The “Chart of the Day” is Allergan (AGN), which showed up on Monday’s Barchart “NYSE 12-month high” list. AGN gapped higher Monday and surged to an all-tine high of $72.98 on heavy volume and finished the day up +5.5%. Barchart’s Trendspotter(tm) has been long AGN for the past 5 weeks at a price of $64.04. AGN gapped higher Monday following the FDA’s approval for Allergan to sell its Botox drug for the treatment of chronic migraine headaches, an action that may double the drug’s yearly sales to $2.3 billion, according to Bloomberg reports. Citigroup upped its price target for AGN to $82 from $66 and reiterated a “buy” rating on the stock and Wells Fargo raised its 2011-2014 EPS estimates for Allergan. Botox is one of Allergan’s top drugs, accounting for more than $1.3 billion of the company’s $4.4 billion sales last year. Allergan, with a market cap of $20.9 billion, is a provider of eye care and specialty pharmaceutical products throughout the world with products in the eye care pharmaceutical, ophthalmic surgical device, over-the-counter contact lens care, movement disorder, and dermatological markets. Its worldwide consolidated revenues are principally generated by prescription and non-prescription pharmaceutical products in the areas of ophthalmology and skin care, neurotoxins, intraocular lenses and other ophthalmic surgical products, and contact lens care products..
How we found the Chart of the Day:
We found the “Chart of the Day” by scanning the Barchart “New Highs/Lows” page. Then we clicked on the entry for NYSE 12-month highs. A new 12-month high is a popular sign of upside momentum. Then we applied a “Custom View” heading with the Barchart Opinion ranking as one of the columns. we then sorted the list by the Barchart Opinion ranking in order to find the stocks with the highest Opinion.
Barchart’s Opinion trading systems are mostly a Buy and Barchart’s daily Trendspotter(tm) trading system is a “Buy.” Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.
- Trendspotter: Buy
- Short-Term Indicators: 100% Buy
- Medium-Term Indicators: 100% Buy
- Long-Term Indicators: 100% Buy
- Overall Average 100% Buy
Chart of the Day provided by www.Barchart.com.
