7 Stocks Hitting New 52-Week Highs

Elan

Elan (ELN) is a neuroscience-based biotechnology company. Elan is focused on discovering and developing advanced therapies in neurodegenerative and autoimmune diseases and in realizing the potential of its scientific discoveries and drug delivery technologies. This stock is trading down 0.39% at $12.88 in recent trading after hitting a 52-week high of $13.01 earlier in the day.

Today's Range: $12.73-$13.01

52-Week Range: $5.59-$12.93

Volume: 1.3 million

Three-Month Average Volume: 2.8 million

Elan has a market cap of $7.60 billion and an enterprise value of $7.87 billion. The stock trades at a trailing price-to-earnings of 11.86 and a forward price-to-earnings of 107.67. Its estimated growth rate for this year is 317%, and for next year it's pegged at -90.2%. The current short interest as a percentage of the float for Elan is very low at 1.2%.

From a technical standpoint, ELN broke out recently above some past overhead resistance at $12.20 and then $12.60 on monster volume. Market players should continue to look for long biased trades in ELN as long as the stock can remain above $12.60 on a closing basis. The next significant overhead resistance level won't come into play until ELN hits $14.

To see more stocks hitting new 52-week highs today, check out the Stocks Hitting New 52-Week Highs portfolio on Stockpickr.

-- Written by Roberto Pedone in Winderemere, Fla.

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At the time of publication, author had no positions in stocks mentioned.

Roberto Pedone, based out of Windermere, Fla., is an independent trader who focuses on stocks, options, futures, commodities and currencies. He is also an outside contributor to Beconequity.com and maintains the website Maddmoney.net, which he sold to Blue Wave Advisors in 2008. Roberto studied International Business at The Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany.

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