Robinhood Stock Surged Another 60% Sparking More Attention On Retail Trading Trends
Penny stocks are a frequent focus of retail traders. And it looks like Robinhood IPO (NASDAQ: HOOD) has brought a bit more fuel to the fire. The latest public offering sparked controversy, mainly among the “Ape army,” whose apparent “sworn enemy” become available for trading last week. This latest IPO was one of the more disappointing ones this year. Shares of HOOD stock opened at $38, promptly reached highs of $40.25, and then slid to lows of $33.25 the following day. That’s where the sad story ends, and the turnaround story begins.
Love it or hate it, the app has opened doors for millions of new traders over the last few years. If you look at some of the brokerage growth statistics from 2020, Robinhood was among the fastest-growing platforms for new traders. Now that shares of the platform are publicly traded, investors have an opportunity to own a piece of this growth.
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Clearly, the sentiment has gone from negative to positive, and the “revenge trade” has become a major focus of retail traders this week. HOOD stock has now managed a rally of more than 130% since the start of the week. What some of the “Ape community” had hoped for is now the exact opposite and may have even converted some of them into Robinhood supporters (at least in the stock market today).
Top Reddit Stocks To Watch
This year has been a big year for “sympathy” momentum. For those unfamiliar, this is where we see stocks breakout without any apparent catalyst. But another company with similar traits and momentum sparks intrigue to find “the next one.” Whether it’s been meme stocks, short-squeeze stocks, COVID stocks, cannabis stocks, and the like, sympathy sentiment is a driver that isn’t ignored. Today, HOOD stock seems to have made its presence known, and now the hoards of Reddit retail traders are on the hunt for more. In this article, we’ll take a look at a few former penny stocks that’ve now begun climbing after the latest HOOD stock IPO:
- GT Biopharma Inc. (NASDAQ: GTBP)
- Bit Digital Inc. (NASDAQ: BTBT)
- BeyondSpring Inc. (NASDAQ: BYSI)
- Lending Club Corp. (NYSE: LC)
GT Biopharma Inc. (NASDAQ: GTBP)
This week GT Biopharma turned some heads after reporting positive results for one of its cancer treatments. In particular, its GTB-3550 (“B7H3 TriKE”) showed effectiveness in promoting cancer cell killing in various indications. The next step is to file an Investigational New Drug Application with the FDA for evaluation in humans. This wasn’t an anomaly either.
Previous studies combined with other drugs like Fate Therapeutics’ (NASDAQ: FATE) FT538 iNK cells. In published results from November, FT538 iNK cells targeted tumor cells in prostate cancer. Researchers of the study said that “the combination of B7H3 TriKE with an off-the-shelf NK cell therapy presents an appealing therapeutic strategy for the treatment of solid tumors with decreased risk of toxicity in allogeneic settings compared to T-cell derived products.”
When asked for further color on the data earlier this year, GT Biopharma’s CEO, Anthony Cataldo, told PennyStocks.com, “GT Biopharma’s TriKE™ technology is a clear breakthrough in cancer treatment. Not only has it shown early success in hematologic diseases like acute myeloid leukemia, but the potential also demonstrated in combination with Fate’s FT538 iPSC NK cells opens up endless possibilities for the application of TriKE combination treatment in other potential drug therapy platforms targeting things like IL-15.”
Thanks to more attention on cancer stocks recently, GTBP stock has seen a rebound in the market. Shares have bounced back from lows of $9.74 last week to highs of over $11 this week. Companies like Merck (NYSE: MRK), Novartis (NYSE: NVS), and Bristol-Myers Squibb (NYSE: BMY) have all released new details on their related cancer pipelines that’ve brought new interest in this part of the biotech industry this month. Given that the GT Biopharma pipeline includes candidates with upcoming data expected, it has been on the list of former penny stocks to watch.
Bit Digital Inc. (NASDAQ: BTBT)
A rebound in cryptocurrency, including Bitcoin and Ethereum, has related companies in the spotlight this week. Bit Digital is among the names of former penny stocks to watch. The company was one we first discussed late in July. At the time, Bit Digital’s news of a planned Bitcoin mining expansion with Digihost acted as the initial catalyst. The two will operate a 100 MW Bitcoin mining system for an initial 2-year term.
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Since then, a mix of speculation and crypto market momentum has helped carry BTBT stock much higher. In fact, since our July 26th update, shares have climbed from under $5 to over $12 this week. Traders also seem to be recirculating that last update, fixated on comments from CEO Bryan Bullett:
As previously announced, we anticipate significant purchase activity in the coming months, due to spot market dislocation in China and our unique access to that market. This agreement with Digihost secures a key component of activating this opportunity, and is expected to enable rapid deployment of newly purchased miners.
