Healthcare stocks are having a moment, and momentum traders are paying attention. Six companies across the sector posted dramatic jumps in their momentum scores this week, ranging from 36% to a staggering 129%. But here's the thing about momentum: it tells you where a stock has been, not necessarily where it's going. The technical signals paint an interesting picture when you dig into the details.
Elekta Dominates the Momentum Surge
Leading the charge is Elekta Inc. (EKTAY), a medical equipment manufacturer that saw its momentum score rocket 129% from 19.90 to 45.67. The stock traded at $5.86 on Wednesday, unchanged from the previous session but sitting comfortably above both its 50-day moving average of $5.01 and 200-day moving average of $5.11. The RSI reading of 71.2 suggests overbought territory, which means the stock might be due for a breather. A bullish MACD confirms the momentum is real, though the company's Edge score of 0.00 indicates fundamentals are decidedly mixed.
Relief Therapeutics Nearly Matches the Pace
Not far behind is Relief Therapeutics Inc. (RLFTF), which posted a 127% week-over-week momentum score increase, climbing from 16.45 to 37.40. This Swiss biopharmaceutical company, focused on clinical-stage drug development, traded at $3.48 on Wednesday after sliding 5.2%. Despite that dip, the stock remains above its 200-day moving average of $3.20, though it's trailing the 50-day moving average of $3.71. The RSI of 48.0 suggests neutral conditions, while a bullish MACD hints at positive momentum ahead. Like Elekta, Relief's Edge score of 0.00 points to mixed fundamentals.
Biosyent and Medical Facilities Show Strength
Biosyent Inc. (BIOYF), a Canadian pharmaceutical company, notched a 47% momentum score increase from 26.93 to 39.60. Trading at $8.50 per share, unchanged from the previous day, the stock is outperforming both its 50-day moving average of $8.05 and 200-day moving average of $8.14. A neutral RSI of 64.9 paired with a bullish MACD suggests balanced market sentiment, though the Edge score of 0.00 continues the theme of mixed fundamentals.
Medical Facilities Inc. (MFCSF), which owns and operates surgical facilities in Canada, delivered a solid 43% momentum score gain from 26.93 to 38.43. The stock closed Wednesday at $11.60, flat from the prior session but well above its 50-day moving average of $10.33 and 200-day moving average of $10.94. The RSI of 76.3 signals overbought conditions, similar to Elekta, while a bullish MACD reinforces the positive momentum story. The Edge score? You guessed it: 0.00.
Cannabis and Pharma Round Out the List
Green Thumb Industries Inc. (GTBIF), the American cannabis consumer packaged goods company, joined the momentum rally with a 53% score gain from 22.34 to 34.17. The stock traded at $6.37 on Wednesday, down 7.4%, and is currently below both its 50-day moving average of $7.27 and 200-day moving average of $6.56. The neutral RSI of 48.1 and bullish MACD suggest a potential turnaround could be brewing, though the 0.00 Edge score indicates mixed fundamentals.
Finally, Clinuvel Pharmaceuticals Inc. (CLVLY), an Australian global biopharmaceutical company, posted a 36% momentum score increase from 26.93 to 36.67. The stock closed Wednesday at $7.77, up a modest 1.0%, while outpacing its 50-day moving average of $7.56 and 200-day moving average of $7.34. A neutral RSI of 63.1 and bullish MACD point toward balanced market sentiment, mirrored by the company's Edge score of 0.00.
Current Price Movement
At the time of writing, Elekta shares are trading 1.02% higher at $5.92, Relief shares are down 1.35% at $3.43, Biosyent shares are trading flat, Green Thumb stock is down 1.73% at $6.26, Medical Facilities shares are up 0.90% at $11.70, and Clinuvel stock is trading 1.03% higher at $7.85.