Best Penny Stocks To Buy [or avoid]: Cocrystal Pharma, Inc.
Cocrystal Pharma Inc. (COCP-Free Report) first hit our radar as a penny stock to watch in February. At the time, the company had just reported that it would be raising capital to the tune of $2.2 million. Fast-forward a few weeks and Cocrystal announced it has initiated its Coronavirus program.
“Following our acquisition of patent rights and know-how from KSURF and our recently completed financing, we are aggressively pursuing the development of novel antiviral compounds for the treatment of Coronavirus infections using our established proprietary drug discovery platform. Given the global threat of COVID1-9, our primary goal is to advance our Coronavirus program into preclinical development. We will seek opportunities for collaborations as we advance our programs,” stated Dr. Gary Wilcox, Chairman and Chief Executive Officer of Cocrystal.
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Thanks to events from over the weekend, COCP stock continued its trend on March 9. The penny stock reached highs of $2.27 before the market opened and then managed to climb as high as $2.24 during regular market hours. Since the beginning of February, Cocrystal stock has managed to jump as high as $2.50. Will this latest move signal that COCP is one of the top penny stocks to buy right now or has it “topped out”? Considering the fact that the company announced a $6.8 million financing at a steep discount, the latter could be the case. But obviously time will dictate the outcome.