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[B] Repeats: Play of the Day: Buy Sunrise Technologies on fundamentals
By Jamie LaReau, Bridge News
Chicago--Apr 11--Sunrise Technologies (SNRS) is a bargain-basement buy that
could be on the rise soon as it awaits final approval from the Food and Drug
Administration for key products sometime this spring, said S&P 500 futures
trader Larry Israel. If the FDA follows the advice of its panel and approves
Sunrise's vision correction procedure, the stock could climb from the current $7
level to as high as $25 by the end of the year, Israel said.
* * *
Late last year an FDA optometry panel approved Sunrise's Hyperion laser
process, a noninvasive correction procedure for farsighted vision troubles.
Israel said the FDA usually granted final approval of such procedures within
6 months of preliminary panel approval, so Sunrise should be approved by June.
"If they give it final approval, which they do in most cases, then they have
everything ramped up to go to production," he said. "A noninvasive cure for
farsightedness involves a big demographic, and it is a much more attractive
procedure than an invasive cure for anything."
He said Sunrise's procedure was not as expensive as other procedures and if
word of mouth spread within 6 months after final FDA approval, the stock should
rocket higher.
Israel put a stop at 3 to 3 1/2, saying that was the level below the low
Sunrise traded after it did not get approved by the FDA panel the first time
around.
The parameters for Israel's recommendation are as follows:
TARGET STOP
Buy 200 shares of Sunrise Technologies (SNRS) 25 3 to 3 1/2
at 7 1/8
If the initial objective for 200 shares is met on Israel's recommendation,
the profit would be about $3,575. If the trade is stopped out at 3 1/2, the loss
would be $725.
Investors interested in tracking progress on Israel's recommendation should
use BridgeStation symbol US;SNRS.
Click below for Sunrise chart in analytics
Media://Analytics/Pages:Sunrise:/cmd=us;snrs/CH/MA/HZ2/NVO
Bridge News, Tel: (312) 454-3470
Send comments to futures@bridge.com
Note: Bridge News takes no responsibility for gains or losses on investments
based on this report. The risk in trading can be substantial and investors
should fully consider whether such trading is suitable in light of their
financial condition. End
NOTICE: Read the "Play" on the Web
Check the Bridge Web site at bridge.com to get a look at the Web
version of "Play of the Day."
Copyright 2000 Bridge Information Systems Inc. All rights reserved.
[symbols:US;SNRS]
[symbols:US;SNRS]
Apr-12-2000 11:59 GMT
Symbols:
US;SNRS
Source B BridgeNews Global Markets |
