Top 4 Health Care Stocks That Should Keep You Up At Night
Portfolio Pulse from Lisa Levin
The article identifies four overbought health care stocks: Orchestra BioMed Holdings, Inc. (OBIO), Crinetics Pharmaceuticals, Inc. (CRNX), Takeda Pharmaceutical Company Limited (TAK), and NextGen Healthcare, Inc. (NXGN). These stocks are considered overvalued and present an opportunity to go short. The companies have recent developments such as FDA approvals, public offerings, and acquisitions.
September 21, 2023 | 11:51 am
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NEGATIVE IMPACT
Crinetics Pharmaceuticals priced its upsized $350 million public offering, but its stock fell 2.6% to close at $28.62 on Wednesday. Its RSI value is 72.20, indicating it is overbought.
Despite the upsized public offering, the stock's overbought status and recent price drop suggest a potential short-term decline.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
NextGen Healthcare agreed to be acquired by Thoma Bravo, and its stock rose 0.1% to close at $23.67 on Wednesday. Its RSI value is 87.30, indicating it is significantly overbought.
Despite the acquisition news, the stock's significantly overbought status suggests a potential short-term decline.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Orchestra BioMed was granted FDA approval for a study, but its stock fell 10.2% to close at $9.67 on Wednesday. Its RSI value is 70.12, indicating it is overbought.
The FDA approval is a positive development, but the stock's overbought status and recent price drop suggest a potential short-term decline.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Takeda's new drug application was accepted for review by the FDA, but its stock fell 0.1% to close at $16.29 on Wednesday. Its RSI value is 73.80, indicating it is overbought.
The FDA's acceptance of the new drug application is a positive development, but the stock's overbought status and slight price drop suggest a potential short-term decline.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100