When looking for the best stocks to buy and watch, focus on those with rising relative price strength.
One stock that fits that bill is Abcellera Biologics, which saw a positive improvement to its Relative Strength (RS) Rating on Thursday, rising from 89 to 92.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength. IBD's proprietary RS Rating tracks technical performance by using a 1 (worst) to 99 (best) score that identifies how a stock's price performance over the last 52 weeks matches up against other publicly traded companies.
History shows that the best-performing stocks often have an RS Rating north of 80 at the beginning of a new climb.
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Abcellera Biologics Inc is not currently showing a potential entry point. The stock is trading flat, hovering just above key moving averages. With earnings due next week, see if the stock can build a base that could spark a new run and offer a clear buying opportunity.
Earnings Preview
Earnings growth slowed in the most recent report from 46% to -100%. But sales moved higher, from 56% to 66%. Keep an eye out for the company's next round of numbers on or around Nov. 8.
Abcellera Biologics earns the No. 49 rank among its peers in the Medical-Biomed/Biotech industry group. Catalyst Pharma, Genmab and Vertex Pharmaceuticals are among the top 5 highly rated stocks within the group.
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