5 Oversold Healthcare Stocks to Buy

2. Penumbra, Inc. (NYSE:PEN)

14-day RSI as of August 4: 15.99

Number of Hedge Fund Holders: 19

Alameda, California-based Penumbra, Inc. (NYSE:PEN) is a global healthcare company that designs, develops, manufactures, and markets novel products that address challenging medical conditions in markets with significant unmet need.

On August 1, Penumbra, Inc. (NYSE:PEN) released its financial results for Q2 2023. Its revenue increased by 26% y-o-y to $261 million while it reported a net income of $19 million, compared to a net loss of $4 million.

Following the earnings release, Wells Fargo analyst Larry Biegelsen raised the price target on Penumbra, Inc. (NYSE:PEN) shares to $337 from $320 and maintained an ‘Overweight’ rating on the shares. The target price represents a potential upside of 33.54% based on the share price on August 4.