In this article, we will take a look at the 5 oversold NASDAQ stocks to buy. To read our analysis of the recent trends and market activity, you can go to the 10 Oversold NASDAQ Stocks to Buy.
5. Vir Biotechnology, Inc. (NASDAQ:VIR)
14-day RSI as of July 28: 23.76
Number of Hedge Fund Holders: 22
San Francisco, California-based Vir Biotechnology, Inc. (NASDAQ:VIR) is a commercial-stage immunology company focused on the development of therapies to treat and prevent serious infectious diseases. Its current development pipeline consists of product candidates targeting COVID-19, hepatitis B and D viruses, influenza A and human immunodeficiency virus.
On July 20, Vir Biotechnology, Inc. (NASDAQ:VIR) announced that the Phase 2 Prevention of Illness Due to Influenza A (PENINSULA) trial evaluating VIR-2482 for the prevention of symptomatic influenza A illness did not meet primary or secondary efficacy endpoints.
Following the announcement, Barclays lowered the price target for Vir Biotechnology, Inc. (NASDAQ:VIR) shares to $41 from $59 while maintaining an ‘Overweight’ rating. The price target represents a potential upside of 189.96% based on the share price on July 28.
As of Q1 2023, Vir Biotechnology, Inc. (NASDAQ:VIR) shares were owned by 22 of the 943 hedge funds tracked by Insider Monkey, with a total value of $161 million. Notable hedge fund investors included Point72 Asset Management, Avidity Partners Management, and Renaissance Technologies, among others.
4. Impinj, Inc. (NASDAQ:PI)
14-day RSI as of July 28: 22.66
Number of Hedge Fund Holders: 28
Seattle, Washington-based Impinj, Inc. (NASDAQ:PI) is a technology company providing RAIN RFID (Radio-frequency identification devices) and software platform. Its offerings enable businesses and people to analyze, optimize, and innovate by wirelessly connecting billions of everyday things — such as apparel, automobile parts, luggage, and shipments — to the Internet.
On July 26, Impinj, Inc. (NASDAQ:PI) released its financial results for Q2 2023. Its revenue increased by 44% y-o-y to $86 million while net loss shrunk by 30% y-o-y to $8 million. The normalized EPS, at $0.33, managed to exceed consensus estimates by $0.02.
Following the earnings release, Roth MKM analyst Scott Searle lowered the price target on Impinj, Inc. (NASDAQ:PI) shares to $105 from $120 while maintaining a ‘Buy’ rating. The target price represents a potential upside of 56.25% based on the share price on July 28.
3. Euronet Worldwide, Inc. (NASDAQ:EEFT)
14-day RSI as of July 28: 18.22
Number of Hedge Fund Holders: 28
Euronet Worldwide, Inc. (NASDAQ:EEFT) is an electronic financial transaction solutions provider. It operates one of the largest independent ATM networks in Europe, is a leading payment network for prepaid mobile top-up, and a leading global money transfer company.
Euronet Worldwide, Inc. (NASDAQ:EEFT) reported a strong financial and operational performance in Q2 2023. Its revenue increased by 11% y-o-y to $939 million while net income increased by 51% y-o-y to $86 million. With a 17% y-o-y increase, the adjusted EPS at $2.03 surpassed consensus estimates by $0.02.
On July 27, Needham lowered the price target on Euronet Worldwide, Inc. (NASDAQ:EEFT) shares to $125 from $140 and maintained a ‘Buy’ rating on the shares.
As of Q1 2023, 28 hedge funds owned shares of Euronet Worldwide, Inc. (NASDAQ:EEFT), valued at $278 million.
2. SAGE Therapeutics, Inc. (NASDAQ:SAGE)
14-day RSI as of July 28: 16.96
Number of Hedge Fund Holders: 27
Founded in 2010, Cambridge, Massachusetts-based SAGE Therapeutics, Inc. (NASDAQ:SAGE) is a biopharmaceutical company focused on the development of novel therapies for the treatment of debilitating disorders of the brain. Its lead product, Zulresso, is approved by the FDA for the treatment of postpartum depression.
On February 6, SAGE Therapeutics, Inc. (NASDAQ:SAGE) announced that the FDA has accepted the filing of a New Drug Application (NDA) for zuranolone for the treatment of major depressive disorder (MDD) and postpartum depression. The application was granted priority review with a Prescription Drug User Fee Act (PDUFA) action date of August 5, 2023.
On July 27, Scotiabank initiated coverage of SAGE Therapeutics, Inc. (NASDAQ:SAGE) shares with a target price of $61 and an ‘Outperform’ rating. The target price represents a potential upside of 74.49% based on the share price on July 28.
1. Apellis Pharmaceuticals, Inc. (NASDAQ:APLS)
14-day RSI as of July 28: 14.28
Number of Hedge Fund Holders: 42
Waltham, Massachusetts-based Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) is a biopharmaceutical company focused on the development of therapies for treatment of debilitating diseases by controlling complement, part of the body’s immune system. The company is exploring programs across ophthalmology, nephrology, hematology, and neurology by targeting the C3, the only target in the complement cascade that addresses all three pathways that can drive disease.
Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) received FDA approval of SYFOVRE™ (pegcetacoplan injection) in February 2023 for the treatment of geographic atrophy. EMPAVELI, for the treatment of Paroxysmal Nocturnal Hemoglobinuria, is the other commercial product of the company.
Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) ranks #1 on our list of 10 oversold NASDAQ stocks to buy based on the 14-day RSI of 14.28. The shares of the company were also widely owned by hedge funds, as of Q1 2023, with 42 of the 934 prominent hedge funds tracked by Insider Monkey holding its shares valued at $2.0 billion.
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