Benzinga - by Avi Kapoor, Benzinga Staff Writer.
As of June 11, 2024, 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.
Applied Therapeutics Inc (NASDAQ:APLT)
- On May 9, Applied Therapeutics posted downbeat quarterly results. “Preparations are underway for the potential approval and commercial launch of govorestat for the treatment of Classic Galactosemia in the US and EU, following the significant regulatory progress we have already made in 2024,” said Shoshana Shendelman, PhD, Founder and CEO of Applied Therapeutics. The company's stock gained around 19% over the past five days and has a 52-week high of $9.39.
- RSI Value: 70.41
- APLT Price Action: Shares of Applied Therapeutics gained 9.4% to close at $5.11 on Monday.
- On June 8, Eli Lilly shared detailed results from the SYNERGY-NASH phase 2 study. The company's stock gained around 14% over the past month and has a 52-week high of $871.63.
- RSI Value: 82.09
- LLY Price Action: Shares of Eli Lilly rose 1.8% to close at $865.00 on Monday.
- On May 30, Insmed announced the pricing of a $650 million public offering. The company's stock gained around 132% over the past month and has a 52-week high of $60.74.
- RSI Value: 84.14
- INSM Price Action: Shares of Insmed gained 5.4% to close at $59.90 on Monday.
- On April 30, TransMedics posted upbeat quarterly results and raised its 2024 guidance. "We are pleased with our first quarter results as we simultaneously drove continued revenue growth, expanded our infrastructure, and achieved profitability," said Waleed Hassanein, MD, President and Chief Executive Officer. The company's stock jumped around 9% over the past five days and has a 52-week high is $145.92.
- RSI Value: 71.12
- TMDX Price Action: Shares of TransMedics Group gained 5.5% to close at $144.67 on Monday.
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