Those Trading Penny Stocks On Robinhood Have Begun Following A Few Names This Week
Over the years, some sectors have managed to generate consistent returns for investors. While there are only a handful of such sectors, biotech penny stocks are certainly among them. The difficulty with finding penny stocks to buy in this sector is following trends. Sometimes these “trends” can lead you down the wrong path.
We’ve discussed Robinhood penny stocks in the past. One of the beneficial things that the platform allows is to see how many people hold a certain stock in their portfolio. In fact, each month we go over the most popular penny stocks Robinhood traders are holding.
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When it comes to biotech, the sector is full of companies which use modern technology to come up with solutions for a range of health conditions and diseases. Therefore, it’s not a surprise that biotech has become one of the hottest sectors for investors. It’s also become one of the most active places for Robinhood penny stock traders to flock.
However, you need to do research and watch the market closely especially when it comes to highly speculative biotech penny stocks. Needless to say, a few have caught more attention toward the end of the month. Here is a look at two penny stocks which have gained momentum recently.
Robinhood Penny Stocks To Watch #1: TherapeuticsMD Inc. (TXMD)
The first biotech penny stock to consider in this regards is that of TherapeuticsMD Inc (TXMD Stock Report). Over 6,200 people on Robinhood hold this penny stock. TherapeuticsMD has managed to gain impressive momentum over recent days. It is a biopharmaceutical company that is focused on treatments for women’s health and yesterday, the stock rose considerably following a presentation.
The medicine in question is Imvexxy. It’s meant for the treatment of menopause-related dyspareunia through estrogen insert. In the latest presentation, the company revealed that medicine sales are moving in the right direction. After plenty of doubts about the product, this is a case of validation for the company. Naturally, the stock rallied. It moved higher by as much as 14.6% yesterday.
Robinhood Penny Stocks To Watch #2: Ovid Therapeutics (OVID)
The other biotech company Robinhood penny stock users are watching has recorded massive gains this week as well. Ovid Therapeutics Inc (OVID Stock Report) reported on Tuesday highly positive data from its treatment for rare epilepsies. From then on, the stock rallied significantly and in the week so far, it has gained as much as 57%.
“While this first data cut includes a small number of patients, these initial results from ENDYMION reaffirm the potential of soticlestat to provide a tangible and durable clinical benefit for patients with DEE, a group of difficult-to-treat seizure disorders with limited therapeutic options,” said Amit Rakhit , MD, MBA, Chief Medical Officer and Head of Research & Development at Ovid.
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The stock has been on a good run this year and we’ve made sure to report on it along the way. Originally discussed at the beginning of the month, OVID stock has been added to many penny stocks watch lists this month. Can the rally continue into October?