As of March 14, 2024, three 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.
Molina Healthcare, Inc. (NYSE:MOH)
- On March 6, Barclays analyst Andrew Mok initiated coverage on Molina Healthcare with an Equal-Weight rating and announced a price target of $437. The company’s stock gained around 3% over the past five days and has a 52-week high of $410.00 .
- RSI Value: 88.79
- MOH Price Action: Shares of Molina Healthcare gained 0.6% to close at $404.89 on Wednesday.
Apogee Therapeutics, Inc. (NASDAQ:APGE)
- On March 7, Apogee Therapeutics priced upsized $420 million underwritten public offering of 6,774,193 common shares at $62 per share. The company’s stock gained around 99% over the past month and has a 52-week high of $72.29.
- RSI Value: 86.76
- APGE Price Action: Shares of Apogee Therapeutics gained 0.7% to close at $69.80 on Wednesday.
CymaBay Therapeutics, Inc. (NASDAQ:CBAY)
- On Feb. 28, CymaBay Therapeutics posted a wider-than-expected quarterly loss. The company’s stock gained around 1% over the past five days has a 52-week high of $32.47.
- RSI Value: 80.88
- CBAY Price Action: Shares of CymaBay Therapeutics closed at $32.44 on Wednesday.
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