Endologix Inc. (NASDAQ: ELGX) Stock Coverage Initiated at Leerink Swann

Analysts at Leerink Swann initiated coverage on Endologix Inc. (NASDAQ: ELGX) stock, rating the company at Market Perform with a price target of $13.00. As a means of comparison, a number of other analysts have commented on the stock recently, and the company has secured a consensus one-year price target of $14.82, $12.05. Endologix Inc.stock has a 52-week high of $14.50.After initiating coverage,, analysts and brokerage firms will subsequently issue periodic updates. Changes in price targets are not unusual.

Meanwhile U.S stocks were up on Tuesday after the long holiday weekend, with the NASDAQ establishing a new record closing high

The Dow Jones Industrial Average DJIA, +0.25% finished up 46.16 points, or 0.3%, at 18,538.12.

The S&P 500 index SPX, +0.30% rose 6.50 points, or 0.3%, to close at 2,186.48.

Meanwhile, the Nasdaq Composite Index COM P, +0.50% rose 26.01 points, or 0.5% to a new closing high of 5,275.91.

The Russell 2000 index RUT, +0.12% briefly touched a 52-week high of 1,254.41 Tuesday, and closed up fractionally just above 1,253.

Stock prices often move to the upside on recommendations and new price targets of professional brokerage firms.

Shares of Endologix Inc. (NASDAQ: ELGX) opened at $12.05 and traded in a range between, $12.00 and $12.37 yesterday, and last traded at $12.36, which represents a change of $ 0.14 over the previous closing price.

Endologix Inc. (NASDAQ: ELGX) currently has a market cap of 1.02B

The stocks average daily volume is 1,147,470 shares out of a total float 79,956,000 of and some 1,312,004 shares traded hands yesterday, 83 percent higher than normal. Significant increases in trading volume and price appreciation together could signal heavy volume accumulation by institutional investors.

However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.

Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.

These instituitional investors have teams of analysts researching thousands of stocks, so it is good confirmation to see them taking a postion in a stock you’re researching.

By identifying trends, moving averages allow traders to make those trends work in their favor and increase the number of successful trades.

With that in mind Endologix Inc. (NASDAQ: ELGX) now has a 50-day MA is $12.57 and 200-day MA is $11.33, and it has traded in a 52-week range between $6.51 – 14.50 and today’s last price is -14.76 percent off the 52 week high.

Earnings growth is an important factor toresearch when investing in stocks and investors look for companies that have grown their earnings at least 25% or more for the past 3 years.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of BNB Daily News. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please see our terms and conditions page.

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