The cohort's overbought club is now fully empty for the first time this scan has tracked — $IQV, the last name standing at RSI 72.4, cooled to 69.6 — while $RARE crashed into extreme oversold territory (RSI 21.1, a 22.1-point single-scan drop) on elevated volume (3.2x average), the first name this cut has shown below 25. $ALNY and $LEGN both posted double-digit RSI surges (+15.0 and +9.7) that look like recoveries on the surface, but both remain below their 200-day average with deeply negative year-over-year returns — a clean example of why the RSI number alone can mislead. $ISRG continues its relapse for a fifth straight scan, unchanged as the cohort's most persistent structural concern alongside $ALNY and $LEGN.

Data as-of the 2026-09-04 close (Friday's settled session) — every name in this cut carries a fresh bar this scan.

Source: biotech-scan.json. Prior scan: 2026-08-28-biotech-scan.

$RARE is this scan's clearest casualty and its only extreme-oversold name: RSI fell from 43.2 to 21.1, a 22.1-point drop, on relative volume of 3.2x its average — a sharp, high-conviction move. The stock is down 40.3% for the week and 51.1% over the past year, 41.1% below its 200-day average, with a badly negative alpha of -69.7. News for $RARE was pulled on 2026-09-04 and returned zero items, and no matching event was found in the stock-events log — the cause of this move is not established in this scan's sources, and this scan does not speculate on one.

$ALNY and $LEGN both posted the cut's sharpest RSI gains this scan — $ALNY jumped 15.0 points (47.2 to 62.2) on a 12.2% weekly gain, and $LEGN gained 9.7 points (40.5 to 50.2) on an 8.2% weekly move. Read the RSI numbers alone and both look like recoveries. They aren't: $ALNY remains 17.1% below its 200-day average with a year-over-year return of -41.3% and an alpha of -60.0; $LEGN sits 7.0% below its 200-day with a year-over-year return of -38.5% and an alpha of -57.2. Both names are still failing the long-trend test even as their short-term RSI prints look mid-range — the same misleading-RSI signature this cut has flagged before, just with a different pair of names carrying it this scan.

$COGT continues to test its 200-day average from below after last scan's initial cross: RSI ticked up slightly (37.1 to 38.8) and it remains 5.9% below its 200-day, though its year-over-year return is still enormous (+168.6%, cooled from +187.0%). $IMVT also cooled (47.5 to 39.0, an 8.5-point drop on a flat week) but stays 28.4% above its 200-day with a year-over-year return of +143.5% — a deep pullback rather than a breakdown, unlike $COGT's more genuine 200-day test.

The cohort's overbought club is now empty for the first time this scan's tracking has shown — two scans ago it held nine names, last scan it held one ($IQV at 72.4), and this scan $IQV itself cooled to 69.6, just under the line. That's a third consecutive scan of broad cooling across the cut's hottest names. Despite the cooldown, the majority of the cohort — twenty-plus names including $ABBV, $BMRN, $INCY, $KYMR, $XBI, $BIIB, $ILMN, $GILD, $VRTX, $DHR, $AMGN, $SRPT, $TMO — remain above their 200-day averages with strongly positive year-over-year returns, unchanged from the prior two scans. $ISRG remains the cut's most persistent genuine breakdown, now a fifth straight scan below its 200-day (-20.9%) with a negative year-over-year return (-19.3%). $DNA, $IONS, $NVO, and $RXRX also continue to fail the long-trend test, the same smaller/speculative group flagged repeatedly.

