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Eloxx Pharmaceuticals (ELOX) Is in Oversold Territory: What's Next?
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Eloxx Pharmaceuticals, Inc. (ELOX - Free Report) has been on a bit of a cold streak lately, but there might be light at the end of the tunnel for this overlooked stock. And for technical investors there is some hope when looking at ELOX given that, according to its RSI reading of 28.21, it is now in oversold territory.
What is RSI?
RSI stands for ‘Relative Strength Index’ and it is a popular indicator used by technically focused investors. It compares the average of gains in days that closed up to the average of losses in days that closed down; readings above 70 suggest an asset is overbought, while an RSI below 30 suggests undervalued conditions are present.
Other Factors
Yet, ELOX’s low RSI value isn’t the only reason to have some optimism over a coming turnaround, as there has been plenty of positive earnings estimate revision activity as of late. This is especially true when investors take a deep dive into some of these estimate revision stats and recent changes to Eloxx Pharmaceuticals’ earnings consensus.
Over the past two months, investors have seen 2 earnings estimate revision move higher, compared with none lower, at least when looking at the key current year time frame. And the consensus estimate for ELOX has also been on an upward trend over the past 60 days, as estimates have risen by 16.7% over the last two months.
If this wasn’t enough, Eloxx Pharmaceuticals also has a Zacks Rank #2 (Buy) which puts it into rare company among its peers. So, given all of these factors, investors may want to consider getting in on this stock now (or holding on), as there are some favorable trends that could bubble up for this stock before long. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
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Eloxx Pharmaceuticals (ELOX) Is in Oversold Territory: What's Next?
Eloxx Pharmaceuticals, Inc. (ELOX - Free Report) has been on a bit of a cold streak lately, but there might be light at the end of the tunnel for this overlooked stock. And for technical investors there is some hope when looking at ELOX given that, according to its RSI reading of 28.21, it is now in oversold territory.
What is RSI?
RSI stands for ‘Relative Strength Index’ and it is a popular indicator used by technically focused investors. It compares the average of gains in days that closed up to the average of losses in days that closed down; readings above 70 suggest an asset is overbought, while an RSI below 30 suggests undervalued conditions are present.
Other Factors
Yet, ELOX’s low RSI value isn’t the only reason to have some optimism over a coming turnaround, as there has been plenty of positive earnings estimate revision activity as of late. This is especially true when investors take a deep dive into some of these estimate revision stats and recent changes to Eloxx Pharmaceuticals’ earnings consensus.
Over the past two months, investors have seen 2 earnings estimate revision move higher, compared with none lower, at least when looking at the key current year time frame. And the consensus estimate for ELOX has also been on an upward trend over the past 60 days, as estimates have risen by 16.7% over the last two months.
If this wasn’t enough, Eloxx Pharmaceuticals also has a Zacks Rank #2 (Buy) which puts it into rare company among its peers. So, given all of these factors, investors may want to consider getting in on this stock now (or holding on), as there are some favorable trends that could bubble up for this stock before long. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Click here to download this report FREE >>