Benzinga - by Lisa Levin, Benzinga Editor.
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.
Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.
Better Therapeutics Inc (NASDAQ: BTTX)
- Better Therapeutics recently announced the launch of AspyreRxTM to treat adults with Type 2 diabetes. The company’s stock has a 52-week low of $0.14 .
- RSI Value: 27.85
- BTTX Price Action: Shares of Better Therapeutics fell 6.1% to close at $0.15 on Thursday.
- On Sept. 18, Heart Test Laboratories entered into an equity distribution agreement with Maxim Group as sales agent. It has a 52-week low of $0.20.
- RSI Value: 26.80
- HSCS Price Action: Shares of Heart Test Laboratories fell 8.2% to close at $0.21 on Thursday.
- SINTX Technologies was awarded Phase II NIH grant of $1,972,826 for silicon nitride-PEEK 3D printed composite spinal implants. The company’s stock has a 52-week low of $0.40.
- RSI Value: 28.18
- SINT Price Action: Shares of SINTX Technologies fell 6.9% to close at $0.42 on Thursday.
- Evelo Biosciences reported the primary endpoint in its Phase 2 clinical study with EDP2939 in moderate psoriasis was not achieved. The company also initiated a process to explore strategic alternatives. The company’s 52-week low is $0.30.
- RSI Value: 15.98
- EVLO Price Action: Shares of Evelo Biosciences fell 19.4% to close at $0.31 on Thursday.
- Arcutis Biotherapeutics announced the pricing of a $100 million public offering of 32.5 million common shares at $2.50 per share. The company has a 52-week low of $2.13.
- RSI Value: 21.70
- ARQT Price Action: Shares of Arcutis Biotherapeutics fell 1.8% to close at $2.22 on Thursday.
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