Medicis Pharmaceutical (MRX) NewsBite - MRX Upgraded By Piper Jaffray

Posted: Tuesday, November 17, 2009 2:08 PM EDT

Medicis Pharmaceutical (MRX) was upgraded today by analysts at Piper Jaffray and the stock is now at $24.32, up $0.22 (0.91%) on volume of 372,327 shares traded. The brokerage upped MRX to Neutral from Underweight. Over the last 52 weeks the stock has ranged from a low of $7.85 to a high of $24.49. Medicis Pharmaceutical stock has been showing support around $23.75 and resistance in the $24.37 range. Technical indicators for the stock are bullish and S&P gives MRX a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on MRX the stock seems like it could be a candidate for an April out-of-the-money bull-put credit spread below the 20 range. [ABR-Seven Summits Strategic Investments NewsBite]

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