Published on 10 Apr 2024 on Schaeffer's Investment Research via Yahoo Finance
Pharma Stock Could Push Back Toward Highs
The shares of pharma stock Bausch Health Companies Inc (NYSE:BHC) have taken a tumble since their recent April 3 nearly two-year high of $11.46. Starting off this week on a sour note with a 6.9% loss -- BHC's worst daily percentage drop since September -- the stock is looking to extend its slide today, down 2.5% at $9.03 at last glance.
For those curious about buying in on the dip, however, the recent pullback has BHC within one standard deviation of its 50-day moving average, a trendline with historically bullish implications. According to Schaeffer's Senior Quantitative Analyst Rocky White, the equity has two similar signals in the past three years, after which it was higher one month later each time, averaging an impressive 14.6% gain.
