Are These Robinhood Penny Stocks On Your Radar Right Now?
After the rollercoaster week last week, penny stocks are in an even brighter light. Typically the summer months are slower but this is “the year of the pandemic” of course. It would seem like there are no holds barred at this point. Heading into the weekend, news broke that U.S. President Donald Trump signed an executive order and three memoranda designed to provide economic aid to those struggling during the coronavirus pandemic. There were also additional benefits for the unemployed and tax cuts for workers. This came after Congress couldn’t come to terms on a new deal for relief efforts.
While this was initially seen as breathing room for those still suffering from the pandemic, there were sticking points to this weekend’s activities. White House economic adviser Larry Kudlow said Sunday that the orders may end up in court, but the administration is “going to go ahead with our actions anyway.”
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“Our counsel’s office, the Treasury Department believes it has the authority to temporarily suspend tax collections. So we’re banking on that. We’ve had also a repurposing of funds. … That was decided in our favor in the Supreme Court case regarding the Mexican wall a while back. So we think we can do it,” Kudlow said on ABC’s “This Week.”
Should You Buy Penny Stocks On Robinhood?
Regardless of where market sentiment lies on Monday, it would seem different forces are helping push markets higher this year. One of those “forces,” it would seem are Robinhood traders. With more than 3 million new users, these “gunslingers” as popular talking heads like to call them, are pushing momentum toward companies that otherwise wouldn’t receive that kind of attention.
With so many new traders now looking for penny stocks on Robinhood to buy, it could be both a curse and a blessing for those searching for small-caps. At the end of the day, successful trades will likely come down to how well they’re able to handle volatility and manage risk. With this in mind, here are a few Robinhood penny stocks trending right now. Will they be on your list this week?
Robinhood Penny Stocks #1: Trevena Inc.
Trevena Inc. ( TRVN Stock Report) has been one to watch since early June. At the time, shares were trading around $1.40 and the company had just entered into a collaboration with Imperial College London to evaluate the potential of TRV027. That is the company’s treatment for acute lung injury contributing to acute respiratory distress syndrome — ARDS — in COVID-19 patients. Fast-forward to this month and we mentioned that TRVN stock could be one to watch ahead of a potential FDA event.
The particular event wasn’t about COVID, but another one of the companies treatments. Trevena’s IV Olinvyk (oliceridine) was in the spotlight. This is the company’s lead investigational asset for the management of moderate-to-severe acute pain. In June Trevena announced the advancement of the therapy through a partnership with Jiangsu Nhwa. We said that this could be a “risky” scenario depending on the outcome. As we’ve seen with early-stage biotechs, missed endpoints or worse than expected outlook discussions from management could send shares lower. Also, a positive outcome could be a major bullish catalyst.
As the closing bell rang on Friday, there were no updates on that supposed event. However, after hours on Friday, TRVN stock jumped to $3.50 after the company received U.S. FDA approval for its Olinvyk. Deputy Director for Regulatory Programs Douglas Throckmorton said, “The FDA will only approve new drug applications, including those for opioid medications, following a rigorous review to evaluate the risks and benefits and ultimate determination that the data support safety and effectiveness.”
Considering this news came out after the market closed on August 7th, will TRVN stock continue to rally this week?
Robinhood Penny Stocks #2: Hancock Jaffe Laboratories, Inc.
Shares of Hancock Jaffe Laboratories, Inc. ( HJLI Stock Report) surged late in the afternoon on Friday as well. HJLI stock jumped around 10% during the normal session then surged higher after hours. This came to light as a company filing shows a FORM 144 on August 7th. What’s more, is that buzz has built around a previous update in June regarding a proposed merger. The company signed a non-binding letter of intent to merge with Catheter Precision, Inc., a private medical device company focused on cardiovascular diseases, including heart arrhythmias.
Catheter Precision developed a software imaging system called VIVO™. An initial version is FDA cleared and CE marked and produces a 3-D virtual image of the heart on a computer monitor for identifying and targeting the location of ventricular arrhythmias for catheter ablation therapy. While no further updates have been given, Hancock’s recently filed Pre14C proxy statement shows the intention to vote on increasing the authorized shares of the company for the purposes of having “a sufficient amount of authorized shares of common stock to issue”. Since then, the two companies have been in a period of exclusivity for negotiating the proposed transaction.
