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Perrigo Crosses Below its 10-day MA (PRGO)

Published on Wed, 04/24/2013 - 11:14
By Adrienne Chilton

Today, shares of Perrigo (NASDAQ:PRGO) have crossed bearishly below their 10-day moving average of $118.81 on a volume of 128K shares. This may provide short-term investors a chance for a short position, as such a crossover often suggests lower prices in the near term.

In the past 52 weeks, Perrigo share prices have been bracketed by a low of $96.52 and a high of $121.12 and are now at $117.99, 22% above that low price. The 200-day and 50-day moving averages have moved 0.02% higher and 0.65% higher over the past week, respectively.

Perrigo has overhead space with shares priced $117.99, or 4.8% below the average consensus analyst price target of $123.92. The stock should find initial support at its 50-day moving average (MA) of $116.56 and further support at its 200-day MA of $111.76.

Perrigo Company manufactures store brand over-the-counter pharmaceutical products and also manufactures store brand nutritional products. The Company's customers include major national and regional retail drug, supermarket, and mass merchandise chains such as Albertson's, CVS, and Target, and major wholesalers such as Super Valu and McKesson.

By Adrienne Chilton
achilton@fnno.com