On Wednesday, Amgen stock hit an important technical milestone, with its Relative Strength (RS) Rating entering into the 90-plus percentile with an upgrade to 90, a rise from 78 the day before.
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 showing how a stock's price action over the last 52 weeks compares to that of the other stocks in our database.
Decades of market research shows that the market's biggest winners typically have an RS Rating north of 80 at the beginning of a new run.
See How IBD Helps You Make More Money In Stocks
Is Amgen Stock A Buy?
Amgen stock is building a flat base with a 258.55 entry. The biotech giant recently retook its 50- and 200-day moving averages. See if it can break out in heavy volume.
While sales growth fell last quarter from 6% to 1%, earnings-per-share grew 163%, up from 15% in the previous report. Keep an eye out for the company's next round of numbers on or around Nov. 2.
Amgen stock holds the No. 8 rank among its peers in the Medical-Biomed/Biotech industry group. Catalyst Pharma, Vertex Pharmaceuticals and Genmab are among the top 5 highly rated stocks within the group. For more industry news, check out "Biotech And Pharmaceutical Industry And Stock News."
