The most overbought stocks in the health care sector presents an opportunity to go short on these overvalued companies.
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.
Here’s the latest list of major overbought players in this sector.
Processa Pharmaceuticals, Inc. (NASDAQ:PCSA)
- The company’s stock jumped 33% over the past month. The company’s stock has a 52-week high of $2.5690. .
- RSI Value: 83.77
- PCSA Price Action: Shares of Processa Pharmaceuticals jumped 45.4% to close at $0.48 on Friday.
Acurx Pharmaceuticals, Inc. (NASDAQ:ACXP)
- The company announced positive results from a Phase 2b clinical trial of its lead antibiotic candidate, ibezapolstat, for the treatment of patients with Clostridioides difficile infection on Oct. 2. The company’s stock has a 52-week high of $8.82.
- RSI Value: 88.63
- ACXP Price Action: Shares of Acurx Pharmaceuticals gained 6.4% to close at $4.34 on Friday.
Cardinal Health, Inc. (NYSE:CAH)
- Cardinal Health recently launched Kangaroo OMNI Enteral Feeding Pump. The company has a 52-week high of $95.45.
- RSI Value: 71.70
- CAH Price Action: Shares of Cardinal Health gained 1.5% to close at $93.22 on Friday.
Read More: Why The Fear Level Among US Investors Is Growing