In the meantime, Hancock Jaffe has made progress outside of this potential merger. Last month the company announced that Italian Hospital Asuncion in Paraguay has given Hancock permission to proceed with the CoreoGraft first-in-human study. This is the company’s off the shelf conduit intended to be used for coronary artery bypass surgery.
Following these latest developments, will HJLI be one of the Robinhood penny stocks to watch this week?
Robinhood Penny Stocks #3: Inpixon
If you’ve been a reader of PennyStocks.com articles for a while, you’ve probably come across at least one of the articles discussing Inpixon ( INPX Stock Report). Just over 59,000 accounts on Robinhood hold shares of this penny stock. INPX stock hit the watch list toward the middle of May after two key updates from the company. These included reporting Q1 results as well as the availability of a new product, its Workplace Readiness Dashboards™. Additionally, Inpixon is working with Lenovo as an authorized reseller of Inpixon Workplace Readiness™ solutions.
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Moving forward, aside from launching a new website, there weren’t many new developments heading into August. However, that didn’t mean Inpixon wasn’t gaining attention elsewhere. Inpixon CEO Nadir Ali recently interviewed in a piece by EdTech Magazine about the different technologies that schools can leverage to keep students and staff safe when reopening for in-person classes. Nadir explained that “digital contact tracing an add a lot of value by objectively identifying those areas of the school in which an infected person spent a significant amount of time and targeting just those areas for deep cleaning.”
However, Friday’s aftermarket momentum came from something other than company headlines. It looks like Inpixon shares traded higher after the close as the FCC approved the company’s ultra-wideband module.
Considering this wasn’t updated by the company (yet) but is out in the public, will INPX stock see its surge continue into Monday’s open?
Robinhood Penny Stocks #4: AgEagle Aerial Systems
Similar to INPX, AgEagle Aerial Systems ( UAVS Stock Report) is another one of the popular penny stocks on Robinhood we’ve tracked. There’s been plenty of activity since we first started following this in April. However, the more recent focus is on the company’s new manufacturing facility. This month the company announced that finalizing its site selection process. It chose its new leased manufacturing facility in Wichita, Kansas.
What’s more is that as a drone company, recent government initiatives have shed a brighter light on companies like AgEagle. Reuters reported that the Trump administration will reinterpret a Cold War-era arms agreement between 34 nations to allow U.S. defense contractors to sell more drones to allies. Also, a recently filed patent appeared to do with drone delivery services. Speculation has built around the company’s Wichita location and the recently confirmed Amazon distribution site in Wichita. Reports suggest that it could be ready by the fall.
Author Carrie Rengers of Wichita Eagle recently wrote, “Part of what is fueling speculation related to Amazon and AgEagle is that around the time of AgEagle’s ‘major eCommerce company’ announcement, there was reportedly a video online showing Chilcott demonstrating how to unload an Amazon drone from its crate.”
You’ve also got a CEO, J. Michael Drozd who assumed the role of CEO in May. Since then, we can clearly see the momentum built behind the penny stock. Drozd has a long history of tech, biotech, and AgTech experience. With the company’s recently announced $10 million offering, Drozd seems optimistic. He aims to expand contract manufacturing and assembly capabilities with the recently acquired funds.
Robinhood Penny Stocks #5: Aerpio Pharmaceuticals
Aerpio Pharmaceuticals ( ARPO Stock Report) has been a focus since mid-May. The company had just restructured a licensing deal that included a $15 million immediate payment as well as up to $90 million in milestone payments. It also began patient enrollment in June for its Phase 2 trial in patients with elevated intraocular pressure associated with open-angle glaucoma or ocular hypertension. However, August, could have become one of the more interesting months to track ARPO stock.
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On August 4th, the company announced an agreement with the US government to evaluate razuprotafib in a new randomized, investigational trial. The aim of the treatment is for preventing and treating acute respiratory distress syndrome in adult patients with moderate to severe COVID-19.
The trial is part of the government Medical Technology Enterprise Consortium’s COVID-19 program. What’s more, is the partnership will provide resources to support a second COVID-19 Phase 2 clinical trial with razuprotafib. The Consortium will provide up to $5.1 million in funding toward the clinical trial. Considering the surge of even more cases this weekend, are coronavirus penny stocks set for another surge early this week?
Originally published at https://pennystocks.com on August 9, 2020.