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One important metric to look for in a stock is an 80 or higher Relative Strength Rating. BeiGene (BGNE) stock cleared that benchmark Thursday, with a jump from 77 to 82 Thursday.
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When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
This unique rating measures technical performance by using a 1 (worst) to 99 (best) score that shows how a stock’s price performance over the trailing 52 weeks matches up against the rest of the market.
Decades of market research reveals that the best-performing stocks often have an RS Rating north of 80 as they begin their biggest climbs.
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Is BeiGene Stock A Buy?
BeiGene stock broke out earlier, but has fallen back below the prior 207.37 entry from a cup without handle. In the case where a stock breaks out then falls 7% or more below the entry price, it’s considered a failed breakout. If that happens, it’s best to wait for a new base to form. Also keep in mind that the most recent pattern is a later-stage base, which makes it riskier to establish a new position or add shares to an existing one.
The Chinese-based biotech company posted 0% earnings growth in its most recent report. Revenue rose 88%.
BeiGene stock holds the No. 163 rank among its peers in the Medical-Biomed/Biotech industry group. Genmab ADR (GMAB) and Harmony Biosciences (HRMY) are also among the group’s highest-rated stocks. For more industry news, check out “Biotech And Pharmaceutical Industry And Stock News.”
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Image and article originally from www.investors.com. Read the original article here.