Are These The Best Robinhood Penny Stocks To Buy Right Now?
Whether you’re looking for penny stocks on Robinhood, TD Ameritrade, Webull, ETrade, or even Interactive Brokers, there’s no shortage of options to choose from. Why focus on mobile penny stock trading platforms like Robinhood or Webull?
Aside from the community aspect of these platforms, there are millions of new users that have come online this year alone. What I will say is that if you’re brand new to trading and are using these applications, take time to learn, first. Jumping in, head first is a surefire way to get burned in the stock market.
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Just understanding that stock charts exist and that there are indicators to use isn’t enough. You need to understand how to use them and how to combine them with other means of analysis. Do you know how to use an oscillator correctly or even what one is? Do you know how to read basic filings and use them to your advantage?
On top of that, to you understand how to identify proper entries and when to take profit? I know these are the basics but they’re important to have a grasp on. Learning how to trade stocks is just as important as knowing which stocks to trade. For those of you reading right now, who are experienced, I’m sure you can agree. But I digress.
Momentum is surging in the stock market today. Assuming you know the basics of trading, let’s take a look at a few of the trending penny stocks on Robinhood today.
Robinhood Penny Stocks To Watch #1: AcelRX Pharmaceuticals
AcelRX Pharmaceuticals (ACRX Stock Report) started trading higher right from the premarket. Last week the penny stock closed at $1.07 continuing a multi-week downtrend. Over the last few months, one of the biggest technical hurdles for ACRX stock has been surpassing its 200 Day Moving Average. Last month, it tested this level after announcing newly published clinical data. It was in relation to its DSUVIA platform. Initial observations in the study supported utilizing DSUVIA over intravenous bolus opioids.
During the weeks following that update, ACRX stock started sliding. But that didn’t deter the company’s progress. At the end of August, the company announced an investigator-initiated study with Cleveland Clinic. The study will assess the effects of DSUVIA on post-operative recovery from orthopedic surgery. Further to this, AcelRX anouncd this week that DSUVIA was added to the U.S. Department of Defense’s Joint Deployment Formulary. It’s a core list of pharmaceutical products that are designated for deploying military units across all service branches.
That seems to have been the catalyst getting this week started strongly. On top of that, AcelRX is set to present at a few upcoming industry conferences that could further shed light on these updates. Today, the company presents at the H.C. Wainwright Global Investment Conference after the close. Then, Wednesday the company will be at the Cantor Fitzgerald Healthcare conference.
Robinhood Penny Stocks To Watch #2: Zosano Pharma Corp.
You can’t deny the fact that penny stocks are volatile and Zosano Pharma Corp. (ZSAN Stock Chart) isn’t immune to that either. However, looking at the 6 month chart shows a much more consistent uptrend in comparison to some of the other biotech penny stocks we’ve seen this year. If you remember way back when we first started covering Zosano, the penny stock had just reached a new 52 week low in February. It saw a brief stint of bullish trading and ended up pulling by a bit further to around $0.41. Since then, the trend has been fueled by positive momentum.
ZSAN stock falls under the coronavirus penny stocks list. The company’s Qtrypta is a microneedle patch under development for the acute treatment of migraines. However, the patch was also in focus as a potential use in COVID-19. Zosano wrote on its website that “Zosano is eager to rise to the challenge of responding to the COVID crisis by collaborating with vaccine developers to provide the first microneedle vaccine for at home application.”
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This week, Zosano also presents at an industry conference. Tuesday morning the company’s CEO, Steven Lo will given an overview of the company at the Cantor Global Healthcare Conference.
Robinhood Penny Stocks To Watch #3: iBio Inc.
iBio Inc (IBIO Stock Report) is another one of the penny stocks we’ve tracked for a while this year. Over the weekend we discussed the penny stock after traders began circulating the company’s most recent update. Early last week, iBio announced plans to advance one of its pipeline treatments.
iBio selected its IBIO-201, its LicKM™-ubunit vaccine, as its leading candidate for the prevention of SARS-CoV-2 infection. In March, iBio filed four provisional patent applications with the U.S. Patent and Trademark Office in support of its Covid-19 vaccine platforms. While the company has multiple potential coronavirus treatments, preclinical data support the path forward with IBIO-201.
iBio previously reported that Additional data from cell-based pseudovirus neutralization assay testing demonstrated that IBIO-201 induced the production of more anti-spike neutralizing antibodies than IBIO-200 in immunized mice. In light of the recent focus on coronavirus this week, companies like iBio have seen a bump in price. Regardless of that, iBio is still far off from its July levels. Will this latest uptick signal a reversal or is this another short-term fake out?
Robinhood Penny Stocks To Watch #4: Sunesis Pharmaceuticals Inc.
Sunesis Pharmaceuticals Inc. (SNSS Stock Report) recently reported a 1 for 10 reverse split. This went effective at the start of the month. So if you’re a bit befuddled by the look of a stock chart, don’t worry, you’re not missing anything. On the day the reverse went effective, SNSS stock ended up briefly rallying but that was fleeting. Needless to say, over the last 2 weeks or so, the stock has been trying to find its footing above the $1 mark.
The main focus for the company has been on its SNS-510, which is a PDK1 inhibitor. In brief, PDK1 can be overexpressed in breast, lung, prostate, hematologic and other cancers. Sunesis licensed it from Millennium Pharmaceuticals, Inc., a wholly-owned subsidiary of Takeda Pharmaceutical Company Limited. Takeda is the largest pharmaceutical company in Asia and one of the top 20 largest pharmaceutical companies in the world by revenue.
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“For our first-in-class PDK1 inhibitor, SNS-510, we remain on track to file an IND by year-end,” said Dayton Misfeldt, Interim Chief Executive Officer of Sunesis, earlier this year. With Sunesis set to present next week at the Oppenheimer Healthcare Life Sciences & MedTech Summit, this could be a time to keep tabs on the sentiment of the stock. Will it be one of the top penny stocks to trade or fade this week? Comment below.
