3 Reopening Penny Stocks For Your Watchlist Right Now
With a dreaded potential fourth wave of Covid on the rise, many penny stocks investors are wondering which companies could benefit. If we use the previous waves of Covid as a way to try and identify future trends, we see a few specific industries that could have valuable penny stocks. This includes tech stocks, biotech stocks, retail stocks and more.
However, it’s worth noting that this wave of Covid as a result of the Delta variant, may be different from the rest. It seems as though areas with low vaccination rates are resulting in clusters of cases rather than widespread community transmission. But, with case numbers rising significantly across most U.S. states right now, investors are working out a strategy to try and avoid potential losses.
This includes reopening stocks, which is a term that was coined in the early stages of the pandemic. These are penny stocks or blue chips that could benefit from economic reopening. While it does include penny stocks from the industries mentioned above, it also is quite a broad term, and leaves a great deal of room for interpretation. Considering this, let’s take a look at three penny stocks that could be worth watching for reopening.
3 Hot Reopening Penny Stocks to Watch
Evofem Biosciences Inc. (NASDAQ: EVFM)
Up by a sizable 7% or so at midday are shares of the leading biotech penny stock, Evofem Biosciences Inc. During the pandemic, Evofem has seen a great deal of bullish momentum, despite not producing any compounds related to Covid. For some context, EVFMcreates products for women’s reproductive and sexual health.
It currently has its product known as Phexxi, which is a contraceptive gel for women, in the later stages of commercialization. This means that it is earning revenue on the sale of this product, which is not something many biotech companies can say for themselves. Additionally, the company is developing other products at the moment which are part of its long term strategy.
The company states that the potential second quarter results for the sales related to Phexxi could be quite strong. More than 14,000 units were given out of Phexxi in the second quarter of 2021 alone, which is quite substantial. The CEO of the company Saundra Pelletier said, “The volume of women switching from hormonal birth control to Phexxi indicates a movement is happening. Women are seeking a healthy lifestyle and choosing Phexxi for hormone-free contraception is a natural fit.”
While Evofem is going through some dips in the market, shares are trending up in the past few days. Despite some underwhelming performance alongside the rest of the market in the past few months, investors seem confident in EVFM stocks future. Keeping…