Is There Still Life Left In This Penny Stock?
30 Second Overview
- Zomedica Corp. (NYSE: ZOM) is a penny stock that has skyrocketed over 400% since the start of 2021
- It has gained more attention recently after a video surfaced of Carole Baskin mentioning Zomedica and its TRUFORMA system.
- Zomedica is a thinly traded penny stock that we’ve reported on since the beginning of December and into January with a market cap of around $700 million
- The penny stock has not seen price levels above $1.35 since 2018
For yet another consecutive day, shares of Zomedica Corp. rocketed higher. Just before 10 AM EST, the penny stock hit a high of $1.40. This is a level that it hasn’t reached since the end of 2018. While much of the attention has been on the upcoming commercial launch of its main product, TRUFORMA, traders on Reddit circulated a video with Tiger King start Carole Baskin.
Upon initial review, the video has Baskin discussing her “furry friends” and how Zomedica “thinks” TRUFORMA could be “a really big seller”. Now, I’m all for the support from members of the animal community getting behind the cause. But in this case, the verbiage sounds promotional in nature. I think the web app, Cameo, could reveal a few more details.
“Baskin” In The Bright Light Of Penny Stock Hype?
In the video on YouTube, Baskin is in front of the same backdrop and in the same type of outfit as her other Cameo videos. She doesn’t go into details on the stock. But we know how much “hype” play a factor with small-cap stocks like this. Media mentions tend to bring out more FOMO. Also, considering the massive move ZOM stock had already made before 2021, this added more fuel to the fire.
In the clip, Baskin emphasized how she feels like this could “be a good one”. She also said that “she can just feel it”. Now, I don’t know about you but I’m not 100% sure of Baskin’s investment success or how much weight anyone would put on this. It also costs just $299 for her to do a Cameo spot. So as to how “invested” she is in finding out more about the company is yet to be seen.
Is Zomedica Stock A Penny Stock To Buy Or Avoid?
All joking aside, Zomedica has had plenty of momentum building even before the Baskin video. Zomedica’s TRUFORMA product has been the main attraction over the last few months. It was developed by Qorvo Biotechnologies, LLC, a subsidiary of Qorvo (QRVO Stock Report). The platform provides a non-optical and fluorescence-free detection system for use at the point-of-care. Essentially it’s a diagnostic platform for animals used by the veterinarian community. The system utilizes a fluorescence-free detection system that can provide a diagnosis in a short period of time.
Furthermore, the official commercial sales for TRUFORMA are expected to begin by the end of this quarter. So this has clearly been a milestone that traders have kept track of. Zomedica has also been appointed…