January 27, 2005
SpeculatingStocks.com Stock Pick: Nanogen, Inc. (NGEN)
Stock Price: $5.23 (long-term strong buy)
We released NGEN as a stock pick on November 12th of last year when it was at $4.01. NGEN hit $8.00 by the middle of December exceeding our year end target of $7.50.
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.
The company recently completed its merger with Epoch Biosciences and should start to experience the benefits going forward. Nanogen expects Epoch to immediately add revenue.
NGEN is now beginning to level at $5.00; however, we don't believe it will stay at current levels for long as it has become one of the more popular nanotech stocks.
Almost a year ago to the day, NGEN hit its 52-week high of $14.95.
SpeculatingStocks.com Target Price: We expect NGEN to hit $10.00 within the next 3-6 months.