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.
Zura Bio Limited (NASDAQ: ZURA)
- Chardan Capital recently initiated coverage on Zura Bio with a Buy rating and announced a price target of $14. The company’s stock has a 52-week high of $37.55 .
- RSI Value: 70.91
- ZURA Price Action: Shares of Zura Bio fell 9.2% to close at $11.62 on Wednesday.
- Valneva posted a narrower quarterly loss. Peter Bühler, Valneva’s Chief Financial Officer, commented, “We entered 2023 with good momentum as we managed to double our first quarter vaccine sales year-over-year, keeping us on track to deliver on our full year sales guidance of €130 million to 150 million.” The company’s stock has a 52-week high of $33.76.
- RSI Value: 75.36
- VALN Price Action: Shares of Valneva fell 4% to close at $16.29 on Wednesday.
- Biohaven reported better-than-expected first-quarter EPS results. Vlad Coric, M.D., Chairman and Chief Executive Officer of Biohaven, commented, “We have set forth ambitious goals for the balance of 2023, as we continue advancing what we believe is one of the most innovative and exciting neuroscience platform in development.” The company has a 52-week high of $25.84.
- RSI Value: 71.16
- BHVN Price Action: Shares of Biohaven fell 3.7% to close at $22.94 on Wednesday.
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Immatics N.V. - Immatics Biotechnologies was granted U.S. patent #11673917: Peptides, combination of peptides, and cell based medicaments for use in immunotherapy against urinary bladder cancer and other cancers. The company’s 52-week high is $13.60.
- RSI Value: 73.25
- IMTX Price Action: Shares of Immatics fell 2.4% to close at $12.39 on Wednesday.
- Nautilus Biotechnology posted a narrower-than-expected first-quarter loss. “In Q1 we continued to make steady progress in addressing key scientific and business milestones leading to the planned launch of our platform – instruments, reagents, and software – in mid-2024”, said Sujal Patel, CEO of Nautilus. The company has a 52-week high of $4.65.
- RSI Value: 80.42
- NAUT Price Action: Shares of Nautilus Biotechnology fell 2.2% to settle at $4.42 on Wednesday.
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