Growth Stocks At New Highs: Top Biotech Vertex Rises Above Buy Point

Top growth stocks weren’t hard to find in Friday’s new highs list — no surprise there as the Nasdaq composite hit another all-time high before retreating, the Dow Jones industrial average crossed the 25,000 level, and the S&P 500 cracked through 2800.

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Finding top growth stocks still in buy range was a much harder task, but three leading health care stocks passed muster.

Growth Stocks On The Move

Dow component UnitedHealth Group (UNH) scored a new high after a recent breakout over a conventional entry at 250.89. Q2 earnings for the health insurer are right around the corner. Results are due Tuesday before the open.

Three straight quarters of accelerating revenue growth, and two quarters in a row of double-digit revenue growth, is impressive for a megacap like UnitedHealth.

The company’s Optum health services unit has been a growth driver. It provides pharmacy benefits management and technology services to health insurers and medical providers. Optum also operates clinics, urgent care and physician practices with its OptumCare unit.

Meanwhile, Vertex Pharmaceuticals (VRTX) is just above a 178.35 buy point of a cup-shaped base. Shares hit an intraday high of 181.60.

The biotech turned its first annual profit in 2016 and growth has ramped up nicely since then. This year, annual earnings are expected to jump 64% to $3.20 a share. Annual profit is seen rising 43% in 2019. Growth has been fueled by its portfolio of cystic fibrosis drugs. Earnings are due July 25 after the close.

Bio Rad Labs (BIO), a maker of automated test systems used for the life science research and clinical diagnostic markets, continues to trade tightly near its 10-week moving average after a breakout over a 279.69 proper buy point. Sales growth has accelerated for three straight quarters.

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