Biotech's hottest week of the summer just fully unwound: the overbought club that grew to nine names two scans ago is down to one ($IQV, RSI 72.4), and $BNTX gave back nearly all of its parabolic move — RSI fell from 79.2 to 51.8, and its one-year return compressed from +5.2% to essentially flat (+0.15%). $COGT dropped into the oversold band for the first time in three scans and crossed below its 200-day average after a 212%-to-187% one-year run. None of this reads as a broken cohort, though: the names that pulled back hardest ($A, $REGN, $BNTX, $ILMN, $IMVT) are still trading well above their 200-day averages with strongly positive year-over-year returns. The real concern remains the same small group flagged in the prior two scans — $ISRG, $ALNY, and $LEGN — all below their 200-day with negative one-year returns, and $ISRG continues a relapse pattern that's now run four scans straight.

Data as-of the 2026-08-28 close (Friday's settled session) — every name in this cut carries a fresh bar this scan.

Source: biotech-scan.json. Prior scan: 2026-08-22-biotech-scan.

Two scans ago this cohort had nine names above RSI 70 and an empty oversold band; today it has one name above 70 and $COGT sitting inside the oversold band for the first time in three scans. The unwind was broad and fast: $BNTX gave back essentially its entire parabolic run (RSI 79.2 to 51.8, a 27.4-point drop, with its one-year return falling from +5.2% to +0.15%), $REGN dropped 20.5 RSI points, and $A — the prior scan's highest print at 80.5 — cooled to 61.0. $IMVT also cooled sharply, down 22.4 RSI points on a 7.2% weekly decline.

$COGT is the name to watch most closely. After a 212%-to-187% one-year run, it slipped from 42.9 to 37.1 on the RSI and crossed below its 200-day average (now -6.1%, versus +0.7% two scans ago) for the first time this scan has tracked. That's a name that just tested its long-term average from below after a huge run — worth watching for whether it holds or breaks down further, not a reason to treat the pullback as broken on its own.

Despite the sharp cooldown, the long-trend numbers for most of the names that pulled back hardest are still clean. $A is still up 23% over the year and 17% above its 200-day even after a 19.5-point RSI drop. $REGN is up 37% over the year and 9% above its 200-day despite its 20.5-point cooldown. $ILMN, which confirmed a breakout two scans ago, cooled from RSI 69.6 to 59.7 but remains up 117% over the year and 44% above its 200-day. That combination — a rough week, a strong multi-year trend — is a pullback, not a breakdown.

The genuine concerns are unchanged from the prior two scans: $ISRG, $ALNY, and $LEGN are all below their 200-day average with negative year-over-year returns. $ISRG is the most persistent — this is the fourth straight scan it has shown this pattern, now 21.4% below its one-year mark and 20.5% below its 200-day, both slightly worse than two scans ago. $ALNY remains the deepest breakdown in the cut at 47.6% below its year-ago price. A handful of smaller, speculative names ($NVO, $RARE, $DNA, $RXRX) also sit below their 200-day with negative returns and deserve a watch, though none of them carry the size or setup that would make this cohort's story about them.

• The overbought club collapsed from nine names to one. $A, $BNTX, $REGN, $TMO, $AMGN, $IQV, $MRNA, $IBB, and $DXCM were all above RSI 70 two scans ago; only $IQV (72.4) remains there today.
• $BNTX gave back nearly its entire parabolic move. RSI 79.2 → 51.8 (-27.4), the cut's largest single-scan drop; one-year return fell from +5.2% to +0.15%.
• $REGN cooled sharply. RSI 76.4 → 55.9 (-20.5), price $834.04 → $794.19.
• $A dropped from the cut's highest print. RSI 80.5 → 61.0 (-19.5).
• $COGT crashed into the oversold band and below its 200-day. RSI 42.9 → 37.1 (-5.8), vs-200-day moved from +0.7% to -6.1% — the first sub-40 print and the first oversold-band member in three scans.
• $IMVT cooled fast. RSI 69.9 → 47.5 (-22.4), price down 7.2% for the week.
• $ISRG relapsed for a fourth straight scan. RSI 47.6 → 45.7, 1-year return -19.4% → -21.37%, vs-200-day -19.9% → -20.5% — each metric slightly worse.
• $MRNA and $ILMN both cooled from extreme/extended readings but stayed well above their 200-day averages (MRNA still up 464% over the year; ILMN still up 117%).
• No stale bars this scan — every name carries a fresh 2026-08-28 close.
• Universe unchanged. Same 40 tickers as the prior scan.

RSI measures how stretched a stock is over the past 14 sessions — under 30 signals oversold, over 70 signals overbought/extended. vs SMA20 is the price gap to the 20-day average; a large negative number means a fast recent decline. 1Y% and vs SMA200 are the two numbers that matter most for judging whether a cooldown is a breakdown or a pullback: a name trading above its 200-day average with a solidly positive year-over-year return is in a pullback inside an intact multi-year trend even after a sharp RSI drop — $A, $REGN, $ILMN, and $IMVT all fit that pattern this scan despite posting some of the cut's steepest declines. A name trading below its 200-day average with a flat-to-negative year, like $ISRG, $ALNY, and $LEGN, is the one genuinely under structural test. Don't read a cooling RSI print as a broken thesis without checking those two numbers first.

None.

$COGT (37.1) — the only name in the band, and the first entrant in three scans. It sits just below its 200-day average ($36.94) after a 187% one-year run, so this reads as a name testing its long-term trend from below rather than a confirmed breakdown.

• Genuine breakdown (below 200-day, negative 1-year, established names): $LEGN, $ISRG, $ALNY — the same three names flagged for three straight scans; $ALNY remains the worst by a wide margin.
• Weak/speculative, below 200-day: $RARE, $DNA, $NVO, $RXRX — smaller or pre-profitability names that also fail the long-trend test but don't carry the size to drive the cohort's story.
• Flat 1-year despite mid-range RSI: $BNTX, $MDT — both technically above their 200-day but with a near-flat or negative year and weak alpha; the same tell that RSI alone can mislead.
• Deep pullback, long trend intact: $IMVT, $PTGX, $NKTR, $BEAM, $IONS, $NTLA, $EDIT, $REGN, $CRSP, $A — mixed short-term RSI reads but each sits above (or, for IONS, moderately below) its 200-day with a positive year.
• Confirmed uptrend/breakout: $ABBV, $BMRN, $INCY, $KYMR, $XBI, $IBBQ, $BIIB, $IBB, $ILMN, $GILD, $VRTX, $DHR, $AMGN, $SRPT, $TMO — the bulk of the cut, all with a strongly positive year and price above the 200-day.
• Extended above RSI 70: $IQV only — down from nine names two scans ago.
• Extreme, high-variance move: $MRNA — up 464% over the year, still cooling from its parabolic run.
• Leveraged, not a durable hold: $LABU — a 3x-leveraged ETF regardless of its RSI reading.

• $COGT just crossed below its 200-day for the first time in three scans — does it reclaim $36.94, or does the breakdown deepen?
• $BNTX gave back nearly its entire parabolic move — does it find a floor, or does the unwind continue toward its 200-day ($97.75)?
• The overbought club shrank from nine names to one — is this a healthy reset before the next leg, or the start of a broader pullback across the cohort?
• $ISRG is now four straight scans below its 200-day with a negative year — does the relapse finally break, or continue a fifth time?

• Tape data (price/RSI/SMA/returns): full-scan pre-computed summaries as of the 2026-08-28 close — biotech-scan.
• Prior scan for comparison: 2026-08-22-biotech-scan.