In a welcome move, Beam Therapeutics stock saw its Relative Strength Rating rise from 67 to 76 on Friday.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
IBD's proprietary rating measures share price movement with a 1 (worst) to 99 (best) score. The score shows how a stock's price behavior over the last 52 weeks holds up against all the other stocks in our database.
Over 100 years of market history reveals that the market's biggest winners tend to have an 80 or better RS Rating in the early stages of their moves. See if Beam Therapeutics stock can continue to show renewed price strength and clear that threshold.
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Is Beam Therapeutics Stock A Buy?
Beam Therapeutics stock has risen more than 5% past a 31.09 entry in a first-stage consolidation, meaning the stock is extended and now out of a proper buy range. Look for the stock to offer a new buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week line.
The biotech firm showed 0% EPS growth in its most recent report, while sales growth came in at 9%. The company is expected to report its latest numbers on or around Feb. 27.
Beam Therapeutics stock holds the No. 251 rank among its peers in the Medical-Biomed/Biotech industry group. Neurocrine Biosciences and Y-mAbs Therapeutics are also among the group's highest-rated stocks.
