Robinhood Penny Stocks #5: Conformis Inc.
The first on this list of penny stocks on Robinhood is Conformis Inc. (CFMS Stock Report). Shares have gotten beaten up for months now and finally reached 52-week lows this week of $0.91. On February 20, CFMS stock managed to aggressively reverse its course and reach highs of $1.12 before closing at $1.10. Management departures and lackluster earnings added fuel to the fire and the sell-off that ensued during the 4th quarter of 2019. This carried through the first several weeks of the new year as well.
So what helped Conformis turn around if at least for a day? First, the company reported that its iFit Image-to-Implant technology platform for knee and hip joint replacement was awarded a “5A” rating. The Orthopaedic Data Evaluation Panel in the UK awarded this to the Conformis iTotal CR knee replacement system. The 5A rating is based on five-year performance data.
On top of this, the company also announced that it would host its next earnings conference call. March 2nd after the market closes is the time slated for this event. Will CFMS stock see speculative action leading up to earnings following this latest rating from the ODEP?
