5 Oversold Healthcare Stocks To Buy Right Now

In this article, we will be taking a look at 5 oversold healthcare stocks to buy right now. To read our detailed analysis of the healthcare sector, you can go directly to see the 11 Oversold Healthcare Stocks To Buy Right Now.

5. Immunovant, Inc. (NASDAQ:IMVT)

Number of Hedge Fund Holders: 55

14-day RSI as of March 12: 28.56

Immunovant, Inc. (NASDAQ:IMVT) is a biotech company based in New York. It develops monoclonal antibodies to treat autoimmune diseases.

JPMorgan analysts initiated coverage on Immunovant, Inc. (NASDAQ:IMVT) with an Overweight rating and a $51 price target on February 20.

A total of 55 hedge funds were long Immunovant, Inc. (NASDAQ:IMVT) in the fourth quarter, with a total stake value of $913.8 million.

Baron Funds mentioned Immunovant, Inc. (NASDAQ:IMVT) in its fourth-quarter 2023 investor letter:

“We initiated a position in Immunovant, Inc. (NASDAQ:IMVT), a clinical-stage biotechnology company developing therapies for autoimmune diseases. During the quarter, the company announced data from a Phase 1 clinical trial of IMVT-1402, an FcRn inhibitor that has broad potential applicability to multiple autoimmune diseases. The data showed that IMVT-1402 delivered dose dependent and deep reductions in disease-causing auto-antibodies with minimal changes in albumin and low-density lipoprotein cholesterol. The company’s first generation FcRn inhibitor has shown strong efficacy but there have been questions about the safety profile of the drug. This promising data makes Immunovant a real competitor in the FcRn inhibitor drug class, though Immunovant is behind argenx in terms of timing. We think both companies can be successful given the broad array of autoimmune diseases that can potentially be treated with a safe and effective FcRn inhibitor.”

4. TELA Bio, Inc. (NASDAQ:TELA)

Number of Hedge Fund Holders: 12

14-day RSI as of March 12: 28.30

Our hedge fund data for the fourth quarter shows 12 hedge funds long TELA Bio, Inc. (NASDAQ:TELA), with a total stake value of $51.9 million.

TELA Bio, Inc. (NASDAQ:TELA) is a healthcare supplies company based in Malvern, Pennsylvania. The company provides soft-tissue reconstruction solutions to optimize clinical outcomes by prioritizing preserving and restoring the patient’s anatomy.

3. Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH)

Number of Hedge Fund Holders: 18

14-day RSI as of March 12: 28.23

On March 5, JPMorgan analysts initiated coverage on Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) with an Overweight rating and a $60 price target.

Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) is a pharmaceutical company. It develops, manufactures, markets, and sells generic and proprietary injectable, inhalation, and intranasal products.

At the end of the fourth quarter, 18 hedge funds were long Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH), with a total stake value of $111.9 million.

2. MultiPlan Corporation (NYSE:MPLN)

Number of Hedge Fund Holders: 16

14-day RSI as of March 12: 28.07

Based in New York, MultiPlan Corporation (NYSE:MPLN) is a healthcare technology company. It provides data analytics and technology-enabled cost management, payment, and revenue integrity solutions to the healthcare industry in the US.

MultiPlan Corporation (NYSE:MPLN) had 16 hedge funds long its stock in the fourth quarter, with a total stake value of $82.5 million.

1. ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Number of Hedge Fund Holders: 33

14-day RSI as of March 12: 27.45

Citigroup analysts maintain a Buy rating and a $30.19 price target on ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) as of March 12.

There were 33 hedge funds long ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) in the fourth quarter, with a total stake value of $1.9 billion.

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) is a biotechnology company based in San Diego, California. The company develops and commercializes innovative medicines addressing unmet medical needs in central nervous system disorders and rare diseases in the US.

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