Top 5 Health Care Stocks That May Fall Off A Cliff This Quarter

The most overbought stocks in the health care sector presents an opportunity to go short on these overvalued companies.

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.

Here’s the latest list of major overbought players in this sector.

Novo Nordisk A/S NVO

• Novo Nordisk raised its 2023 operating profit and sales growth expectations supported by stronger expected sales of its Wegovy (semaglutide) obesity drug. The company’s stock has a 52-week high of $169.88 .
• RSI Value: 82.35
• NVO Price Action: Shares of Novo Nordisk gained 0.6 % to close at $168.60 on Friday.

Eyenovia, Inc. EYEN

• Eyenovia posted a narrower-than-expected quarterly loss. Michael Rowe, Chief Executive Officer, said, “We continue to make significant progress with our two lead programs, Mydcombi and Microline. Specifically, we are preparing for our May 8th PDUFA date for Mydcombi which, if approved, would validate the Optejet dispensing technology that is core to all of our proprietary and partnered programs, and would transition us to a commercial stage company. We are in the middle of a FDA inspection of our manufacturing facility as part of that review process.” The company’s stock has a 52-week high of $4.71.
• RSI Value: 83.14
• EYEN Price Action: Shares of Eyenovia rose 7.4% to close at $4.65 on Friday.

IVERIC bio, Inc. ISEE

• Wedbush recently reiterated IVERIC bio with an Outperform and maintained a $29 price target. The company has a 52-week high of $29.40.
• RSI Value: 71.61
• ISEE Price Action: Shares of IVERIC bio fell 1.5% to close at $28.29 on Friday.

Harvard Bioscience, Inc. HBIO

• Harvard Bioscience posted upbeat quarterly earnings. Jim Green, Chairman and CEO, concluded, “Looking to the future, I am excited about our pivot from cost optimization to profitable growth.” The company’s 52-week high is $6.10.
• RSI Value: 76.75
• HBIO Price Action: Shares of Harvard Bioscience fell 2.2% to close at $4.93 on Frdiay.

Virios Therapeutics, Inc. VIRI

• Virios Therapeutics posted a narrower-than-expected quarterly loss. The company has a 52-week high of $9.1110.
• RSI Value: 80.51
• VIRI Price Action: Shares of Virios Therapeutics rose 12.8% to settle at $0.68 on Friday.

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