As of Nov. 11, 2024, four 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.
On Nov. 8, AirSculpt Technologies ( AIRS ) posted better-than-expected quarterly results. “Our revenue and Adjusted EBITDA for the quarter were in line with our expectations with the period including progress on our strategy despite continued challenges in the consumer environment,” said Dennis Dean, Interim Chief Executive Officer and Chief Financial Officer of AirSculpt Technologies, Inc. ( AIRS ) The company's stock gained around 42% over the past five days and has a 52-week high of $8.88.
RSI Value: 81.89
AIRS Price Action: Shares of Airsculpt Technologies ( AIRS ) gained 20.7% to close at $8.68 on Friday.
On Nov. 7, QuidelOrtho ( QDEL ) reported better-than-expected third-quarter financial results and issued FY24 revenue above estimates. “We delivered solid third quarter results, giving us confidence that our strategic priorities and focus on our customers, business growth and margin improvement are gaining traction,” said Brian J. Blaser, President and Chief Executive Officer, QuidelOrtho ( QDEL ). The company's stock gained around 11% over the past five days and has a 52-week high of $75.86.
RSI Value: 74.63
QDEL Price Action: Shares of Quidelortho ( QDEL ) gained 12.6% to close at $43.75 on Friday.
On Nov. 6, Nuvation Bio ( NUVB ) reported financial results for the third quarter ended Sept, 30, and provided a business update. David Hung, M.D., Founder, President, and Chief Executive Officer of Nuvation Bio ( NUVB ) stated: “In the third quarter, we continued to execute on our goal of bringing taletrectinib to people living with ROS1-positive NSCLC as quickly as possible, which has been our focus since we closed the acquisition of AnHeart Therapeutics earlier this year. In October, we completed the rolling submission of our NDA for line agnostic full approval of taletrectinib in advanced ROS1-positive NSCLC, which was supported by the pooled data from the pivotal Phase 2 TRUST-I and TRUST-II studies that we presented at ESMO. We believe that these data – a confirmed objective response rate of 89% and median duration of response approaching four years in the TKI-naïve setting – are the strongest data seen to date in the ROS1 space and increase taletrectinib’s potential to become a best-in-class treatment option.” The company's stock gained around 25% over the past five days and has a 52-week high of $4.16.
RSI Value: 71.61
NUVB Price Action: Shares of Nuvation Bio ( NUVB ) gained 9.9% to close at $2.88 on Friday.
On Nov. 7, Insulet ( PODD ) reported better-than-expected third-quarter financial results. “We continue to achieve significant milestones and robust revenue growth,” said Jim Hollingshead, President and Chief Executive Officer. The company's stock jumped around 14% over the past five days and has a 52-week high is $275.52.
RSI Value: 87.19
PODD Price Action: Shares of Insulet ( PODD ) gained 9.4% to close at $268.00 on Friday.
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