Top 2 Health Care Stocks That May Plunge In August
Portfolio Pulse from Avi Kapoor
Two health care stocks, BeiGene Ltd (NASDAQ:BGNE) and Halozyme Therapeutics, Inc. (NASDAQ:HALO), are considered overbought with RSI values above 70, indicating potential short-term price declines. Both companies reported strong Q2 results, but their recent stock gains may lead to a pullback.
August 26, 2024 | 11:53 am
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NEGATIVE IMPACT
BeiGene Ltd (NASDAQ:BGNE) reported strong Q2 results, achieving positive non-GAAP operating income and increased global revenues. However, with an RSI of 72.54, the stock is considered overbought, suggesting a potential short-term price decline.
BeiGene's strong financial performance has led to a significant stock price increase, pushing its RSI above 70, indicating overbought conditions. This technical indicator suggests a potential short-term price decline as the stock may correct.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Halozyme Therapeutics, Inc. (NASDAQ:HALO) reported strong Q2 results with double-digit growth in royalty revenue and earnings. However, with an RSI of 76.12, the stock is overbought, indicating a potential short-term price decline.
Halozyme's robust financial performance has driven its stock price higher, resulting in an RSI above 70, signaling overbought conditions. This suggests a potential short-term price decline as the stock may undergo a correction.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100