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In trading on Wednesday, shares of ViroPharma Inc. (NASDAQ:VPHM) entered into overbought territory, changing hands as high as $28.34 per share. We define overbought territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be overbought if the RSI reading rises above 70. In the case of ViroPharma Inc., the RSI reading has hit 80.7 — by comparison, the RSI reading for the S&P 500 ETF (SPY) is presently 43.3.
Investors could look at VPHM's 80.7 reading as a sign that the recent heavy buying is overdue to take a break, which could bring a pullback in the stock. The chart below shows the one year performance of VPHM shares:
Looking at the chart above, VPHM's low point in its 52 week range is $14.62 per share, with $28.34 as the 52 week high point — that compares with a last trade of $27.80.
According to the ETF Finder at ETF Channel, VPHM makes up 4.15% of the SPDR S&P Pharmaceuticals ETF (AMEX:XPH) which is trading higher by about 0.1% on the day Wednesday.
VPHM operates in the Drugs & Pharmaceuticals sector, among companies like Corcept Therapeutics Inc (NASDAQ:CORT) which is down about 0.6% today and has a current RSI reading of 59.7. Below is a three month price history chart comparing the stock performance of VPHM, versus CORT.
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