Benzinga - by Avi Kapoor, Benzinga Staff Writer.
As of Dec. 20, 2023, four 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.
Esperion Therapeutics, Inc. (NASDAQ: ESPR)
- On Dec. 13, Esperion said that the FDA updated LDL-C lowering indication for NEXLETOL (bempedoic acid) tablet and NEXLIZET (bempedoic acid and ezetimibe) tablet. The company’s stock jumped around 59% over the past five days and has a 52-week high of $7.41 .
- RSI Value: 85.02
- ESPR Price Action: Shares of Esperion Therapeutics gained 10.9% to close at $2.34 on Tuesday.
- On Nov. 8, Celldex Therapeutics priced public offering of 7.425 million common shares at $27 per share. The company’s stock gained around 39% over the past month and has a 52-week high of $48.40.
- RSI Value: 79.37
- CLDX Price Action: Shares of Celldex Therapeutics gained 2.9% to close at $37.92 on Tuesday.
- On Dec. 15, Verrica Pharmaceuticals’ development and commercialization partner, Torii Pharmaceutical Co Ltd, reported topline results from its Phase 3 trial of TO-208 (referred to as VP-102 and marketed as Ycanth in the U.S.) for the treatment of Molluscum Contagiosum in Japan. The company’s stock jumped around 49% over the past five days and has a 52-week high of $8.69.
- RSI Value: 71.93
- VRCA Price Action: Shares of Verrica Pharmaceuticals closed at $5.56 on Tuesday.
- On Nov. 6, Macrogenics posted a profit for the third quarter. “Since mid-2022, we have received $335 million in non-dilutive capital from our collaboration partners and reduced our quarterly cash burn, enabling us to extend our cash runway into 2026. Over the next two years, we anticipate having multiple data read-outs, the first of which we expect during the first half of 2024 related to the now fully-enrolled TAMARACK study of vobra duo in metastatic castration-resistant prostate cancer,” said Scott Koenig, M.D., Ph.D., President and CEO of MacroGenics. The company’s stock gained around 21% over the past month and has a 52-week high is $9.64.
- RSI Value: 70.62
- MGNX Price Action: Shares of MacroGenics gained 6.3% to close at $9.23 on Tuesday.
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