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.
Genelux Corp (NASDAQ: GNLX)
- Benchmark initiated coverage on Genelux with a Speculative Buy rating and announced a price target of $10. The company’s stock has a 52-week high of $13.28 .
- RSI Value: 91.91
- GNLX Price Action: Shares of Genelux jumped 15.1% to close at $12.50 on Monday.
- Ambrx Biopharma announced initial data from its ongoing Phase 1 APEX-01 trial of ARX517, Ambrx's proprietary anti-PSMA ADC, in prostate cancer patients. The company’s stock has a 52-week high of $7.39.
- RSI Value: 74.65
- AMAM Price Action: Shares of Ambrx Biopharma jumped 11.1% to close at $5.59 on Monday.
- According to a Wall Street Journal report citing people familiar with the matter, Pfizer is in early stage talks to acquire Seagen. The company has a 52-week high of $183.00.
- RSI Value: 86.15
- SGEN Price Action: Shares of Seagen rose 10.4% to close at $178.16 on Monday.
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Pulmonx Corp - Pulmonx reported better-than-expected Q4 EPS and sales results and issued FY23 revenue guidance above estimates. The company’s 52-week high is $28.30.
- RSI Value: 74.82
- LUNG Price Action: Shares of Pulmonx gained 6% to close at $10.99 on Monday.
- Hims & Hers Health reported better-than-expected Q4 results and issued strong guidance. The company has a 52-week high of $10.06.
- RSI Value: 71.42
- HIMS Price Action: Shares of Hims & Hers Health fell 1.2% to settle at $9.65 on Monday and gained 9.3% in after-hours trading.
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