When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength. IBD’s proprietary RS Rating measures market leadership by using a 1 (worst) to 99 (best) score that identifies how a stock’s price performance over the trailing 52 weeks matches up against other publicly traded companies.
History shows that the market’s biggest winners tend to have an 80 or better RS Rating in the early stages of their moves.
Sorrento Therapeutics has been building the right side of a deep cup-shaped base and currently not in a proper buy range. The stock soared Tuesday on positive preliminary results of Phase 1b study of COVI-MSC for treatment of COVID-19 patients suffering from respiratory distress.
Look for the stock to create a new chance to get in like a three-weeks tight or pullback to the 50-day or 10-week line. Read “Looking For The Next Big Stock Market Winners? Start With These 3 Steps” for more tips.
Earnings grew 32% last quarter, up from 0% in the prior report. Revenue also increased, from 39% to 103%.
Sorrento Therapeutics holds the No. 111 rank among its peers in the Medical-Biomed/Biotech industry group. Emergent Biosolutions (EBS), Genmab (GMAB) and Ligand Pharmaceuticals (LGND) are among the top 5 highly rated stocks within the group. For more industry news, check out “Biotech And Pharmaceutical Industry And Stock News.”
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