On Thursday, Cytokinetics cleared a key performance benchmark, with its Relative Strength (RS) Rating entering into the 90-plus percentile with an improvement to 99, an increase from 89 the day before.
The clinical-stage biotech company shot up 83% on Wednesday after announcing positive results from a Phase 3 study of its experimental drug to treat heart disease. The drug, Aficamten, which treats symptomatic obstructive hypertrophic cardiomyopathy (HCM) is a contender to challenge Bristol Myer Squibb's Camzyos drug.
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 market leadership by using a 1 (worst) to 99 (best) score that shows how a stock's price performance over the last 52 weeks matches up against all other stocks in our database.
Decades of market research shows that the stocks that go on to make the biggest gains often have an 80 or higher RS Rating in the early stages of their moves.
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Is Cytokinetics Stock A Buy?
Cytokinetics stock is now considered extended and out of buy range after clearing a 47.90 buy point in a first-stage consolidation. See if the stock forms a new pattern or follow-on buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week moving average.
The biotech company showed 0% earnings growth in its most recent report. Sales rose -85%.
Cytokinetics stock earns the No. 149 rank among its peers in the Medical-Biomed/Biotech industry group. Amphastar Pharm, Catalyst Pharmaceuticals and Neurocrine Biosciences are among the top 5 highly rated stocks within the group.
