Benzinga - The most overbought stocks in the health care sector presents an opportunity to go short on these overvalued 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 overbought when the RSI is above 70.
Here’s the latest list of major overbought players in this sector.
Hims & Hers Health, Inc. (NYSE: HIMS)
- Jefferies recently upgraded the stock from Hold to Buy and raised its price target from $7 to $11. Hims & Hers Health, during November, reported better-than-expected Q3 EPS and sales results. The company’s stock has a 52-week high of $9.65 .
- RSI Value: 73.03
- HIMS Price Action: Shares of Hims & Hers Health gained 6% to close at $9.61 on Friday and lost 0.2% in after-hours trading.
- HC Wainwright & Co. recently reiterated MoonLake with a Buy and maintained a $28 price target. MoonLake, during November, posted a Q3 loss of $0.27 per share. The company’s stock has a 52-week high of $16.00.
- RSI Value: 73.73
- MLTX Price Action: Shares of MoonLake Immunotherapeutics gained 4.9% to close at $14.78 on Friday and added 1.2% in after-hours trading.
- Cantor Fitzgerald recently maintained TG Therapeutics with an Overweight and raised the price target from $18 to $24. The FDA, during December, approved TG Therapeutics’ Briumvi (ublituximab-xiiy) for relapsing forms of multiple sclerosis (RMS). The company has a 52-week high of $19.12.
- RSI Value: 71.00
- TGTX Price Action: Shares of TG Therapeutics gained 2.2% to close at $17.90 on Friday and added 1.1% in after-hours trading.
- Mizuho recently reiterated Xencor with a Buy and maintained a $59 price target. Atreca and Xencor announced plans to develop T Cell engaging bispecific antibody directed against novel solid tumor target. The company’s 52-week high is $38.20.
- RSI Value: 77.02
- XNCR Price Action: Shares of Xencor gained 2% to close at $36.95 on Friday.
- Protagonist Therapeutics, during November, posted a Q3 loss of $0.64 per share, versus a year-ago loss of $0.70 per share. "Continued execution of the Phase 3 VERIFY global clinical development program of rusfertide in polycythemia vera remains our top corporate priority," said Dinesh V. Patel, Ph.D., President and Chief Executive Officer of Protagonist. The company has a 52-week high of $28.92.
- RSI Value: 83.33
- PTGX Price Action: Shares of Protagonist Therapeutics gained 1.1% to settle at $17.21 on Friday.
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