Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The most oversold stocks in the health care sector presents an opportunity to buy into undervalued companies.
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 oversold when the RSI is below 30, according to Benzinga Pro.
Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.
BIOLASE, Inc. (NASDAQ: BIOL)
- On Jan. 29, Biolase reported full-year 2023 interim revenue of $48.9 million to $49.2 million, up 1% year-over-year compared to the consensus of $49.21 million. The company’s stock fell around 43% over the past five days and has a 52-week low of $0.35 .
- RSI Value: 26.47
- BIOL Price Action: Shares of BIOLASE gained 11.6% to close at $0.4228 on Thursday.
- On Jan. 30, CNS Pharmaceuticals priced $4 million public offering of 13,333,334 common shares at $0.30 per share. The company’s stock fell around 78% over the past month. It has a 52-week low of $0.2290.
- RSI Value: 22.30
- CNSP Price Action: Shares of CNS Pharmaceuticals rose 3.6% to close at $0.2528 on Thursday.
- On Feb. 1, Revelation Biosciences announced the pricing of a $6.2 million offering. The company’s stock fell around 80% over the past month and has a 52-week low of $2.40.
- RSI Value: 28.33
- REVB Price Action: Shares of Revelation Biosciences gained 7.8% to close at $2.78 on Thursday.
- On Feb. 6, Gilead Sciences reported worse-than-expected fourth-quarter adjusted EPS results and issued FY24 revenue guidance below estimates. “The strength of the business provides a solid foundation as we enter a new catalyst-rich phase for the company. We are expecting several milestones in 2024, including updates on long-acting HIV prevention and treatment, Cell Therapy and Trodelvy,” said Daniel O’Day, chairman and CEO of Gilead. The company’s shares lost around 14% over the past month. The company’s 52-week low is $72.87.
- RSI Value: 28.92
- GILD Price Action: Shares of Gilead Sciences fell 0.8% to close at $73.80 on Thursday.
- Zai Lab said on Feb, 5, that it entered into uncommitted facility letter with the Bank of China (Hong Kong) Limited. The company’s shares fell around 12% over the past five days. The company has a 52-week low of $19.07.
- RSI Value: 23.70
- ZLAB Price Action: Shares of Zai Lab fell 0.3% to close at $19.60 on Thursday.
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