Benzinga - by Lisa Levin, Benzinga Editor.
As of Nov. 17, 2023, five 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.
OraSure Technologies, Inc. (NASDAQ: OSUR)
- OraSure Technologies posted upbeat quarterly results. “We continue to make progress on our transformation journey by ‘innovating and operating with disciplined execution and accountability’. During the third quarter, we generated significant positive operating cash flow with margin expansion, driven by our enterprise-wide focus on operational efficiency,” said OraSure President and CEO Carrie Eglinton Manner. The company’s stock has a 52-week high of $7.82. .
- RSI Value: 77.78
- OSUR Price Action: Shares of OraSure Technologies fell 0.6% to close at $6.90 on Thursday.
- The company posted net loss of $24.8 million, or $0.23 per share, for the three months ended Sept. 30, 2023. “The founding mission of our company is to accelerate the discovery, development and global access to radiopharmaceuticals,” said Joe McCann, Ph.D., CEO of POINT Biopharma. “I view Lilly’s agreement to acquire POINT as validation of the uniqueness of our team, infrastructure and pipeline. Together, we can become a global radiopharmaceutical leader, executing on our mission and transforming lives touched by cancer." The company’s stock has a 52-week high of $13.55.
- RSI Value: 74.75
- PNT Price Action: Shares of POINT Biopharma Global fell 0.5% to close at $13.33 on Thursday.
- Natera has entered into an agreement with Merck, under which Merck will utilize Natera's real-world database to advance oncology research. The company has a 52-week high of $63.00.
- RSI Value: 71.60
- NTRA Price Action: Shares of Natera fell 0.3% to close at $52.81 on Thursday.
- Doximity reported better-than-expected second-quarter financial results and issued revenue guidance above estimates. "We’re proud to make medicine mobile, with another quarter of record engagement across our entire platform," said Jeff Tangney, co-founder and CEO of Doximity. The company’s 52-week high is $40.12.
- RSI Value: 70.05
- DOCS Price Action: Shares of Doximity closed at $25.40 on Thursday.
- Hims & Hers reported better-than-expected third-quarter sales results, raised FY23 guidance above estimates and announced a $50 million share repurchase program. "I am proud of the progress made across several of our key pillars in the third quarter which meaningfully moved Hims & Hers one step closer toward our vision of an accessible, personalized platform," said Andrew Dudum, co-founder and CEO. The company has a 52-week high of $12.34.
- RSI Value: 71.22
- HIMS Price Action: Shares of Hims & Hers Health settled at $7.71 on Thursday.
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