One of the things to keep in mind is that no matter how strong the momentum for Bitcoin stocks, the underlying trend in the cryptocurrency’s price tends to direct the market. We’ve seen big breakouts and quick breakdowns thanks to crypto volatility. So make sure to have that in the back of your head if BTBT stock is on your list right now.
BeyondSpring Inc. (NASDAQ: BYSI)
Another cancer treatment stock to watch this week is BeyondSpring. While the massive momentum seen during Wednesday’s premarket session settled down after the open, BYSI stock remains active. While it isn’t necessarily one of the penny stocks of the past, it has made a similar move that we’ve become very familiar with, especially with cheaper stocks. In this case, BYSI closed August 3rd’s session at $9.63, and by the pre-market session on the 4th, it had reached a high of $46.60.
Why is BYSI stock up today? It has everything to do with the latest news released on Wednesday. The company announced positive topline results from its DUBLIN-3 registrations trial. This was of its plinabulin combined with docetaxel in treating non-small cell lung cancer. The study met primary and key secondary endpoints showing “statistically significant improvements” in survival.
“A pre-NDA meeting will be scheduled with the FDA in 2021 to agree on the contents for our NDA, to support a NSCLC indication NDA submission in the first half of 2022. This will be the second indication and second NDA for plinabulin. The superior benefit of plinabulin in reducing severe neutropenia of docetaxel in DUBLIN -3 further supports our first NDA submission in CIN prevention, which received FDA priority review with a PDUFA date of November 30, 2021.”
Dr. Lan Huang , BeyondSpring’s co-founder, CEO and Chairwoman
Now the clock starts ticking. While November may seem far away, it’s only just a few months. Given the early reaction in the stock market today, BYSI stock has found itself on plenty of watch lists heading into the second half of the year.
Lending Club Corp. (NYSE: LC)
Believe it or not, less than a year ago, Lending Club Corp. was considered a penny stock. Shares traded as low as $4.32, and trading volume was much lower in comparison to where it’s at right now. A strong string of earnings reports helped spark the initial rally in the stock. Post pandemic needs for capital have also been a factor.
Last month, LC stock saw one of its biggest 1-day jumps thanks to strong Q2 earnings that sparked a flurry of analyst upgrades. The company beat estimates by a mile, with EPS coming in at 9 cents. Estimates pegged the company reporting a loss per share of $0.43. Sales also beat by a wide margin coming in at over $200 million compared to estimates of just $134.55 million. Revenue guidance for Q3 was also raised. Wedbush, Credit Suisse, and Janney were among analysts raising targets and valuations on the company.
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Comments from Scott Sanborn, LendingClub’s CEO, also helped lift sentiment. “This is the beginning of a dramatically enhanced earnings trajectory for the business,” Sanborn said. “Our transformation is fueled by our competitive advantages, which include our 3.5 million-plus members, deep data capabilities, marketplace model, as well as our more efficient operating platform. Our earnings are being bolstered by our bank, which is generating a new stream of recurring net interest income that is only beginning to contribute to our bottom-line results.”
Are Reddit Penny Stocks & Former Penny Stocks On Your List?
Whether HOOD stock or Reddit have played a role in your decision-making, retail sentiment is clearly bullish right now. Not only have small-cap stocks gained a bit more ground this week, so have a wide range of names that’ve become popular on mainstream social media outlets. Trends ranging from cancer treatment to Bitcoin mining are becoming a point of interest, so now may be a time to start putting together a new list of stocks to watch in light of this surge in market action.
Pursuant to an agreement between Midam Ventures LLC and GT Biopharma (GTBP) Midam has been paid $150,000 for a period from March 1, 2021, to April 1, 2021. This compensation is payment 1 of 12 as part of a 12-month agreement between Midam Ventures LLC & GT Biopharma (GTBP), for a period from March 1, 2021, to February 28, 2022. Midam Ventures LLC expects to be paid $150,000 per month for a total of 12 months by GT Biopharma (GTBP). Midam has been paid an additional $150,000 for a period from April 2, 2021, to May 1, 2021. This compensation is payment 2 of 12 as part of the Agreement. Midam has been paid an additional $150,000 for a period from May 2, 2021, to June 1, 2021. This compensation is payment 3 of 12 as part of the Agreement. Midam has been paid an additional $150,000 for a period from June 2, 2021, to July 1, 2021. This compensation is payment 4 of 12 as part of the Agreement. Midam has been paid an additional $200,000 for a period from July 2, 2021, to July 29, 2021. This compensation is payment 5 of 12 as part of the Agreement. Midam has been paid an additional $200,000 for a period from July 29, 2021, to September 2, 2021. This compensation is payment 6 of 12 as part of the Agreement. We may buy or sell additional shares of GT Biopharma (GTBP) in the open market at any time, including before, during, or after the Website and Information, to provide public dissemination of favorable Information about GT Biopharma (GTBP). Click here for full disclaimer.
