Avidity Biosciences saw a positive improvement to its Relative Strength (RS) Rating on Thursday, rising from 80 to 93.
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IBD's proprietary RS Rating identifies market leadership by using a 1 (worst) to 99 (best) score that identifies how a stock's price performance over the last 52 weeks matches up against other publicly traded companies.
Decades of market research shows that the stocks that go on to make the biggest gains often have an RS Rating of over 80 as they launch their largest price moves.
Avidity Biosciences is now considered extended and out of buy range after clearing a 38.00 buy point in a first-stage cup without handle. See if the stock forms a new pattern or follow-on buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week line.
Avidity Biosciences showed 0% EPS growth last quarter. Sales gains came in at -56%. Keep an eye out for the company's next round of numbers on or around Aug. 12.
Avidity Biosciences holds the No. 139 rank among its peers in the Medical-Biomed/Biotech industry group. Aurinia Pharmaceuticals, Rigel Pharmaceuticals and Incyte are among the top 5 highly rated stocks within the group.
This article was created automatically with Stats Perform's Wordsmith software using data and article templates supplied by Investor's Business Daily. An IBD journalist may have edited the article.
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