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Royalty Pharma (RPRX) Crossed Above the 200-Day Moving Average: What That Means for Investors
Royalty Pharma (RPRX - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, RPRX crossed above the 200-day moving average, suggesting a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
RPRX could be on the verge of another rally after moving 18.7% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.
Looking at RPRX's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 2 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors should think about putting RPRX on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.