On Monday, Avid Bioservices hit an important technical milestone, seeing its Relative Strength (RS) Rating jump into the 90-plus percentile with an improvement to 91, up from 87 the day before.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength. This proprietary rating identifies market leadership by showing how a stock's price movement over the last 52 weeks compares to that of the other stocks in our database.
Decades of market research reveals that the market's biggest winners often have an 80 or better RS Rating at the beginning of a new climb.
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Avid Bioservices stoke broke out earlier, but is now over 4% below the prior 20.57 entry from a consolidation. 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 understand that the most recent pattern is a later-stage base, and those involve more risk.
Earnings Update
Avid Bioservices stock posted -22% EPS growth in the latest quarterly report, while sales growth came in at 21%.
Avid Bioservices earns the No. 10 rank among its peers in the Medical-Research Equipment/Services industry group. Medpace Holdings, Agilent Technologies and Bio-Techne are among the top 5 highly rated stocks within the group.
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