In a twist of fate, the health care sector has churned out four stocks that could serve as ominous signs to momentum-driven investors, as of Feb. 15, 2024.
The Relative Strength Index (RSI) is a veritable momentum gauge that compares a stock’s upward strength to its downward strength. It’s a crystal ball of sorts for traders, offering a glimpse into near-term stock performance against its price action. An RSI above 70 typically signifies an overbought asset, according to Benzinga Pro.
Now, let’s delve into the latest rundown of overbought stalwarts in the health care sector.
Is Solid Biosciences Inc. SLDB
- On Jan. 16, Solid Biosciences announced FDA Orphan drug designation for its duchenne muscular dystrophy gene therapy candidate SGT-003. The company’s stock has soared about 19% over the past five days, hitting a lofty 52-week high of $9.40.
- RSI Value: 70.55
- SLDB Price Action: Shares of Solid Biosciences surged 16.6% to close at $9.15 on Wednesday.
How About Lexicon Pharmaceuticals, Inc. LXRX
- On Jan. 8, Lexicon Pharmaceuticals unveiled its business and pipeline update at the 42nd Annual J.P. Morgan Healthcare Conference. The company’s stock has ballooned by about 152% over the past month, scaling a dizzying 52-week high of $3.79.
- RSI Value: 87.00
- LXRX Price Action: Shares of Lexicon Pharmaceuticals shot up 13.3% to close at $3.32 on Wednesday.
Ironwood Pharmaceuticals, Inc. IRWD
- On Jan. 17, Craig-Hallum analyst Chase Knickerbocker initiated coverage on Ironwood Pharmaceuticals with a Buy rating and announced a price target of $21. The company’s stock has surged by about 32% over the past month, reaching a staggering 52-week high of $15.70.
- RSI Value: 81.79
- IRWD Price Action: Shares of Ironwood Pharmaceuticals inched up 1.6% to close at $15.45 on Wednesday.
Finally, Dyne Therapeutics, Inc. DYN
- On Jan. 3, Dyne Therapeutics unveiled preliminary clinical data from its ACHIEVE trial of DYNE-101 in patients with DM1 and its DELIVER trial of DYNE-251 in patients with DMD. The company’s stock has surged about 45% over the past month, with a 52-week high of $25.50 to show for it.
- RSI Value: 71.46
- DYN Price Action: Shares of Dyne Therapeutics climbed 4.7% to close at $24.19 on Wednesday.
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