The health care sector presents a cautionary tale to those who prioritize momentum in trading decisions, as of Jan. 22, 2024.
The RSI, or Relative Strength Index, is a momentum indicator that helps traders gauge a stock’s short-term performance. An RSI above 70 is often a signal that a stock is overbought.
Here’s a rundown of some major overbought players in this sector.
SOPHiA GENETICS SA SOPH
- On Jan. 8, SOPHiA GENETICS announced a collaboration with Exactis Innovation on multimodal data analytics. The company’s stock soared approximately 14% over the past six months and hit a 52-week high of $5.84.
- RSI Value: 87.10
- SOPH Price Action: Shares of SOPHiA GENETICS dipped 0.2% to close at $4.50 on Friday.
Inovio Pharmaceuticals, Inc. INO
- On Jan. 4, 2024, Inovio Pharmaceuticals announced a clinical collaboration and supply agreement with Coherus Biosciences to advance the development of INO-3112 and LOQTORZI. The company’s stock surged around 53% over the past month and has a 52-week high of $1.95.
- RSI Value: 80.75
- INO Price Action: Shares of Inovio Pharmaceuticals fell 6.3% to close at $0.6745 on Friday.
Oncternal Therapeutics, Inc. ONCT
- On Jan. 8, Oncternal Therapeutics enrolled patients in the third dosing cohort of a Phase 1/2 study of ONCT-534. The company’s stock hit a 52-week high of $24.00.
- RSI Value: 71.32
- ONCT Price Action: Shares of Oncternal Therapeutics fell 6.5% to close at $7.29 on Friday.
Clearside Biomedical, Inc. CLSD
- On Dec. 14, Clearside Biomedical reported progress in the ODYSSEY Phase 2b trial of CLS-AX in Wet AMD. The company’s stock surged approximately 31% over the past month and reached a 52-week high of $1.85.
- RSI Value: 83.57
- CLSD Price Action: Shares of Clearside Biomedical closed at $1.29 on Friday.
IO Biotech, Inc. IOBT
- On Dec. 21, IO Biotech announced that the first patient was dosed in a Phase 2 neoadjuvant/adjuvant solid tumor basket trial. The company’s stock grew around 18% over the past month and hit a 52-week high of $3.30.
- RSI Value: 78.35
- IOBT Price Action: Shares of IO Biotech declined 1.7% to close at $1.77 on Friday.
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