Top 3 Health Care Stocks That May Plunge In January
Portfolio Pulse from Avi Kapoor
Three health care stocks, Harpoon Therapeutics, Inc. (HARP), The Oncology Institute, Inc. (TOI), and Atrion Corporation (ATRI), are showing signs of being overbought according to their RSI values, which could indicate a potential short-term price decline. HARP has an RSI of 84.16 and recently received an Outperform rating from Oppenheimer with a price target of $23. TOI, with an RSI of 70.43, expanded its pharmacy operations, while ATRI, with an RSI of 71.03, reported a year-over-year decrease in Q3 financial results due to order deferrals and component shortages.
January 08, 2024 | 1:05 pm
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NEGATIVE IMPACT
Atrion Corporation reported a year-over-year decrease in Q3 results and faces component shortages. With an RSI of 71.03, the stock fell 5.8% and may see further short-term decline.
Atrion's RSI slightly above 70, combined with its reported financial decline and operational challenges, could lead to continued bearish sentiment in the short term.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 85
NEGATIVE IMPACT
Harpoon Therapeutics has a high RSI of 84.16, indicating it may be overbought. Despite a recent Outperform rating and $23 price target from Oppenheimer, the stock fell 1.5% recently.
The high RSI value suggests that HARP may be overbought, which typically precedes a price correction. The recent analyst rating may provide some support, but the technical indicator's warning could have a stronger short-term impact.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The Oncology Institute has an RSI of 70.43 and expanded its pharmacy operations. However, the stock experienced an 8.3% drop, which could continue if the RSI indicates overbought conditions.
TOI's RSI is at the threshold of being considered overbought, which could lead to a short-term downtrend. The recent expansion might not offset the potential selling pressure from the technical indicator.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80