As of Sept. 9, 2024, two 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.
Terns Pharmaceuticals Inc (NASDAQ:TERN)
- On Sept. 9, Terns Pharmaceuticals announced a top-line data from its Phase 1 randomized, double-blind, placebo-controlled single and multiple-ascending dose trial to assess the safety, tolerability, pharmacokinetics and pharmacodynamics of TERN-601 dosed once-daily in healthy adults with obesity or overweight.. The company's stock gained around 19% over the past month and has a 52-week high of $10.03.
- RSI Value: 73.09
- TERN Price Action: Shares of Terns Pharmaceuticals gained 4.7% to close at $7.81 on Friday.
Immunovant Inc (NASDAQ:IMVT)
- On Sept. 9, Immunovant reported positive results from the Phase 2a trial of batoclimab in Graves' Disease. "We are thrilled to share these updates today which we believe validate a large and important degree of unmet medical need in patients uncontrolled on ATDs and which we believe demonstrate strong response rates in this same population," said Pete Salzmann, M.D., chief executive officer of Immunovant. The company's stock gained around 17% over the past month and has a 52-week high of $45.58.
- RSI Value: 72.34
- IMVT Price Action: Shares of Immunovant surged 1.2% to close at $34.03 on Friday.
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