Starting July 3, 2024, three healthcare stocks could send a real warning to investors who value momentum as a key criterion in their trading decisions.
The RSI is a momentum indicator that compares a stock's strength on days when prices rise to its strength on days when prices fall. When compared to a stock's price action, it can give traders a better idea 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 is the latest list of the major overbought players in this sector.
Harrow Inc STREAM
- On June 21, Craig-Hallum analyst Chase Knickerbocker maintained his buy rating on Harrow and raised the price target from $26 to $30. The company's stock has gained about 22% over the past month and hit a 52-week high of $22.63.
- RSI Value: 75.75
- HROW Price Action: Harrow shares fell 1% to close at $20.85 on Tuesday.
Longboard Pharmaceutical Inc. LBPH
- On July 1, Longboard Pharmaceuticals said the FDA had granted breakthrough therapy designation to bexicaserin. The company's shares gained about 47% over the past five days and hit a 52-week high of $33.74.
- RSI Value: 84.20
- LBPH Price Action: Longboard Pharmaceuticals shares closed at $30.74 on Tuesday.
Eli Lilly and company Lia
- On July 2, the U.S. Food and Drug Administration (FDA) approved Eli Lilly and Company's Alzheimer's treatment, “Kisunla.” The company's stock gained about 10% over the past month and hit a 52-week high of $916.83.
- RSI Value: 74.03
- LLY Price Action: Eli Lilly shares closed at $906.71 on Tuesday.
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