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Cancer Therapy Novocure Stock Still On A High As It Clears Technical Benchmark

Novocure (NVCR) had its Relative Strength (RS) Rating upgraded from 90 to 93 Wednesday.

The cancer therapy stock soared almost 50% last week on positive news to an update from the late-stage study of its experimental lung cancer treatment.

When you’re researching the best stocks to buy and watch, be sure to pay attention to relative price strength. IBD’s proprietary rating tracks share price action with a 1 (worst) to 99 (best) score. The score shows how a stock’s price movement over the last 52 weeks holds up against all the other stocks in our database.

History reveals that the market’s biggest winners often have an RS Rating north of 80 as they launch their largest runs.


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Is Novocure Stock A Buy?

The IBD 50 stock broke out earlier last week and still trading within the buy range with an 194.85 entry from a consolidation. If a stock you’re tracking clears a buy point then falls 7% or more below the original entry price, it’s considered a failed base. Wait for the stock to set up and breakout from a new chart pattern and buy point. Also keep in mind that the most recent pattern is a later-stage base, which makes it riskier to establish a new position or add shares to an existing one. Read “Looking For The Next Big Stock Market Winners? Start With These 3 Steps” for more tips.

 

Earnings growth decreased in the company’s latest report from 350% to 25%, but the top line rose from 44% to 45%. Keep an eye out for the company’s next round of numbers on or around Apr. 30.

Novocure stock earns the No. 6 rank among its peers in the Medical-Products industry group. Align Technology (ALGN), Organogenesis (ORGO) and Repligen (RGEN) are among the top 5 highly rated stocks within the group.

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