Stocks To Watch: Ophthotech Sees RS Rating Jump To 98
On Monday, Ophthotech reached an important technical milestone, with its Relative Strength (RS) Rating rising into the 90-plus percentile with an upgrade to 98, an increase from 90 the day before.
As you try to find the best stocks to buy and watch, be sure to pay attention to relative price strength. IBD's unique rating measures market leadership with a 1 (worst) to 99 (best) score. The rating shows how a stock's price performance over the trailing 52 weeks compares to all the other stocks in our database.
Decades of market research reveals that the best stocks tend to have an RS Rating north of 80 at the beginning of a new price run.
Ophthotech is now considered extended and out of buy range after clearing a 7.50 buy point in a third-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.
Ophthotech showed 0% EPS growth last quarter, while sales growth came in at -100%.
The company holds the No. 85 rank among its peers in the Medical-Biomed/Biotech industry group. Biontech Se Ads, Regeneron Pharmaceutical and Dynavax Technologies are among the top 5 highly rated stocks within the group.