Benzinga - by Avi Kapoor, Benzinga Staff Writer.
As of Jan. 8, 2024, three stocks in the health care sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock's strength on days when prices go up to its strength on days when prices go down. When compared to a stock's price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70, according to Benzinga Pro.
Here’s the latest list of major overbought players in this sector.
Harpoon Therapeutics, Inc. (NASDAQ: HARP)
- On Jan. 5, Oppenheimer analyst Hartaj Singh initiated coverage on Harpoon Therapeutics with an Outperform rating and announced a price target of $23. The company’s stock jumped around 18% over the past month and has a 52-week high of $15.19 .
- RSI Value: 84.16
- HARP Price Action: Shares of Harpoon Therapeutics fell 1.5% to close at $10.55 on Friday.
- On Dec. 4, 2023, The Oncology Institute expanded its specialty medication business by opening pharmacy operations in California. The company’s stock gained around 58% over the past month and has a 52-week high of $2.6550.
- RSI Value: 70.43
- TOI Price Action: Shares of The Oncology Institute fell 8.3% to close at $1.99 on Friday.
- On Nov. 7, Atrion reported a year-over-year decrease in third-quarter financial results. David Battat, President and CEO, stated, “As was the case in the first two quarters of 2023, OEM sales in the third quarter of 2023 were negatively impacted by customers deferring orders as they dealt with excess inventories accumulated during the acute supply chain shortages in 2022. Additionally, our direct sales of MPS 3 consoles in the third quarter of 2023 were adversely affected by our inability to obtain sufficient components to meet demand.” The company’s stock jumped around 13% over the past month and has a 52-week high of $705.74.
- RSI Value: 71.03
- ATRI Price Action: Shares of Atrion fell 5.8% to close at $369.52 on Friday.
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