The whole cohort rolled over this week — every name in the cut is now below RSI 62, versus a top end near 70 last scan, and the oversold band went from empty to three names deep ($RARE 20.2, $AMGN 31.5, $IMVT 31.8). $AMGN is the scan's biggest surprise: RSI collapsed from 62.5 to 31.5 on a 13.7% weekly decline, yet it's still up 33.5% over the year and 5% above its 200-day — a sharp pullback inside an intact trend, not a breakdown, and no cause is established in this scan's checked sources. $RARE kept sliding deeper into its own hole (RSI 21.1 to 20.2, now down 54.2% on the year), while $ISRG's relapse continues for a sixth straight scan.

Data as-of the 2026-09-11 close (Friday's settled session) — every name in this cut carries a fresh bar this scan.

Source: biotech-scan.json. Prior scan: 2026-09-04-biotech-scan.

The cohort turned over completely this scan. Two scans ago the overbought club held nine names; last scan it was empty and the cut's top RSI was $IQV at 69.6. This scan the entire universe sits below 62 — $MRNA (61.2) is now the highest print in the cut, a level that would have been mid-pack two scans back.

$AMGN is the sharpest single-name move: RSI fell from 62.5 to 31.5, a 31-point drop, on a 13.7% weekly decline that pushed it into the oversold band. But the long-trend numbers haven't broken — $AMGN is still 5.0% above its 200-day average with a 33.5% year-over-year return and a positive alpha of 17.3. That combination (oversold RSI, intact long trend) reads as a deep pullback, not a breakdown. News for $AMGN was pulled 2026-09-09 and returned only routine coverage (a Yahoo/CNBC quote page, a Simply Wall St valuation piece, an Aug 4 earnings recap, and a Sept 9 "earnings beat" wire summarizing the already-known August print) — nothing that explains a fresh 13.7% weekly decline, and no matching stock-event was found for this window. The cause of this move is not established in this scan's sources.

$RARE continued deteriorating rather than stabilizing: RSI ticked down further from 21.1 to 20.2, now the cut's only extreme-oversold name, with the year-over-year return worsening to -54.2% (from -51.1%) and the price now 44.2% below its 200-day. The news receipt checked for $RARE (fetched 2026-09-04) predates this week's continued slide and shows nothing new; no matching stock-event was found. This remains an unexplained, deepening capitulation.

$IMVT also crashed into the oversold band this scan (RSI 39.0 to 31.8) on a 4.8% weekly decline, but like $AMGN it still clears the long-trend test — up 122.4% over the year and 21% above its 200-day, with a positive alpha of 106.2. $LEGN posted the cut's largest weekly decline (-13.4%) and remains a genuine breakdown, now down 44.9% on the year and 18.8% below its 200-day — worse than last scan's already-negative read, despite the RSI surge that scan flagged as misleading.

$ISRG continues its relapse for a sixth straight scan, essentially unchanged (-19.0% 1Y, -19.7% vs its 200-day). $COGT is still testing its 200-day from below after its huge multi-year run (+160.8% 1Y, -9.6% vs SMA200). The universe also lost one member this scan: $LABU, the leveraged biotech ETF flagged as "not a durable hold" last scan, is no longer tracked — it sits on the desk's avoid list for leveraged/inverse products and was retired from coverage.

