Benzinga - by Avi Kapoor, Benzinga Staff Writer.
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, according to Benzinga Pro.
Here's the latest list of major oversold players in this sector, having an RSI near or below 30.
Treace Medical Concepts, Inc. (NASDAQ:TMCI)
- On May 7, Treace Medical Concepts reported first-quarter financial results and issued FY24 revenue guidance below estimates. John T. Treace, CEO and Founder of Treace, said, “Our first quarter revenue growth rate of 21% represents a strong start to 2024. Revenue performance in the quarter was driven by increased procedure kit volume from our expanding base of surgeons as well as increased adoption of our newer technologies, all supported by our dedicated, direct sales team.” The company's stock fell around 56% over the past month and has a 52-week low of $3.92 .
- RSI Value: 29.74
- TMCI Price Action: Shares of Treace Medical Concepts fell 1.2% to close at $4.94 on Monday.
- On May 9, RAPT Therapeutics announced that it has decided to close and unblind both its Phase 2b trial of zelnecirnon (RPT193) in atopic dermatitis (AD) and its Phase 2a trial of zelnecirnon in asthma. The company reported first-quarter net loss of 2024 was $30.5 million, compared to $29.3 million for the first quarter of 2023. The company's stock fell around 49% over the past month. It has a 52-week low of $3.9520.
- RSI Value: 23.11
- RAPT Price Action: Shares of RAPT Therapeutics fell 1% to close at $4.00 on Monday.
- On April 24, RenovaroCube announced plans to acquire 100% ownership of Cyclomics. The company's stock fell around 55% over the past month and has a 52-week low of $0.3930.
- RSI Value: 22.49
- RENB Price Action: Shares of Renovaro closed at $0.97 on Monday.
- On April 25, Sage Therapeutics posted a first-quarter GAAP loss of $1.80 per share. The company's shares lost around 11% over the past five days The company's 52-week low is $10.92.
- RSI Value: 29.90
- SAGE Price Action: Shares of Sage Therapeutics fell 4.4% to close at $11.18 on Monday.
- On May 2, Baxter International reported first-quarter adjusted EPS of 65 cents, up 10% Y/Y, beating the consensus of 61 cents. "Baxter's results in the first quarter reflect the company's solid operational performance, fueled by the benefits being realized from our ongoing strategic transformation initiatives, including our new operating model structure and continued strong execution across our integrated supply chain network," said José (Joe) E. Almeida, chair, president and chief executive officer. The company's shares fell around 13% over the past month. The company has a 52-week low of $31.01.
- RSI Value: 26.30
- BAX Price Action: Shares of Baxter International fell 0.7% to close at $35.02 on Monday.
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