As of Feb. 2, 2024, the health care sector may be showing concerning signs to investors who rely heavily on stock momentum indicators.
The RSI (Relative Strength Index) is a momentum indicator that can provide insight into short-term stock performance. When the RSI surpasses 70, it is typically considered overbought, indicating a potential reversal in the stock’s direction. Benzinga Pro.
Here is the latest assessment of overbought stocks in the health care sector.
PepGen Inc. (NASDAQ: PEPG)
- Recent announcement of the First Patient being dosed in CONNECT1-EDO51 Phase 2 clinical trial
- RSI Value: 84.56
- PEPG Price Action: Shares up by 23.5% to close at $12.39 on Thursday
CalciMedica, Inc. (NASDAQ: CALC)
- Private placement of up to approximately $55 million and positive remarks from the CEO
- RSI Value: 70.24
- CALC Price Action: Shares down by 16.7% to close at $6.20 on Thursday
Oramed Pharmaceuticals Inc. (NASDAQ: ORMP)
- Joint venture agreement with Chinese biotech companies and recent stock gains
- RSI Value: 70.03
- ORMP Price Action: Shares down by 5.5% to close at $2.83 on Thursday
FibroGen, Inc. (NASDAQ: FGEN)
- Completion of a phase 2/3 trial and substantial stock increase
- RSI Value: 86.52
- FGEN Price Action: Shares up by 23.4% to close at $2.37 on Thursday
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