• The entire cohort cooled below RSI 62 — last scan's top print was $IQV at 69.6; this scan's top print is $MRNA at 61.2. No name in the cut is above 62.
• $AMGN crashed into the oversold band. RSI 62.5 → 31.5 (-31.0), price down 13.7% for the week — still +33.5% 1Y and +5.0% vs its 200-day, so a pullback, not a breakdown. No cause established in checked news/events.
• $IMVT also fell newly into the oversold band. RSI 39.0 → 31.8 (-7.2), price down 4.8% for the week — still +122.4% 1Y and +21.0% vs its 200-day.
• $RARE deteriorated further, still the cut's only extreme-oversold name. RSI 21.1 → 20.2 (-0.9), 1Y return worsened to -54.2% (from -51.1%).
• $LEGN posted the cut's largest weekly decline. -13.4% for the week, RSI 35.6 (from 50.2) — still a genuine breakdown, now -44.9% 1Y.
• $ALNY cooled sharply from last scan's surge. RSI 62.2 → 50.3 (-11.9) — still -46.9% 1Y and -21.6% vs its 200-day, the same breakdown flagged last scan.
• $IQV cooled further off its overbought read. RSI 69.6 → 60.7 (-8.9) — still +37.3% 1Y.
• The oversold band grew from empty to three names. $RARE, $AMGN, $IMVT.
• No stale bars this scan — every name carries a fresh 2026-09-11 close.
• Universe shrank by one. $LABU (leveraged 3x biotech ETF) dropped from the cut — retired to the avoid-instruments list; 39 tickers versus 40 last 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 separate a pullback from a breakdown: $AMGN and $IMVT both crashed on the RSI this scan but remain above their 200-day with strongly positive years — deep pullbacks inside intact trends, not breakdowns. $RARE, $ISRG, $LEGN, $ALNY, $DNA, $IONS, $RXRX, and $BNTX are the names actually below their 200-day with a flat-to-negative year — that's the group under genuine structural test regardless of this week's broad RSI cooldown.

$RARE (20.2) — deepening for a second straight scan on no established cause; year-over-year return worsened to -54.2%, now 44.2% below its 200-day.

$AMGN (31.5), $IMVT (31.8), $BEAM (33.3), $COGT (34.6), $LLY (35.4), $IONS (35.5), $LEGN (35.6), $NVO (36.3) — eight names, up from two last scan. $AMGN and $IMVT crashed here on no established cause but both still pass the long-trend test (positive 1Y, above 200-day); $IONS, $LEGN, $NVO fail it; $LLY, $BEAM, $COGT sit in between (LLY/BEAM intact, COGT testing its 200-day).

• Genuine breakdown (below 200-day, negative 1-year): $ISRG, $LEGN (already counted above), $ALNY, $DNA, $IONS (above), $RXRX, $CRSP, $NTLA, $BNTX — the persistent structurally-weak group, largely unchanged in composition from last scan.
• Flat 1-year despite mid-range RSI: $MDT, $BNTX — near their 200-day but flat-to-negative on the year with weak alpha.
• Deep pullback, long trend intact: $DXCM, $EDIT, $DHR, $NKTR, $XBI, $VRTX, $INCY, $IBBQ, $REGN, $IBB, $KYMR, $A, $ABBV, $SRPT, $BMRN — the bulk of the names not yet flagged above, all above their 200-day with a positive year despite this week's broad cooldown.
• Confirmed uptrend: $ILMN, $GILD, $BIIB, $PTGX, $TMO — comfortably above the 200-day with strong year-over-year returns.
• Cooled off extended/overbought: $IQV — still the strongest long-trend print in the cut.
• Extreme, high-variance move: $MRNA — up 467.0% over the year, a distinct situation from the rest of the cut.

• $AMGN's 31-point RSI collapse has no established cause in checked news or stock-events — does a driver surface, or does this stay an unexplained sharp pullback inside an otherwise intact trend?
• $RARE keeps deepening (now -54.2% 1Y) with no cause found across two scans of checking — does it find a floor, or is this a genuine multi-quarter breakdown?
• The entire cohort cooled below RSI 62 this scan, from a top print of 69.6 last scan — is this a broad one-week reset, or the start of a deeper pullback across the group?
• $ISRG is now six straight scans below its 200-day with a negative year — does the relapse finally break, or continue a seventh time?

• Tape data (price/RSI/SMA/returns): full-scan pre-computed summaries as of the 2026-09-11 close — biotech-scan.
• News check for $AMGN: latest (fetched 2026-09-09, ok, routine coverage only) and research/stock-events/ (2026-08-04 and 2026-11-03 earnings entries, none matching this week's window).
• News check for $RARE: latest (fetched 2026-09-04, predates this week's move) and research/stock-events/ (no matching event found).
• News check for $SYK-adjacent members: latest.
• Prior scan for comparison: 2026-09-04-biotech-scan.
• Universe note: $LABU dropped from this cut — leveraged/inverse products are retired from tracking per avoid-instruments.