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February 24, 2005 Stock Pick: Nanogen, Inc. (NGEN)

Stock Price: $4.06

We released NGEN as a stock pick in the past, and we still believe NGEN will hit $10.00 within the next 5 months. However, after this recent drop, we believe NGEN will rebound nicely over the next 2-4 weeks.

Nanogen, Inc. develops and commercializes products for the molecular and point-of-care diagnostic markets for a variety of illnesses including Alzheimer's, cystic fibrosis, and cardiovascular disease. The company has been in research and development for over ten years involving nanotechnology with future applications in medical diagnostics, biowarfare, and other industries.

We thought NGEN would bottom at the $5.00 level and rise from there, yet it has continued to drop down to its current level. Historically, NGEN has strong support at the $4.00 level.

The company still has over $50 million in cash on the balance sheet.

Look at how much ALTI jumped recently on new developments. NGEN has this kind of potential to release something shocking that will drive the price up 50% in one day alone.

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