On Thursday, Roivant Sciences reached an important technical milestone, seeing its Relative Strength (RS) Rating jump into the 80-plus percentile with an improvement to 81, up from 78 the day before.
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IBD's proprietary RS Rating tracks market leadership by using a 1 (worst) to 99 (best) score that identifies how a stock's price action over the last 52 weeks matches up against that of all other stocks.
Decades of market research reveals that the best stocks often have an 80 or better RS Rating in the early stages of their moves.
Roivant Sciences is now considered extended and out of buy range after clearing a 13.05 buy point in a first-stage consolidation. 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.
Roivant Sciences reported 0% earnings growth in the latest quarterly report, while sales growth came in at -73%.
The company holds the No. 213 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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