Penny stocks generally trade below $5, and although these stocks may be risky, there is always the opportunity of making enormous returns if investors can find the right stock. However, in order to find the right stock, one needs to watch the market very closely, especially the latest stock movements—and penny stock gainers seems like a pretty good place to start. The markets in the United States have been one of the most volatile in history in recent days, so investors need to tread cautiously.
On Monday, the Dow Jones Industrial Average suffered its biggest crash since the ‘Black Wednesday’ crash back in 1987, and throughout the week, widespread selloff caused many investors to panic.
This morning, the Dow Jones started off on the right foot and climbed by 380 points, thereby sparking some investor optimism. Investors may be interested in considering these 5 penny stock gainers.
Penny Stock Gainers on Coronavirus News: Bellerophon Therapeutics Inc (NASDAQ:BLPH)
Bellerophon Therapeutics is the top trending penny stock gainers this morning on the back of a significant piece of news with regards to its product, INOpulse. This morning, the company announced that the United States Food and Drug Administration has granted permission for INOpulse to be used to treat coronavirus patients in case of emergency.
It is a hugely significant development for Bellerophon, and since the announcement was made, the stock has soared significantly in premarket trade. BLPH stock has gained 395% to $16.80, actually taking it straight out of penny stock territory.
Penny Stock Gainers on Coronavirus News: Rand Capital (NASDAQ:RAND)
Rand Capital Corporation is well-known for having a wide range of companies in its portfolio, and today, its stock is soaring after one of its portfolio companies made a major announcement. The portfolio company in question is Rheonix Inc and is currently developing a testing kit for coronavirus. Considering the scale of the pandemic, it is definitely a major development for the company, and it was no surprise when investors piled onto RAND stock this morning.
The test kits are going to be automated, which could be another factor behind the optimism. RAND stock has soared by 45% this morning, and investors may want to keep an eye on the stock for the rest of the day.
Penny Stock Gainers on Coronavirus News: Chembio Diagnostics (NASDAQ:CEMI)
The coronavirus pandemic may have wrecked the markets, but it has also resulted in significant surges in stocks of companies that are involved in creating tests or vaccines for the virus. Chembio Diagnostics has emerged as a big winner this morning after it announced that it has received an order worth $4 million for its coronavirus blood test.
Chembio announced that the company Bio-Manquinhos has ordered its DPP COVID-19 IgM/IgG test. The development is significant and one that could eventually have a major impact on Chembio stock. CEMI stock soared by 28% this morning.
Penny Stock Gainers on Coronavirus News: GenMark Diagnostics, Inc (NASDAQ:GNMK)
GenMark Diagnostics has emerged as another major gainer this morning due to a coronavirus-related update. The company announced that the United States FDA has authorized its coronavirus diagnostic test to be used in case of emergencies.
The company released a press release this morning and announced that the FDA has awarded its ePlex SARS-CoV-2 Test the coveted Emergency Use Authorization. This could lead to a much higher demand for the product, so it is no surprise that the stock has soared this morning. In early trade, GNMK stock climbed by 48%.
Penny Stocks Gainers on Coronavirus News: Beyond Air Inc (NASDAQ:XAIR)
On Wednesday, the company Beyond Air announced that it has come up with an inhaled Nitric Oxide product that could be used for people with respiratory problems. However, more importantly, it later emerged that the product could also be used to treat patients who might be suffering from respiratory troubles due to coronavirus infection.
The medical device and pharmaceutical company has been in focus ever since this update emerged earlier this week, and it is likely that XAIR stock is going to be in focus today as other coronavirus-related penny stocks continue to climb.
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