Avidity Biosciences saw a welcome improvement to its Relative Strength (RS) Rating on Wednesday, with an increase from 78 to 87.
IBD's proprietary RS Rating identifies market leadership 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 other publicly traded companies.
History shows that the best-performing stocks often have an 80 or higher RS Rating as they begin their biggest climbs.
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While now is not an ideal time to jump in, see if the stock goes on to offer and clear a proper buy point.
Avidity Biosciences posted 0% earnings growth in its most recent report, while sales growth came in at -17%.
Avidity Biosciences earns the No. 216 rank among its peers in the Medical-Biomed/Biotech industry group. Catalyst Pharmaceuticals, Halozyme Therapeutics and Neurocrine Biosciences are among the top 5 highly rated stocks within the group.
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