nanogen, Inc. develops and commercializes products for the molecular and point-of-care diagnostic markets for a variety of illnesses including Alzheimer’s, cystic fibrosis, and cardiovascular disease. The company has been in research and development for over ten years involving nanotechnology with future applications in medical diagnostics, biowarfare, and other industries.
NGEN has very strong technical support at the $4.00 level. It has been at this support level for over two months now. NGEN was around the same level last year this time before it ran to over $14 by the end of January.
The company has over $53.1 million in cash and short-term investments on its balance sheet.
Nanotech stocks love to run up this time of year and NGEN will surely follow the pack.
SpeculatingStocks.com Target Price: We still expect NGEN to rise above $7.50 by the end of this year.