Qiagen Sales Better than Expected

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By :  ,  Financial Analyst

Qiagen Raises Guidance – Shares jump

Qiagen, a biotechnology firm, said 2Q adjusted EPS is expected to rise 68% on year at constant exchange rate to 0.55 - 0.56 dollar, compared with its prior guidance of at least 0.40 dollar, and net sales are estimated to grow 18% - 19% at constant exchange rates, compared with previous forecast of at least 12% growth.

From a chartist point of view, the stock price is trading above its upper Bollinger band thanks to the bullish gap opened this morning. Prices are supported by the rising 20- and 50-day simple moving averages. However, on a weekly chart, a rising wedge pattern is taking shape, calling for caution. Prices need to stand above 37.7E to maintain the bullish bias. Next resistance thresholds are set at 41E and 42.8E. Alternatively, a break below 37.7E would call for a reversal down trend with 34E as target.

Source: GAIN Capital, TradingView

Related tags: Coronavirus Equities

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