Neurocrine Biosciences continues to put up really healthy numbers, with an ostensible 335% profit hike on a powerful reversal last quarter. It was just the latest in a string of outstanding reports. On Friday, Neurocrine Biosciences stock got a Relative Strength (RS) Rating upgrade from 77 to 82.
The upgraded 82 RS Rating means Neurocrine Biosciences stock is among the top 18% overall for price performance over the past year. It's a notable upgrade because market research shows that the stocks that go on to make the biggest gains typically have an RS Rating over 80 in the early stages of their moves.
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Neurocrine Biosciences stock traced a long cup-with-handle base for most of 2023 and broke out in December. While forming the pattern it dropped to an 89.04 low a year ago in May 2023. It rose 67% from there to a 148.37 high on March 21 this year and then consolidated.
The San Diego-based pharmaceuticals company is trying to rise above that buy point. See if Neurocrine Biosciences stock can clear the breakout price in heavy trading. Friday afternoon, it was down about 0.6% for the day.
Neurocrine Biosciences has long been known for its blockbuster drug Ingrezza, a treatment for tardive dyskinesia and chorea due to Huntington's disease. It's diversifying though, developing multiple drugs related to its foundational research.
Last quarter Neurocrine Biosciences reported $1.20 earnings per share, reversing powerfully from a 51-cent loss the same quarter a year earlier. Sales grew 23% to $515.3 million. The prior three quarters EPS grew 49%, 43% and then 24% as sales grew 20%, 29% and 25%.
Neurocrine Biosciences earns the No. 7 rank among its peers in the 734-stock Medical-Biomed/Biotech industry group. ADMA Biologics, Halozyme Therapeutics and United Therapeutics are among the top 5 highly rated stocks in the group.
The exclusive Relative Strength Rating from Investor's Business Daily measures market leadership with a 1 (worst) to 99 (best) score. The grade shows how a stock's price performance over the trailing 52 weeks holds up against all the other stocks in the IBD database.
Please follow James DeTar on X, formerly known as Twitter, @JimDeTar
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