Top 5 Health Care Stocks That May Plunge In October
Portfolio Pulse from Lisa Levin
The article lists five health care stocks that are considered overbought and may plunge in October. These include Femasys Inc. (FEMY), Kineta, Inc. (KA), LifeMD, Inc. (LFMD), Soleno Therapeutics, Inc. (SLNO), and Renovaro Biosciences Inc. (RENB). The Relative Strength Index (RSI) of these stocks is above 70, indicating they are overbought. All five stocks saw a decrease in their share prices on Tuesday.
October 04, 2023 | 12:25 pm
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NEGATIVE IMPACT
Femasys Inc. received FDA clearance for FemaSeed, an infertility treatment. Its RSI value is 72.93, and its shares fell 36% to close at $2.49 on Tuesday.
The company's overbought status and recent drop in share price indicate a potential further decrease in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Kineta, Inc. announced a new research agreement with Fred Hutchinson Cancer Center. Its RSI value is 76.52, and its shares fell 12% to close at $3.95 on Tuesday.
Despite the new research agreement, the company's overbought status and recent drop in share price suggest a potential further decrease in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
LifeMD, Inc. reported better-than-expected Q2 financial results. Its RSI value is 71.68, and its shares fell 4.8% to close at $5.96 on Tuesday.
Despite better-than-expected Q2 results, the company's overbought status and recent drop in share price suggest a potential further decrease in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
Renovaro Biosciences Inc. signed a definitive agreement to combine with AI health company GEDi Cube. Its RSI value is 76.37, and its shares fell 3.2% to close at $4.55 on Tuesday.
Despite the agreement with GEDi Cube, the company's overbought status and recent drop in share price suggest a potential further decrease in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
Soleno Therapeutics, Inc. announced the pricing of a $60 million public offering. Its RSI value is 72.67, and its shares fell 3.5% to close at $25.56 on Tuesday.
Despite the announcement of a public offering, the company's overbought status and recent drop in share price suggest a potential further decrease in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100