Are These 3 Penny Stocks Worth A Closer Look For Robinhood & WeBull Users?
If there’s one thing you know from the stock market today it’s that volatility is king. What better place to see that on a daily basis than from penny stocks. These cheap stocks fly high within a matter of days or even hours at times.
But they aren’t for just any “Average Joe” investor. Without a stomach to handle big swings, making money with penny stocks can pose its challenges. We saw that, first-hand over the last 24 hours. The key to making money with penny stocks is doing exactly that.
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Never forget that this is about making a profit. It’s easy to get caught up in the hype and ignore trading strategies altogether. But more times than not, those who stick to the plan, make money more frequently than those who “shoot from the hip”.
Be Smart When Trading Penny Stocks
A recent example of why it’s important to take profit along the way came from a company that put out what appeared as good news based on the market’s response. Its shares rallied over 300%. But the very next day it announced a public offering for tens of millions of dollars at a steep discount. The result? The market for that penny stock pulled back aggressively.
So, the moral of the story is that no matter how great you think a company is, if penny stocks are running, no one ever lost money by taking profits. If you look at some of the popular mobile trading apps like WeBull and Robinhood, penny stocks are very actively discussed. One of the benefits of the WeBull platform, for instance is its community discussions.
Users can see what’s driving sentiment and who’s looking at what. Robinhood allows people to see how many portfolios actually hold shares of certain penny stocks. So a mix of both could give a great gauge for the market’s sentiment. Needless to say, there are already a number of trending penny stocks on Robinhood and WeBull today. Let’s take a closer look. While they can be bought for under $3, it’s up to you to decide if they’re actually good penny stocks to buy or not.
Penny Stocks On Robinhood & WeBull Under $4: Kitov Pharma Ltd.
Shares of Kitov Pharma (KTOV Stock Report) have been on the move for the last few weeks. Earlier this month we talked about Kitov as it had just announced the closing of a $10 million offering. Kitov said that it intends to use the net proceeds of this offering to fund the development of its oncology drug candidates and acquisition of new assets among other things.
Later this month, positive results of a previously reported Phase 1 trial of CM-24 will be presented in a poster presentation at the American Society of Clinical Oncology (ASCO) virtual program. On May 29, management said it will discuss progress in the trial of 27 patients with advanced malignancies. Kitov said that CM-24 showed safe and well-tolerated results in all patients. There were no discontinuations of study drug or dose-limiting toxicities. This helped boost momentum through the week and KTOV stock continues trading higher.
On May 20, the company announced the U.S. commercial launch of Consensi™. This is designed for the simultaneous treatment of hypertension and osteoarthritis pain. Consensi™ is being sold in the U.S. by Burke Therapeutics, the marketing partner of Kitov’s U.S. distributor, Coeptis Pharmaceuticals. “The initial U.S. sales of Consensi™ represents a key milestone for Kitov.”
But once again we’ve seen KTOV stock denied at its 200 day moving average. Will this recent momentum be enough to see a push higher or is this set to slide back this week?
Penny Stocks On Robinhood & WeBull Under $4: Evoke Pharma Inc.
Another one of the trending penny stocks on Robinhood and WeBull was Evoke Pharma (EVOK Stock Report). Over the last few weeks, EVOK stock has been on the move but the past 3 trading sessions specifically have seen a more aggressive move. It would appear that this trend was leading up to a big update that came out on May 20. This saw EVOK stock reach new 52-week highs during the early morning session.
Evoke announced that the U.S. FDA has conditionally accepted the proprietary brand name, “Gimoti”. This is for the Company’s nasal spray product candidate for the relief of symptoms in adult women with acute and recurrent diabetic gastroparesis as resubmitted in the 505(b)(2) New Drug Application.
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“Receipt of conditional proprietary brand name approval further supports our commercialization strategy,” said Dave Gonyer, R.Ph., President and CEO. “Gimoti’s nasal spray delivery is designed to facilitate drug absorption by allowing Gimoti to bypass the dysfunctional GI track in patients with this disease. We continue to believe Gimoti, if approved, will provide an important new product that has the potential to help treat patients suffering from gastroparesis.”
Penny Stocks On Robinhood & WeBull Under $4: Oragenics Inc.
Oragenics Inc. (OGEN Stock Report) is one of the penny stocks frequently discussed over recent weeks. On Tuesday the company announced its Noakis Terra subsidiary signed a deal with Aragen Bioscience. The arrangement will see the two companies work to advance the SARS CoV-2 vaccine candidate, TerraCov2.
“Developing a variety of vaccine alternatives is critical to bringing the SARS-Cov-2 pandemic under control. Utilizing the technology created at NIH with Aragen’s pre-clinical development capabilities will help us accelerate the development of the TerraCov2 vaccine candidate. We believe the relationship between the companies will result in advancement of the vaccine candidate into the clinic as rapidly as possible,” said Alan Joslyn , Ph.D., President and CEO of Oragenics.
While this was strong news and saw shares rally early on May 19th, OGEN stock pulled back by the end of the day. However, on Wednesday, the penny stock is back on the move trading more than 40% higher than its premarket lows. No new updates or corporate filings have come out as of Wednesday morning. Could this be renewed interest after the market’s had time to digest the latest news?
Penny Stocks On Robinhood & WeBull Under $4: Luckin Coffee
This one is a high-risk company right now and reiterates the idea that just because something sells for an inexpensive price, it doesn’t mean it’s worth it to purchase. Luckin Coffee Inc. (LK Stock Report) has a storied, recent past that left a horrible taste in investors’ mouths. After trading as high as $51.38 this year, LK stock now trades under $3 a share. What’s more is that it got there by terrible circumstances.
If you’re not familiar with the story, let me give you a quick summary. Luckin Coffee was in hot water after the market found out it wasn’t reporting accurate figures in its financials. The company received a delisting notice from Nasdaq. Luckin has also been cleaning house with a number of terminations since the massive fallout.
While it currently trades on the NASDAQ, Nasdaq said the company has “raised public interest concerns by fabricating transactions disclosed in its Form 6-K on April 2, as well as its past failures to publicly disclose material information,” Luckin said. So whether or not this will remain one of the penny stocks on Robinhood and WeBull in the future is a big question.
Needless to say, it is one of the most actively traded penny stocks on Wednesday. Shares have reached lows of $2.02 during premarket trading. As of the opening bell, LK stock sits around $2.55. Will the company be able to turn things around in the future? For those with LK on your list of penny stocks, do you rate it a buy or a sell right now? Comment below.