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
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.
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…