Pfizer, Novartis Are Among Overbought Healthcare Stocks: Are They Worth A Look?

The most overbought stocks in the healthcare sector presents an opportunity to go short on these overvalued companies. Here’s the latest list of major overbought players in this sector, with an RSI above or near 70.

Novartis AG (NYSE:NVS)

• Novartis AG (NYSE:NVS) announced detailed results from the pivotal Phase 3 APPLY-PNH trial. The company’s stock has a 52-week high of $94.26 .
• RSI Value: 71.29
• NVS Price Action: Shares of Novartis rose 0.4% to settle at $91.21 on Tuesday, and gained 0.4% in the pre-market trading session on Wednesday.

Novo Nordisk A/S (NYSE:NVO)

• Novo Nordiskwill roll out its obesity treatment, Wegovy (semaglutide), in Europe in 2023 to ensure it has enough supply. The company’s stock has a 52-week high of $133.46.
• RSI Value: 79.48
• NVO Price Action: Shares of Novo Nordisk gained 2.3% to close at $132.84 on Tuesday, and declined 0.3% in today’s pre-market trading.

Pfizer Inc. (NYSE:PFE)

• Pfizer reported US collaboration with Roche to help patients who test positive for Covid-19 navigate risks, symptoms, testing and treatment options. The company has a 52-week high of $61.71.
• RSI Value: 74.06
• PFE Price Action: Shares of Pfizer rose 1.7% to close at $53.07 on Tuesday, and added 0.2% in today’s pre-market trading session.

Horizon Therapeutics Public Limited Company (NASDAQ:HZNP)

• Amgen announced it will acquire Horizon Therapeutics for $116.50 per share in cash. The company’s 52-week high is $117.49.
• RSI Value: 79.95
• HZNP Price Action: Shares of Horizon Therapeutics gained 0.5% to close at $112.90 on Tuesday and gained 0.1% in the after-hours trading session.

Abiomed, Inc. (NASDAQ:ABMD)

• Abiomed recently said that first three patients in the world have been treated with Impella RP Flex with SmartAssist, the company’s Newest heart pump for patients experiencing right heart failure. The company has a 52-week high of $381.99.
• RSI Value: 76.35
• ABMD Price Action: Shares of Abiomed gained 0.1% to settle at $380.30 on Tuesday and added 0.1% in the after-hours trading session.