On Tuesday, Ginkgo Bioworks Holdings hit an important technical milestone, seeing its Relative Strength (RS) Rating jump into the 80-plus percentile with an improvement to 85, up from 66 the day before.
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This unique rating tracks market leadership by using a 1 (worst) to 99 (best) score that identifies how a stock's price action over the trailing 52 weeks matches up against that of all other stocks.
Decades of market research shows that the stocks that go on to make the biggest gains often have an RS Rating north of 80 as they begin their biggest price moves.
Ginkgo Bioworks Holdings has risen more than 5% past a 10.89 entry in a first-stage flat base, meaning it's now out of a proper buy zone. Look for the stock to offer a new chance to get in like a three-weeks tight or pullback to the 50-day or 10-week line.
The company showed 0% earnings growth in its most recent report. Revenue increased 27%. Look for the next report on or around Aug. 19.
The company holds the No. 85 rank among its peers in the Medical-Biomed/Biotech industry group. Exelixis, TG Therapeutics and Inhibrx Biosciences 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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