HomeMarket NewsSmall CapsNovember's Overbought Health Care Stocks Sound the Alarms in Wall Street's Ears

November’s Overbought Health Care Stocks Sound the Alarms in Wall Street’s Ears

Actionable Trade Ideas

always free

image30 0

Investors who appreciate a good adrenaline rush may find a real thrill in the overbought stocks of the health care sector, as of Nov. 17, 2023. The RSI indicator is giving a heads up to those traders seeking momentum. 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 are the top five health care stocks sounding the alarms for potential downward spirals.

OraSure Technologies, Inc. OSUR

  • OraSure Technologies posted upbeat quarterly results. β€œWe continue to make progress on our transformation journey by β€˜innovating and operating with disciplined execution and accountability’. During the third quarter, we generated significant positive operating cash flow with margin expansion, driven by our enterprise-wide focus on operational efficiency,” said OraSure President and CEO Carrie Eglinton Manner. The company’s stock has a 52-week high of $7.82. .
  • RSI Value: 77.78
  • OSUR Price Action: Shares of OraSure Technologies fell 0.6% to close at $6.90 on Thursday.

POINT Biopharma Global Inc. PNT

  • The company posted net loss of $24.8 million, or $0.23 per share, for the three months ended Sept. 30, 2023. β€œThe founding mission of our company is to accelerate the discovery, development and global access to radiopharmaceuticals,” said Joe McCann, Ph.D., CEO of POINT Biopharma. β€œI view Lilly’s agreement to acquire POINT as validation of the uniqueness of our team, infrastructure and pipeline. Together, we can become a global radiopharmaceutical leader, executing on our mission and transforming lives touched by cancer.” The company’s stock has a 52-week high of $13.55.
  • RSI Value: 74.75
  • PNT Price Action: Shares of POINT Biopharma Global fell 0.5% to close at $13.33 on Thursday.

Natera, Inc. NTRA

  • Natera has entered into an agreement with Merck, under which Merck will utilize Natera’s real-world database to advance oncology research. The company has a 52-week high of $63.00.
  • RSI Value: 71.60
  • NTRA Price Action: Shares of Natera fell 0.3% to close at $52.81 on Thursday.

Doximity, Inc. DOCS

  • Doximity reported better-than-expected second-quarter financial results and issued revenue guidance above estimates. β€œWe’re proud to make medicine mobile, with another quarter of record engagement across our entire platform,” said Jeff Tangney, co-founder and CEO of Doximity. The company’s 52-week high is $40.12.
  • RSI Value: 70.05
  • DOCS Price Action: Shares of Doximity closed at $25.40 on Thursday.

Hims & Hers Health, Inc. HIMS

  • Hims & Hers reported better-than-expected third-quarter sales results, raised FY23 guidance above estimates and announced a $50 million share repurchase program. β€œI am proud of the progress made across several of our key pillars in the third quarter which meaningfully moved Hims & Hers one step closer toward our vision of an accessible, personalized platform,” said Andrew Dudum, co-founder and CEO. The company has a 52-week high of $12.34.
  • RSI Value: 71.22
  • HIMS Price Action: Shares of Hims & Hers Health settled at $7.71 on Thursday.


Read More: BJ’s Wholesale Club, Gap And 3 Stocks To Watch Heading Into Friday

Swing Trading Ideas and Market Commentary

Need some new swing ideas? Get free weekly swing ideas and market commentary from Jonathan Bernstein here: Swing Trading.

Explore More

Weekly In-Depth Market Analysis and Actionable Trade Ideas

Get institutional-level analysis and trade ideas to take your trading to the next level, sign up for free and become apart of the community.