Veracyte stock had its Relative Strength (RS) Rating upgraded from 87 to 93 Thursday.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength. IBD's unique RS Rating identifies market leadership by using a 1 (worst) to 99 (best) score that identifies how a stock's price action over the trailing 52 weeks matches up against all other stocks in our database.
History reveals that the stocks that go on to make the biggest gains tend to have an 80 or better RS Rating at the beginning of a new climb.
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Is Veracyte Stock A Buy?
Veracyte stock broke out earlier, but has fallen back below the prior 28.37 entry from a cup without handle. If a stock you're tracking climbs above a buy point then falls 7% or more below the original entry price, it's considered a failed base. It's best to wait for the stock to form a new pattern and breakout. Also understand that the latest pattern is a later-stage base, which makes it riskier to establish a new position or add shares to an existing one.
The genomic testing service firm reported 0% earnings growth last quarter. Sales rose 25%.
Veracyte stock earns the No. 9 rank among its peers in the Medical-Research Equipment/Services industry group. Medpace Holdings, Agilent Technologies and IQVIA Holdings are among the top 5 highly rated stocks within the group.
