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October 28, 2024October 28, 2024

Top 2 Health Care Stocks That May Fall Off A Cliff This Month

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As of Oct. 25, 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.

Immunitybio Inc IBRX

On Oct. 24, ImmunityBio said it dosed its first patients in its Phase 1 clinical study of CAR-NK cell therapy for relapsed B-Cell Non-Hodgkin Lymphoma. The company’s stock gained around 20% over the past five days and has a 52-week high of $10.53.
RSI Value: 76.65
IBRX Price Action: Shares of Immunitybio gained 21.7% to close at $4.21 on Thursday.

Scholar Rock Holding Corp SRRK

On Oct. 8, Scholar Rock announced the pricing of upsized $300 million public offering of common stock and pre-funded warrants. The company’s stock gained around 237% over the past month and has a 52-week high of $35.38.
RSI Value: 70.14
SRRK Price Action: Shares of Scholar Rock rose 3.8% to close at $29.01 on Thursday.

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