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Royalty Pharma (RPRX) Recently Broke Out Above the 50-Day Moving Average
From a technical perspective, Royalty Pharma (RPRX - Free Report) is looking like an interesting pick, as it just reached a key level of support. RPRX recently overtook the 50-day moving average, and this suggests a short-term bullish trend.
The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.
Shares of RPRX have been moving higher over the past four weeks, up 5.5%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that RPRX could be poised for a continued surge.
The bullish case only gets stronger once investors take into account RPRX's positive earnings estimate revisions. There have been 1 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on RPRX for more gains in the near future.