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.
Belite Bio, Inc (NASDAQ: BLTE)
- Belite Bio announced pricing of a $30 million underwritten public offering of ADSs and warrants. The company's stock has a 52-week low of $14.22 .
- RSI Value: 22.53
- BLTE Price Action: Shares of Belite Bio fell 2.3% to close at $14.80 on Thursday.
- iRhythm Technology recently received an FDA warning letter related to its Cypress, California facility. The letter alleged non-conformities to regulations for medical devices related to the company's Zio AT system. It has a 52-week low of $85.74.
- RSI Value: 26.50
- IRTC Price Action: Shares of iRhythm Technologies fell 0.5% to close at $101.46 on Thursday.
- Cooper Companies reported better-than-expected second-quarter results. Al White, Cooper's President and CEO said, "This was another strong quarter with CooperVision posting its ninth consecutive quarter of double-digit organic revenue growth and CooperSurgical's fertility business posting its tenth consecutive quarter of double-digit organic revenue growth." The company's stock has a 52-week low of $244.22.
- RSI Value: 28.89
- COO Price Action: Shares of Cooper Companies fell 0.3% to close at $349.79 on Thursday.
- ClearPoint Neuro and UCB entered into license agreement for gene therapy drug delivery. The company's 52-week low is $6.55.
- RSI Value: 25.27
- CLPT Price Action: Shares of ClearPoint Neuro rose 0.6% to close at $6.99 on Thursday.
STAAR Surgical Company (NASDAQ: STAA)
- Staar Surgical reported better-than-expected first-quarter financial results. "STAAR's performance in the first quarter demonstrates the global strength of our business with ICL units and sales both up 20% over the prior year as surgeons and patients seeking visual freedom from glasses and contact lenses increasingly make our EVO ICL lenses their first choice," said Tom Frinzi, President and CEO of STAAR Surgical. The company has a 52-week low of $46.36.
- RSI Value: 27.14
- STAA Price Action: Shares of STAAR Surgical rose 0.8% to close at $52.04 on Thursday.