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Hot Stock: EnteroMedics, Shares Gain 7.2% (ETRM)

Published on Tue, 03/05/2013 - 13:23
By Adrienne Chilton

EnteroMedics (NASDAQ:ETRM) is one of today's best performing penny stocks, up 7.2% to $0.95 on 1.1x average daily volume. Thus far today, EnteroMedics has traded 1.6 million shares, vs. average volume of 1.4 million shares per day. The stock has outperformed the Dow (7.2% to the Dow's 1.0%) and outperformed the S&P 500 (7.2% to the S&P's 1.0%) during today's trading.

EnteroMedics has overhead space with shares priced $0.95, or 76.9% below the average consensus analyst price target of $4.12. The stock should find initial resistance at its 50-day moving average (MA) of $2.15 and further resistance at its 200-day MA of $3.04.

In the past 52 weeks, EnteroMedics share prices have been bracketed by a low of $0.81 and a high of $4.40 and are now at $0.95, 18% above that low price. The 200-day and 50-day moving averages have moved 0.95% lower and 3.99% lower over the past week, respectively.

EnteroMedics Inc. is a development stage medical device company focused on the design and development of devices that use neuroblocking technology to treat obesity and other gastrointestinal disorders.

By Adrienne Chilton