3 Penny Stocks On Robinhood To Watch Before The End Of August
Looking for biotech penny stocks to watch? Check these 3 out for your list
Are These Biotech Penny Stocks Worth Watching Right Now?
There’s a reason why biotech penny stocks have remained so popular among investors this year. And while Covid initially was the main cause for heightened investor interest, its lasting effect has helped to bring a slew of traders into the biotech industry.
A year and a half ago, investors were looking for biotech penny stocks that could benefit from Covid. This made sense as the pandemic was just beginning, and companies involved in vaccines or treatments were skyrocketing in value. However, as time went on and the focus on biotech continued to grow, more and more companies began to show potential.
Now, in August, there are hundreds of biotech penny stocks to choose from, all with different value points for investors to consider. As always, traders should do as much research as possible to ensure that they know exactly what they’re getting into. But, with the internet at our fingertips, research is easier than ever before. On top of that, applications like Robinhood have made it that much easier to trade penny stocks. With that in mind, here are a few biotech stocks that could be on the watch list before the end of the month.
3 Biotech Penny Stocks to Watch Right Now
- ReShape Lifesciences Inc. (NASDAQ: RSLS)
- Asensus Surgical Inc. (NYSE: ASXC)
- Chembio Diagnostics Inc. (NASDAQ: CEMI)
ReShape Lifesciences Inc. (NASDAQ: RSLS)
ReShape Lifesciences Inc. is a biotech penny stock that we’ve covered numerous times in the past few months. This company sells products for obesity treatment and for use in solving metabolic diseases. Its various products include Lap-Band System, ReShapeCare, ReShape Diabetes Bloc-Stim Neuromodulation, and much more.
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These products have become extremely popular in the weight loss industry, and have brought a lot of investor attention to RSLS stock. On August 5th the company reported its preliminary unaudited second-quarter 2021 financial results. The company’s revenue went up by 107% year over year in this time frame.
“The second quarter was an exceptional one for the Company. In this period, we completed our highly anticipated merger with Obalon Therapeutics, increased visibility in the financial markets by listing on the Nasdaq and bolstered our diverse product portfolio with the launch of our online wellness hub, ReShape MarketPlace.”The President and CEO of RSLS, Bart Bandy
This massive revenue increase is a reflection of more demand for ReShape’s products. In addition, elective procedures have begun to occur at similar levels to pre-covid. On the same day of the news release, RSLS stock went up more than 7%. So, considering all of this, will RSLS make your list of penny stocks to watch?
Asensus Surgical Inc. (NYSE: ASXC)
Asensus Surgical Inc. is another biotech penny stock that we have frequently covered over the past few months. This is a company that creates medical devices in the United States, Asia, and Europe. Asensus researches, develops, and sells medical device robotics for surgery purposes.
Its products include the Senhance Surgical system which is a multi-port robotic surgery system allowing for up to four arms to control robotic instruments and a camera. One of the main reasons that investors are watching ASXC is for its innovations in the surgery industry. Asensus creates these proprietary products which can be used to enhance a large number of common surgical procedures. On August 5th, the company reported its operating and financial results for the second quarter of 2021.
“During the quarter, we continued to drive strong adoption and utilization trends while making progress towards our strategic focus areas, including the expansion of clinical evidence, growth of our installed base, increased procedure volumes, the expansion of our portfolio and the continued technological development of Senhance.”The President and CEO of Asensus Surgical, Anthony Fernando
In the first half of 2021, the company signed two lease agreements with hospitals to install its Senhance Surgical Systems. It also noted that more than 1000 procedures were performed using this technology in the first half of 2021. ASXC stock went up more than 2% on the day of this news release. Noting this info, is ASXC a contender for your list of penny stocks to watch?
Chembio Diagnostics Inc. (NASDAQ: CEMI)
Since July 20th, shares of CEMI stock have shot up by over 40%. This is a sizable gain in only a short time frame, and one that shows just how much potential CEMI could have. For some context, Chembio is a company that is currently offering test kits for COVID-19 as well as tests for HIV, Syphilis, and the Zika virus.
The company’s products are sold under the SURE CHECK, STAT VIEW, DPP, and STAT-PAK trademarks. While its Covid-19 product does show short-term potential for the company, its other products could help it to succeed in the long term. And, the diseases it provides testing for are all very common around the world, indicating strong market demand for its products moving forward.
On August 5th, Chembio Diagnostics reported its second-quarter financial results for 2021. The company’s total revenue for the quarter grew 26% year over year. In addition to this positive news, its product revenue grew 4% year over year as well. During the quarter, Chembio placed its main focus on its DPP COVID tests.
“In the second quarter, we focused on international commercial opportunities where our DPP COVID test has been approved. These efforts were successful, resulting in the largest order in company history for DPP SARS-CoV-2 Antigen tests from our longstanding customer Bio-Manguinhos. We also made progress on our clinical activity to support U.S. regulatory submissions for our DPP COVID-19 tests.”The President and CEO of Chembio Diagnostics, Richard Eberly
Considering this exciting news and the potential that CEMI stock could have, is it worth adding to your watchlist?
Which Biotech Penny Stocks Are Worth Buying?
Finding the best biotech penny stocks to buy is all about understanding where to look. With so many to choose from, investors should narrow the list down by looking at financials, a company’s pipeline, and any other information it puts out. Taking all of this into consideration, which penny stocks in the biotech industry are you watching right now?