Top 5 Health Care Stocks That May Crash This Month

As of Jan. 22, 2024, five stocks in the health care sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.

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, according to Benzinga Pro.

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

SOPHiA GENETICS SA SOPH

• On Jan. 8, SOPHiA GENETICS announced a collaboration with Exactis Innovation on multimodal data analytics. The company’s stock jumped around 14% over the past six months and has a 52-week high of $5.84 .
• RSI Value: 87.10
• SOPH Price Action: Shares of SOPHiA GENETICS fell 0.2% to close at $4.50 on Friday.

Inovio Pharmaceuticals, Inc. INO

• On Jan. 4, 2024, Inovio Pharmaceuticals announced a clinical collaboration and supply agreement with Coherus Biosciences to advance development of INO-3112 and LOQTORZI. The company’s stock gained around 53% over the past month and has a 52-week high of $1.95.
• RSI Value: 80.75
• INO Price Action: Shares of Inovio Pharmaceuticals fell 6.3% to close at $0.6745 on Friday.

Oncternal Therapeutics, Inc. ONCT

• On Jan. 8, Oncternal Therapeutics enrolled patients in third dosing cohort of Phase 1/2 study of ONCT-534. The company’s stock has a 52-week high of $24.00.
• RSI Value: 71.32
• ONCT Price Action: Shares of Oncternal Therapeutics fell 6.5% to close at $7.29 on Friday.

Clearside Biomedical, Inc. CLSD

• On Dec. 14, Clearside Biomedical reported progress in ODYSSEY Phase 2b trial of CLS-AX in Wet AMD. The company’s stock jumped around 31% over the past month and has a 52-week high is $1.85.
• RSI Value: 83.57
• CLSD Price Action: Shares of Clearside Biomedical closed at $1.29 on Friday.

IO Biotech, Inc. IOBT

• On Dec. 21, IO Biotech said first patient was dosed in Phase 2 neoadjuvant/adjuvant solid tumor basket trial. "We continue to see promising data and a favorable safety profile supporting use of our lead investigational therapeutic cancer vaccine candidate, IO102-IO103, combined with PD-1 inhibitors to treat various types of cancer, including melanoma, lung cancer and head and neck cancer," said Mai-Britt Zocca, PhD, President and CEO of IO Biotech. The company’s stock jumped around 18% over the past month and has a 52-week high of $3.30.
• RSI Value: 78.35
• IOBT Price Action: Shares of IO Biotech fell 1.7% to close at $1.77 on Friday.

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