If you're trying to build your earnings season watch list by looking for stocks setting up in a base ahead of their next quarterly report, here's one that fits the bill: IBD 50 member Amphastar Pharmaceuticals stock. It's expected to report on Aug. 9 and is trading approximately 12% below a 42.41 entry. The entry is based on a first-stage cup without handle.
Understand that buying just before a stock reports can be risky, since an EPS or sales miss could send it sharply lower. You can minimize your exposure by waiting to see the actual numbers and the market's reaction.
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The biotech company posted 74% earnings growth last quarter. Sales rose 17%.
Analysts are looking for earnings-per-share growth of 71% for the quarter, and 25% growth for the full year. Annual growth estimates were recently revised higher.
Amphastar Pharmaceuticals stock has a 99 Composite Rating and earns the No. 1 rank among its peers in the Medical-Biomed/Biotech industry group. Dynavax Technologies and Corcept Therapeutics are also among the group's highest-rated stocks.
Note: Dates for earnings reports are subject to change. Check the company's website for any updates.
