Penny Stocks On Reddit To Watch #1: Zomedica Corp. (NYSE: ZOM)
Zomedica Corp. (NYSE: ZOM) is a veterinary health company aimed at producing animal-focused tech products. It focuses on the unmet needs of clinical veterinarians and the animals that they serve. Its products are developed mainly for companion animals, which has become a huge market during the pandemic.
It’s main product TRUFORMA, is currently being developed as a breakthrough to diagnosing common animal conditions. Specifically, it acts as a diagnostic biosensor platform for the detection of thyroid disorders in cats and dogs.
Zomedica also has a collaboration agreement with Celsee Inc. to develop and commercialize liquid biopsy assays and related consumables. The goal here is to detect cancer in companion animals. On May 12th, investors got a large update from Zomedica. Only a few weeks ago, it reported its first quarter financials for the 2021 year.
“Our first product, TRUFORMA®, now is on the market and we are building out our direct sales organization to reach our customers; we are working hard with Qorvo Biotechnologies, our technology partner, to complete additional assays to complement the initial three that are currently available to customers; and we have cash and cash equivalents of more than $250 million to support our commercialization efforts and our product and corporate growth plans.”
Robert Cohen, the CEO of Zomedica
While these financial results did help out, ZOM stock then fell shortly after. But now, investors are witnessing another rally with ZOM stock. From May 27th to June 3rd, ZOM stock has reached as high as over $1 per share. While right now it has settled at $0.97 per share, investors are hopeful for future momentum. With all of this in mind, will ZOM make it on to your penny stocks watchlist?
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