These Cheap Stocks Have Robinhood Penny Stock Traders Watching
One of the most important things to keep in mind about penny stocks is the potential of generating substantial returns. Not just the returns but the fact that these gains can come within a very short span of time. So, there’s no surprise that millions of investors engage with investing in these stocks.
One of the more popular platforms for penny stock trading has been Robinhood. Even though many online brokers have adopted a “no fee” strategy, the market share continues to favor the platform.
However, in order to make profits, an investor needs to watch the market closely and track most of the moves being made by penny stocks. This being said, for Robinhood, penny stocks are not 100% accessible. What I mean by this is that the platform only allows access to penny stocks that trade on the NASDAQ and NYSE exchanges.
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Though it restricts OTC penny stocks, there are still hundreds of companies to consider. Needless to say here is a look at three penny stocks on Robinhood that have turned heads in October.
Robinhood Penny Stocks #1: TrovaGene
The first on this list of penny stocks is TrovaGene Inc (TROV Stock Report). The company has had a highly impressive week so far. It also remains one of the biggest gainers among penny stocks.
On Tuesday, the company published highly positive data from the Phase 1a and Phase 2 trial of its product Onvansertib. In the studies, it was tested whether the product was effective when combined with FOLFIRI and Avastin.
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The data proved to be positive and TrovaGene stock has been on a roll since then. In the week so far, it has gained as much as 150%. It has shown strong momentum so far. Will this continue to be a top penny stock Robinhood users watch?
Robinhood Penny Stocks #2: Nymox Pharmaceutical
The other top penny stock that has made a significant move over the past week is Nymox Pharmaceutical Corp (NYMX Stock Report). On October 21, the company announced that it successfully gained patents for its product Fexapotide Triflutate from the authorities in Europe, the United States and other nations.
It goes without saying that it is a significant development and since then, the stock has gained as much as 26% since Monday’s opening bell. The company also added that it had engaged the services of outside contractors as well. This was done to ensure that the product proves to be a success. The market also appears optimistic about these developments.
Robinhood Penny Stocks #3: RR Donnelley & Sons
Last but not least, the RR Donnelley & Sons Co (RRD Stock Report) stock has proven to be another significant gainer among penny stocks on Robinhood. It was also one of the top penny stocks covered in our article, “Can You Make Money With Penny Stocks? 1 up 151% Since July.” On October 22, the marketing solutions provider released its report with regards to the trends that will be seen during the shopping period ahead of the festive season.
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Its insights were solely about the trends in physical stores. After the publication of the report, RRD stock has rallied significantly. Considering the fact that the company counts some of the biggest retailers among its clients, is it really a surprise? The stock is over 187% since July.
