Top 4 Health Care Stocks That May Rocket Higher This Month

The most oversold stocks in the health care sector presents an opportunity to buy into undervalued 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 oversold when the RSI is below 30.

Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.

Spruce Biosciences, Inc. SPRB

• Spruce Biosciences completed target enrollment of CAHmelia-203 study in adult classic congenital adrenal hyperplasia. The company’s stock has a 52-week low of $0.9550 .
• RSI Value: 27.25
• SPRB Price Action: Shares of Spruce Biosciences fell 14.2% to close at $1.18 on Thursday.

Generation Bio Co. GBIO

• TD Cowen downgraded the stock from Outperform to Market Perform. It has a 52-week low of $1.17.
• RSI Value: 16.32
• GBIO Price Action: Shares of Generation Bio dipped 50.2% to close at $1.20 on Thursday.

LumiraDx Limited LMDX

• LumiraDx posted downbeat results for the second quarter. Ron Zwanziger, Chairman and CEO of LumiraDx, stated, "The submission of our first 510(k) application to the FDA for our COVID Ultra test represents a significant milestone in our ability to deliver on product expansion into the U.S. and could pave the way for additional submissions of other high performing assays on our Platform, many of which are already available in Europe and elsewhere and others which are in late stages of development." The company’s stock has a 52-week low of $0.0850.
• RSI Value: 19.64
• LMDX Price Action: Shares of LumiraDx fell 11.3% to close at $0.0930 on Thursday.

Evelo Biosciences, Inc. EVLO

• Evelo Biosciences reported the primary endpoint in its Phase 2 clinical study with EDP2939 in moderate psoriasis was not achieved. The company also initiated a process to explore strategic alternatives. The company’s 52-week low is $0.48.
• RSI Value: 20.36
• EVLO Price Action: Shares of Evelo Biosciences fell 11.2% to close at $0.8883 on Thursday.

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