Stock to Watch: MELA Sciences Down 14.6% (MELA)

Published on Wed, 05/01/2013 - 10:25
By Mallory Stone in Market movers, mela, mela sciences, nasdaq:mela, penny stocks

MELA Sciences (NASDAQ:MELA) is one of today's worst performing low-priced stocks, down 14.6% to $1.05 on 2.2x average daily volume. Thus far today, MELA Sciences has traded 978,000 shares, vs. average volume of 445,000 shares per day. The stock has underperformed the Dow (-14.6% to the Dow's -0.3%) and underperformed the S&P 500 (-14.6% to the S&P's -0.3%) during today's trading.

Electro-Optical Sciences, Inc. is a medical device company focused on the design and development of a non-invasive, point-of-care instrument to assist in the early diagnosis of melanoma. The Company's product features a device that captures images of suspicious pigmented skin lesions and extracts data. The data are then analyzed in order to provide information to the physician.

MELA Sciences (NASDAQ:MELA) has potential upside of 138.1% based on a current price of $1.05 and analysts' consensus price target of $2.50. The stock should run into initial resistance at its 50-day moving average (MA) of $1.25 and subsequent resistance at its 200-day MA of $2.37.

In the past 52 weeks, MELA Sciences share prices have been bracketed by a current low of $1.04 and a high of $6.96 and are now at $1.05. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.2% while the 200-day MA has slid 1.4%.

By Mallory Stone
mstone@fnno.com

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