EARN25

Analyst: This Beat-Up Stock Could Double

Needham upgraded Inogen stock to "strong buy"

Nov 20, 2018 at 10:25 AM
facebook X logo linkedin


The shares of portable oxygen supplier Inogen Inc (NASDAQ:INGN) have been hit hard since their Sept. 13 peak of $287.79, falling more than 50%. However, Needham said now is the time to strike on INGN, upgrading the equity to "strong buy" from "buy," and reiterating a $280 price target -- more than double the stock's current perch of $138.73. The analyst waxed optimistic on the new 2019 product cycle, and said the company's growth should accelerate next year.

Inogen stock suffered a post-earnings bear gap earlier this month, and subsequently endured a six-day losing streak. At its Nov. 15 lows, the security was in territory not charted since May. However, the stock's 14-day Relative Strength Index (RSI) stood at 26 last night -- deep into oversold territory, suggesting INGN was due for a short-term bounce. Today, the equity is up 0.9%.

Most analysts are already bullish on beleaguered Inogen. Despite the company lowering its earnings forecast in early November, or INGN stock's technical troubles of late, six of seven brokerage firms following the medical technology concern offer up "strong buy" or "buy" opinions.

On the other hand, short sellers have been blitzing the stock. Short interest surged nearly 59% in the past two reporting periods, and now accounts for a healthy 8.2% of INGN's total available float.

 

 

 

 

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!