On Wednesday, NewAmsterdam Pharma reached an important technical milestone, with its Relative Strength (RS) Rating climbing into the 80-plus percentile with an upgrade to 82, an increase from 79 the day before.
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This proprietary rating tracks technical performance by using a 1 (worst) to 99 (best) score that shows how a stock's price action over the trailing 52 weeks matches up against that of all other stocks.
Decades of market research reveals that the best-performing stocks tend to have an 80 or better RS Rating as they launch their biggest price moves.
NewAmsterdam Pharma is now considered extended and out of buy range after clearing a 22.25 buy point in a first-stage cup with 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 moving average.
NewAmsterdam Pharma reported 0% EPS growth in the latest quarterly report, while sales growth came in at 825%.
The company holds the No. 51 rank among its peers in the Medical-Biomed/Biotech industry group. Aurinia Pharmaceuticals, Halozyme Therapeutics and argenx ADR 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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