In a welcome move, Horizon Therapeutics saw its Relative Strength Rating rise from 67 to 75 on Tuesday.
When looking for the best stocks to buy and watch, one factor to watch closely is 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 behavior over the last 52 weeks stacks up against all the other stocks in our database.
History shows that the market's biggest winners tend to have an RS Rating north of 80 as they begin their biggest climbs. See if Horizon Therapeutics can continue to show renewed price strength and hit that benchmark.
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Now is not an ideal time to jump in since it isn't near a proper buy zone, but see if the stock is able to form a chart pattern and break out. It is trading above most short-term moving averages. It would be safer to at least wait until it breaks through the 200-day MA, and then look for an entry point as it moves up.
Earnings Note
Horizon Therapeutics reported negative growth for both sales and earnings last quarter.
The company holds the No. 41 rank among its peers in the Medical-Biomed/Biotech industry group. Genmab ADR and Harmony Biosciences are also among the group's highest-rated stocks.
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