Medicis Pharmaceutical Corp. – MRX – close: $24.95 change -0.66 stop: $23.45

Company Description:
Medicis Pharmaceutical Corporation (Medicis) is a specialty pharmaceutical company focusing primarily on helping patients attain a healthy and youthful appearance and self-image through the development and marketing in the United States of products for the treatment of dermatological and aesthetic conditions. The Company also markets products in Canada for the treatment of dermatological and aesthetic conditions. It also has operations in Europe. The Company offers a range of products addressing various conditions or aesthetic improvements, including facial wrinkles, acne, fungal infections, rosacea, hyperpigmentation, photoaging, psoriasis, seborrheic dermatitis and cosmesis (improvement in the texture and appearance of skin). On June 10, 2009, the Company sold Medicis Pediatrics, Inc.(source: company press release or website)

Why We Like It:
MRX is approaching multiple support levels. The stock has been finding support at $24.75 level for the past couple of weeks, which is also just above prior resistance from October 2009. The stock's 50-day and 100-day SMA's are just below current levels and there is also an upward trend line that MRX touched today at $24.73. I like MRX at current levels and am expecting a bounce from here to at least re-test its highs from the last several weeks near $26.50, which is our first target. We have a second target at $27.75 which is just below its 52-week high. We will place a stop at $23.45 which is near a prior resistance level and also below the aforementioned SMA's. Our time frame is several weeks.

Suggested Position: Buy MRX stock @ $24.95 (?)

Annotated chart:

Entry on April xx at $xx.xx
Earnings Date 5/06/2010 (unconfirmed)
Average Daily Volume: 1.0 million
Listed on April 13th, 2010