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Bullish Moving Average Cross by Sangamo Biosciences (SGMO)

Published on Fri, 04/19/2013 - 11:15
By Peter Chu

Sangamo Biosciences (NASDAQ:SGMO) shares have crossed bullishly above their 10-day moving average of $9.95 on a volume of 300K shares. Swing traders may find an opportunity for a long position, as such a crossover often suggests higher prices in the near term.

Sangamo Biosciences has overhead space with shares priced $10.11, or 43.0% below the average consensus analyst price target of $17.75. The stock should find initial support at its 50-day moving average (MA) of $9.41 and further support at its 200-day MA of $6.90.

Sangamo BioSciences, Inc. researches and develops transcription factors in the regulation of genes. These transcription factors are the proteins that turn genes on and off and regulate gene expression by recognizing specific DNA sequences.

Over the past year, Sangamo Biosciences has traded in a range of $4.01 to $11.24 and is now at $10.11, 152% above that low. Over the past week, the 200-day moving average (MA) has gone up 1.3% while the 50-day MA has advanced 0.3%.

By Peter Chu
pchu@fnno.com

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