Boosted by an approval from the U.S. Food and Drug Administration (FDA) last month, heart valve specialist Edwards Lifesciences has also earned a spot on the IBD Leaderboard watchlist. EW stock is now looking to pump out a new breakout.
Based in Irvine, Calif., Edwards Lifesciences is a global leader in medical innovations for structural heart disease. It's also at the forefront of critical care and surgical monitoring, as well as in transcatheter aortic heart-valve replacements, known as TAVR.
The TAVR procedure enables a surgeon to replace a patient's faulty aortic heart valve through a small incision in a patient's femoral artery. It avoids the need for breaking a patient's breast bone to access the heart.
Last month, Edwards received FDA approval for mitrial replacement surgeries. Developed by Edwards, the Mitris Resilia is a tissue valve specifically designed for the heart's mitral position. Introduction of the valve completes the company's portfolio of surgical heart valve innovations incorporating the advanced Resilia tissue, including an aortic valve, an aortic valved conduit and now a mitral valve.
198 A+ Funds Take A Position In Edwards Lifesciences Stock
While Edwards Lifesciences did not make the latest list of new buys by the best mutual funds, it earns strong Supply And Demand ratings across the board in Stock Checkup. EW stock sports a B+ Accumulation/Distribution Rating, as well as a 1.3 up/down volume ratio.
Plus, an impressive 198 funds with an A+ rating from IBD own shares in EW stock.
EW Stock Nears Buy Point After Resetting Base Count
In a sign that could bode well for a renewed run, Edwards recently reset its base count by undercutting the low in its prior chart pattern. The current consolidation for EW stock is a first-stage cup showing a 131.83 buy point.
The relative strength line is at new highs. To show renewed technical strength, look for the shorter-term 50-day moving average to get back above the longer-term 200-day line. EW stock came off its lows Monday to end at 121.61.
As always, keep an eye on the market indexes, which have come under pressure. If they can shake off that turbulence, it could clear the way for Edwards Lifesciences to launch a new run.
Follow Matthew Galgani on Twitter at @IBD_MGalgani.
