If You’re Still Using Robinhood, Are These Penny Stocks On You List?
This week was a tough one for Robinhood users and the penny stocks they might have owned. Due to the volatile nature of the market, it’s hard navigating the dramatic swings. But on Monday, anyone with a Robinhood account had nothing to do but hold their stocks and options. Why? The popular mobile trading application had a system-wide meltdown. While the company has since remedied the situation, the damage was done. Many users sprinted for the exit doors over the week.
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But that doesn’t mean there aren’t high points to consider. One of these is the fact that the application allows you to see how many accounts hold shares of a given penny stock. So when we talk about popular penny stocks on Robinhood, this is the figure we’re quoting from.
In any case, the coronavirus and coronavirus penny stocks have captivated traders since January. The mad dash to buy penny stocks with some relation to the disease has mimicked the early days of bitcoin. It has even been compared to the first few months of legalization of pot and marijuana stocks that rallied along with it.
Considering the fact that companies providing anything from cancer treatments to face-masks are getting play, it makes sense to monitor this new “sector” closely. We’ve even seen stocks in real-estate and mining take off as investors search for hedges/opportunities. Given this as the case, there are plenty of coronavirus stocks to watch. But will the recent momentum surge make them the best coronavirus penny stocks to buy?
Coronavirus Penny Stocks To Buy [or sell]: Dynatronics
While Dynatronics (DYNT – Free Report) is the first coronavirus stock on this list of penny stocks, it isn’t the first biotech stock. Dynatronics shares have been surging based on one factor. That is the company’s disinfectant product. The company offers a host of solutions for anything from medical rehab to medical equipment and everything in between.
Well, in addition to that the company has a whole portfolio of cleaners, disinfecting sprays and solutions for sale. After seeing an advertisement for these, traders reacted bullishly. Obviously the hype around coronavirus hasn’t hurt either.
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Given this as the main catalyst, it’s important to keep in mind that if the virus spread declines, some of these coronavirus stocks might slow down a bit. However, given the other medical applications in the company’s portfolio, Dynatronics has other products to support continued operations. I’m sure you’ve seen the 1 product ponies out there that offer a single solution and it’s just for coronavirus. However, if coronavirus were gone tomorrow, Dynatronics would still have a business selling all of its other products unrelated to the virus.
Coronavirus Penny Stocks To Buy [or sell]: China Pharma Holdings
Last time we talked about China Pharma Holdings (CPHI – Free Report), it was trading around $0.50. Since then, CPHI stock managed to skyrocket to highs of $1.40 after speculative trading saw a surge in this penny stock.
What makes this a coronavirus stock? Well, a quick look at the company’s website and you’ll see that they offer anti-viral and respiratory drugs. Since the coronavirus is an upper respiratory virus, the attention from the market makes a little more sense. But what has helped give things a boost further is a recent update from the company.
China Pharma Holdings launched a new product. The company released a “wash-free sanitizer” to the market. According to the company, the need for disinfection products was evident. In response, China Pharma released this product with the goal of having people avoid potential exposure through daily disinfection.
It’s a novel concept but apparently people need to be told that it’s a good idea to keep clean. Thanks to this and new cases of the virus causing a stir in the market, CPHI stock has remained one of the coronavirus penny stocks to watch on Robinhood.
Coronavirus Penny Stocks To Buy [or sell]: Vaxart Inc.
Vaxart Inc. (VXRT – Free Report) stock continued to push higher on March 5. Obviously this came after more concerns arose from coronavirus cases increasing in the U.S. VXRT is a coronavirus penny stock that we’ve monitored closely for a while now. The company recently announced it would raise some $10 million to support clinical and preclinical development of its product candidates. It also plans to use the money to conduct clinical trials.
Beyond that, Vaxart focuses on treatments for H1 influenza. The obvious similarities between coronavirus and the flu are now evident. We’ve also seen how companies in similar situations have attempted to tweak treatments and apply them to COVID-19.
Similar to Dynatronics, even if coronavirus goes away tomorrow, Vaxart still has a viable product candidate in a flu vaccine. For now, though, it seems the market is taking a speculative motion to support a potential application of its treatment to the coronavirus.
Coronavirus Penny Stocks To Buy [or sell]: Alexco Resource Corp.
What list of coronavirus stocks would be complete without some sort of mining or gold stock? Alexco Resource Corp. (AXU – Free Report) traded higher for the 4th day in a row. This came after the massive sell-off last week in mining stocks. In less than a full week, the company will release its year-end 2019 results (March 11).
Aside from the price of precious metals helping to drive momentum, Alexco has also been executing on several projects. Earlier this year the company announced that it divested its environmental business for $13.35 million. This move “is an important strategic step for Alexco, streamlining [its] business and allowing [it] to focus wholly on [its] mining and exploration endeavors,” according to Clint Nauman, CEO. Other companies including Yamana Gold (AUY – Free Report) have also taken up a streamlined approach this year.
While subsidiaries may complement a business, they can also distract from the core model. To Alexco’s benefit, the sale was to AEG’s Executive Management led by Jim Harrington, AEG President. While the price of precious metals helps boost mining stocks, will AXU establish itself as one of the penny stocks to buy on Robinhood following last week’s sell-off?