• $RARE crashed into extreme oversold territory. RSI 43.2 → 21.1 (-22.1), price down 40.3% for the week on 3.2x average volume — the first sub-25 print this cut has tracked, and no cause established in checked news/events.
• $ALNY posted the cut's largest positive RSI move. RSI 47.2 → 62.2 (+15.0), price up 12.2% for the week — still 17.1% below its 200-day with a -41.3% year-over-year return.
• $LEGN also surged on the RSI. RSI 40.5 → 50.2 (+9.7) — still 7.0% below its 200-day with a -38.5% year-over-year return, the same misleading-RSI pattern as $ALNY.
• $DHR cooled sharply. RSI 63.6 → 50.5 (-13.1), still up 4.3% over the year and 2.4% above its 200-day.
• $DXCM cooled hard. RSI 63.5 → 52.9 (-10.6), still up 8.8% on the year.
• $RXRX gained on elevated volume. RSI 51.1 → 59.7 (+8.6), relative volume 2.0x average — still 19.7% down on the year and just below its 200-day.
• The overbought club emptied for the first time this scan has tracked. $IQV was the last name above RSI 70 last scan (72.4); it cooled to 69.6 this scan.
• $ISRG continues its relapse for a fifth straight scan — year-over-year return -21.4% → -19.3% (slightly better), vs-200-day -20.5% → -20.9% (slightly worse) — essentially unchanged at a persistent breakdown level.
• No stale bars this scan — every name carries a fresh 2026-09-04 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 move — $COGT and $IMVT both fit that read this scan. A name trading below its 200-day average with a flat-to-negative year, like $ISRG, $ALNY, $LEGN, and now $RARE, is the one genuinely under structural test — this scan is a clean example of why a rising RSI ($ALNY +15.0, $LEGN +9.7) doesn't clear that test on its own.

$RARE (21.1) — the first name this cut has shown below 25, on 3.2x average volume with no cause established in checked news/events. Down 51.1% over the year and 41.1% below its 200-day, this is a genuine breakdown, not a bounce setup.

$COGT (38.8), $IMVT (39.0) — two names, down from three (RARE, COGT, and none else were near this band before, but $COGT alone occupied 25-40 last scan). $IMVT is still 28.4% above its 200-day with a huge year-over-year return; $COGT continues testing its 200-day from below after a 168.6% one-year run.

• Genuine breakdown (below 200-day, negative 1-year, established names): $ISRG, $ALNY, $LEGN — the same three names flagged across multiple scans; $ALNY and $LEGN both posted large RSI gains this scan without clearing the long-trend test.
• Weak/speculative, below 200-day: $DNA, $IONS, $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: $NVO, $BNTX, $MDT — all technically at or near their 200-day but with a near-flat or negative year and weak alpha.
• Deep pullback, long trend intact: $PTGX, $DHR, $CRSP, $KYMR, $NTLA, $DXCM, $NKTR, $A, $BEAM, $EDIT, $REGN — mixed short-term RSI reads but each sits above its 200-day with a positive year.
• Confirmed uptrend/breakout: $ABBV, $BMRN, $INCY, $XBI, $TMO, $BIIB, $ILMN, $VRTX, $IBBQ, $IBB, $AMGN, $GILD — the bulk of the cut, all with a strongly positive year and price above the 200-day.
• Extended, healthy: $SRPT, $IQV — the cut's highest RSI prints, both still comfortably above their 200-day with strong year-over-year returns.
• Extreme, high-variance move: $MRNA — up 499.5% over the year, still a distinct situation from the rest of the cut.
• Leveraged, not a durable hold: $LABU — a 3x-leveraged ETF regardless of its RSI reading.

• $RARE crashed into extreme oversold on 3.2x average volume with no cause established in checked news or stock-events — does a cause surface, or does this remain an unexplained capitulation?
• $ALNY and $LEGN both posted double-digit RSI surges without clearing the long-trend test — does the price action eventually pull the year-over-year return and alpha up with it, or does this stay a mask over the same breakdown?
• The overbought club is empty for the first time this scan's tracking has shown — is this the bottom of a three-scan cooldown, or does the pullback have further to run?
• $ISRG is now five straight scans below its 200-day with a negative year — does the relapse finally break, or continue a sixth time?

• Tape data (price/RSI/SMA/returns): full-scan pre-computed summaries as of the 2026-09-04 close — biotech-scan.
• News check for $RARE: latest (fetched 2026-09-04, ok, 0 items) and research/stock-events/ (no matching event found).
• Prior scan for comparison: 2026-08-28-biotech-scan.