Delving into oversold stocks in the health care domain reveals a unique chance to tap into undervalued enterprises.
One key tool to gauge stock momentum is the RSI (Relative Strength Index), which juxtaposes a stock’s strength on days of price increases against those of price declines. This metric offers traders a glimpse into a stock’s potential short-term performance. Typically, an asset is deemed oversold when its RSI falls below 30, as per market insights from Benzinga Pro.
Here is a recent rundown of top contenders in this sector, boasting an RSI hovering around or under the 30 mark.
Exploring Progyny Inc (NASDAQ: PGNY)
- Recently, on Sept. 19, the company reported a client opting to terminate their services agreement, leading to a 32% drop in the company’s stock over the last five days, with a 52-week low of $13.93.
- RSI Value: 26.50
- PGNY Price Action: Progyny shares saw a 1% rise to settle at $16.62 on Friday.
Investigating Indivior PLC (NASDAQ: INDV)
- On September 4, Indivior provided an update on Aelis Farma’s Phase 2B study involving AEF0117 with participants facing cannabis use disorder, hitting a 52-week low of $9.14.
- RSI Value: 25.92
- INDV Price Action: Indivior shares saw a 2.1% decline, closing at $9.48 on Friday.
Unpacking Moderna Inc’s (NASDAQ: MRNA) Potential
- Modern revealed on September 17 that Health Canada greenlit its SPIKEVAX vaccine for preventing COVID-19 in individuals six months and older, aiming at the KP.2 variant. Plans are underway to start distributing the vaccine to Canada’s Public Health Agency soon. “Given the recent surge in COVID-19 cases, maintaining updated vaccination status remains vital in shielding oneself from severe illness,” emphasized Dr. Shehzad Iqbal, the country medical director of Moderna Canada. The company observed a 20% decrease in its shares over the past month, with a 52-week low of $62.55.
- RSI Value: 28.17
- MRNA Price Action: Moderna shares dipped by 3.4%, finishing at $65.69 on Friday.
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