Coronavirus penny stocks are back in action.
The coronavirus pandemic has escalated at an alarming rate and has resulted in complete turmoil in the markets all across the world. The epidemic, as things stand, is one of the most damaging in modern history, and as of now, the troubles are going to continue worldwide. When it all started, it seemed like it was a localized issue in China, and the markets were not at risk, but over the past two weeks, it has become abundantly clear that it is a pandemic.
Markets in the United States have nosedived, and the carnage continued this morning. According to data compiled by John Hopkins University, the number of cases stands at 1,69,387 worldwide and 3,774 in the United States. The University has also revealed that the number of deaths now stands at 3,774 globally and at 69 in the United States. The resulting turmoil in the markets is not really a surprise.
However, even during this carnage, there are certain stocks that investors could consider tracking at this stage. Here is a quick look at four coronavirus penny stocks that investors could watch today.
Coronavirus Penny Stocks: OpGen Inc (NASDAQ:OPGN)
The very first coronavirus stock that has come into sharp focus today in the markets is that of OpGen Inc. This morning, the company announced an update with regards to Curetis GmbH, the company with which it is going to collaborate on a CE-IVD certified real-time PCR test kit for coronavirus.
The specific pathogen that the test kit is meant to decipher is 2019-nCov. It was announced today that Curetis has started offering this product, which is going to be made available through the European sales channels of the company. It is a massive development for OpGen Inc, and the market reacted with optimism.
The stock soared by as much as 120% on the back of the announcement, and it remains to be seen how it fares for the rest of the day. Investors could do well to keep an eye on the stock.
Coronavirus Penny Stocks: BioNTech (NASDAQ:BNTX)
The other coronavirus-related stock that has been flying in premarket trading this morning is that of BioNTech SE. It is normally a thinly traded stock, but this morning it jumped on the back of a major announcement. The company revealed that it is aiming to begin clinical testing for its product, BNT162. The product in question is an mRNA vaccine and is meant to be a candidate that can be used to tackle the coronavirus. The testing is expected to begin towards the end of April, but that is subject to regulatory approval.
The development proved to be a massive boost for BioNTech stock, as investors piled on to it this morning, and the stock soared by as much as 31%. The company is aiming to develop the product in collaboration with Fosun Pharma in China.
Coronavirus Penny Stocks: Beyond Air Inc (NASDAQ:XAIR)
XAIR stock has also soared today on the back of an important development. The company is involved in producing inhaled Nitric Oxide for patients with respiratory troubles. Today it announced that it has submitted an Investigational Device Exemption (IDE) application for its LungFitTM BRO system to the United States Food and Drug Administration.
The hope is that the product will be able to help treat patients who are suffering from the coronavirus infection. This is a significant development since an IDE approval does not take very long; generally, the FDA provides it within a matter of 30 days.
This explains the significant interest in Beyond Air stock this morning, which recorded gains of 20% so far.
Coronavirus Penny Stocks: Allied Healthcare Products Inc (NASDAQ:AHPI)
Last but not least is Allied Healthcare stock, which has emerged as another strong gainer amidst coronavirus stocks this morning. However, what sets Allied stock apart is that it has gained 300% since the end of February.
The company is involved in manufacturing respiratory therapy equipment and home healthcare items, among other things. Considering the spread of the coronavirus epidemic, investors might be thinking that Allied could see a major spike in its business. Of course, this is only speculation.
AHPI stock continued to rally today and has soared by 19% so far.
The coronavirus pandemic is expected to continue being a major influence on the stock market over the coming days. So, one needs to evaluate the proper risk-reward ratio before considering any Coronavirus penny stocks.
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