Reddit Penny Stocks Soar as DogeCoin Hits New All-Time Highs

Reddit penny stocks see momentum as DogeCoin hits new all-time high
Reddit Penny Stocks Soar as DogeCoin Hits New All-Time Highs
Image credit: PennyStocks.com via PennyStocks

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3 Reddit Penny Stocks to Watch as the Crypto Hype Continues 

With penny stocks, outside factors can have a large impact on what occurs throughout the market. This could be something as simple as news or even DogeCoin hitting an all-time high. This is referred to as speculation and is the result of outside factors impacting the price of penny stocks

While cryptocurrency and penny stocks are not necessarily one in the same, their usual low prices can illustrate a relationship between the two. Interestingly enough, DogeCoin, the meme-founded cryptocurrency, trades very similarly to a large list of penny stocks. The comparisons include high volatility, low price, large intraday swings, and high speculation. 

While we can’t say that just because Doge rises, penny stocks will rise. We can see a correlation between the bullish interest in low-priced financial instruments. So, when finding penny stocks to buy, it’s extremely important to consider all of the aspects that could be affecting it. This includes both internal factors like balance sheets and company news, as well as external factors like industry-wide trends. 

[Read More] 4 Hot Penny Stocks To Watch In May 2021

Additionally, investors need to come up with a strategy that is individualized to their portfolio. This is the best way to ensure that your investments align with your financial goals. So after coming up with a penny stock watchlist, it’s best to research every company to come up with a complete picture. 

3 Penny Stocks to Watch Right Now 

  1. Cocrystal Pharma Inc. (NASDAQ: COCP
  2. BioLineRx ADR (NASDAQ: BLRX
  3. Reed’s Inc. (NASDAQ: REED

Cocrystal Pharma Inc. (NASDAQ: COCP) 

By 11 A.M. EST on May 4th, shares of COCP stock were up by around 126% to $2.81 per share. While a gain like this is not unheard of, it is not the most regular occurrence. Usually, small gains can happen without news or any major event to back it. However, this is not the case with COCP. 

[Read More] Are Penny Stocks Worth It? 5 Lessons For New Traders

On Tuesday, Cocrystal announced plans to launch a second Covid-19 program. This new program aims to improve both the in vitro potency as well as the pharmacokinetic properties of its newest antiviral drug. And, this comes only a short time after its CDI-45205 program launched, also working to treat Covid infections. 

“We are aggressively developing novel coronavirus protease inhibitors for Covid-19 prophylactic and therapeutic use. These drug candidates bind to a highly conserved region of the active site of SARS-CoV-2 protease that is required for SARS CoV-2 viral replication.

Our high-resolution x-ray cocrystal structures further confirmed the specific covalent interaction with this conserved region of the proteases of the coronaviruses SARS-CoV-2, SARS-CoV, and MERS-CoV viruses.” 

Sam Lee Ph.D., the President of Cocrystal Pharma Inc.

Lee goes on to state that its new candidate could be effective at treating the new variants of the coronavirus, emerging in the U.K., South Africa, Brazil, and India. This is a big announcement and shows that there is still a lot of investor interest surrounding Covid-related biotech stocks. While it will likely take some time before this compound sees approval, it is worth considering for investors. Whether or not COCP is a penny stock to watch is up to you. 

Penny_Stocks_to_Watch_Cocrystal Pharma Inc. (COCP Stock Chart)

BioLineRx ADR (NASDAQ: BLRX) 

Another penny stock with big news on Tuesday is BioLineRx. Shares of the biotech stock pushed up by over 50% at midday, on positive news regarding cancer treatment. The company announced that its Phase 3 trial for the treatment of multiple myeloma with Motixafortide, was extremely positive. 

CEO of the company, Philip Serlin, stated that “These strikingly positive data significantly exceeded our expectations, and are truly transformational for our company.” In the study, almost 90% of those receiving Motixafortide showed a 4.5-fold increase in achieving primary endpoint target mobilization. 

[Read More] Penny Stocks on Robinhood to Watch After the Coinbase IPO

Serlin goes on to state that “The statistical significance across all primary and secondary endpoints was consistent across twelve different sensitivity analyses. These results support our goal of becoming the standard of care for autologous bone-marrow transplantation, providing a strong clinical and pharmacoeconomic advantage for its use.” 

Now, the company needs to gain regulatory approval for Motixafortide regarding this application. And, it plans to submit an NDA or New Drug Approval form by the first half of this year. In addition to this, BioLineRx states that this compound could have indications across a much broader range of treatments. This means that commercialization could become a reality if all goes according to plan. 

While BioLineRx may seem like a one-trick pony, the company has a large pipeline of substances across a range of oncological indications. This includes its AGI-134 compound which is in studies to treat multiple solid tumors. Because of its broad pipeline, BioLineRx continues to look like a potentially valuable penny stock to watch. However, the choice is ultimately yours. 

Penny_Stocks_to_Watch_BioLineRx ADR (BLRX Stock Chart)

Reed’s Inc. (NASDAQ: REED) 

Moving away from biotech momentarily, Reed’s Inc. is the popular beverage producer and distributor. With decades of experience in the beverage market, Reed’s sells everything from ginger beer to craft sodas and Virgil’s root beer brand. Its products have earned spots in more than 40,000 retail locations around the country, and this reach is only just beginning. 

On May 4th, shares of REED stock climbed on the announcement of a distribution agreement with CVS Pharmacy. The agreement includes six new beverage multipacks for sale at over 1,000 CVS locations around the country. 

“Over the past year, Reed’s Inc. has been rapidly expanding our distribution across all channels, and we are excited to increase the availability of Reed’s and Virgil’s beverages at CVS Pharmacy locations across the country.

Growing from just one or two of our Ginger Beers at CVS Pharmacy to now retailing multiple varieties from Reed’s and Virgils’s showed our company’s unstoppable momentum to meet the demand from consumers and retailers alike for more all-natural alternatives.” 

Norman E. Snyder, CEO of Reed’s Inc.

As the pandemic has continued, many consumer staples like beverages, food delivery, and others, have climbed in value. These are effectively referred to as ‘reopening penny stocks‘. While this momentum may not last forever, right now it is extremely palpable. Whether this makes REED stock worth watching is up to you. 

Penny_Stocks_to_Watch_Reed's Inc. (REED Stock Chart)

Penny Stocks Continue to Grow Amidst the Reddit and DogeCoin Influence 

The influx of retail traders over the past year has helped to push penny stocks to new highs. While the Reddit frenzy has calmed down to some extent, the impact of cryptocurrencies like DogeCoin, reaching new highs, is doing just the opposite.

[Read More] 5 Penny Stocks To Buy With Up To 219% Upside According To Analysts

While there are a lot of factors impacting the price of all penny stocks right now, volatility has always been a constant with stocks under $5. So if you buy and sell penny stocks, this momentum is something you’re probably used to. With the effects of Reddit and DogeCoin in mind, are these penny stocks worth watching?

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