On Tuesday, Amylyx Pharmaceuticals (AMLX) stock reached an important technical benchmark, with its Relative Strength (RS) Rating climbing into the 90-plus percentile with an improvement to 95, a rise from 70 the day before. The biotech stock debut on Jan. 7.
Canadian health authorities recently approved Amylyx's drug Albrioza, which treats amyotrophic lateral sclerosis (ALS) disease. The U.S. Food & Drug Administration said it will need more time for testing and scheduled to make an approval decision by the end of September.
XWhen looking for the best stocks to buy and watch, one factor to watch closely is relative price strength. This proprietary rating tracks market leadership by using a 1 (worst) to 99 (best) score that indicates how a stock's price performance over the trailing 52 weeks matches up against the rest of the market.
History reveals that the best-performing stocks typically have an 80 or higher RS Rating as they launch their biggest price moves.
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Is Amylyx Pharmaceuticals Stock A Buy?
Amylyx Pharmaceuticals stock coming off the bottom of deep consolidation and is not currently near a potential buying area. See if the stock goes on to build a promising consolidation that could kick off a new climb.
The biotech company posted -226% earnings growth in its most recent report, while sales growth came in at -100%. Keep an eye out for the company's next round of numbers on or around Jul. 28.
Amylyx Pharmaceuticals stock holds the No. 113 rank among its peers in the Medical-Biomed/Biotech industry group. Vertex Pharmaceuticals (VRTX), Amphastar Pharmaceutcls (AMPH) and Corcept Therapeutics (CORT) 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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The post Amylyx Pharmaceuticals Stock Clears Key Benchmark, Hitting 90-Plus RS Rating appeared first on Investor's Business Daily.
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