After making a remarkable recovery in the month of April, stocks fell steeply this morning, led by e-commerce giant Amazon. In such a situation, investors might need to look a bit closer at the popular penny stocks in the market, and figure out if those stocks are worth backing.
The 8% decline in Amazon (NASDAQ:AMZN) resulted in a 530-point crash in the Dow Jones Industrial Average, while the S&P 500 fell by 2.70%. It goes without saying that the start of May has not been particularly great, but there are still some stocks that investors could consider.
Here is a quick look at five popular penny stocks.
5 Popular Penny Stocks: Akari Therapeutics PLC (NASDAQ:AKTX)
Over the past few weeks, many pharmaceutical and biotech stocks have experienced significant gains. The latest one in that line is Akari Therapeutics, which recorded gains on the back of positive data about one of its products.
This morning, the company revealed that the Phase 2 clinical trial of its product, Coversin, has produced positive data, managing to hit both the primary and secondary endpoints. The product in question is meant to treat a rare skin disorder, although further trial results will be needed, and Coversin is still not an approved product. A Phase 3 trial is the next step for the company.
The trading volume for AKTX stock remained largely average, although the stock did rally by 11% this morning.
5 Popular Penny Stocks: ATIF Holdings Ltd (NASDAQ:ATIF)
Those looking for popular penny stocks in the market could consider having a closer look at ATIF Holdings. The company is involved in providing business consulting services in the multimedia space in Asia.
ATIF announced that its subsidiary, Leaping Group, has inked a contract with the production and distribution company Liaoning Maitian Picture. The contract will see ATIF collaborating with Liaoning for the launch of the film ‘The Moment of Victory’. Liaoning announced that the contract fee for ATIF will be $2 million in revenue.
It is quite clear that in these lean times, this is a major deal for ATIF, so it was no surprise when ATIF stock gained 5% this morning. Investors could keep an eye on the stock for the rest of the day to see how it continues to trade.
5 Popular Penny Stocks: Myomo Inc (NYSEAMERICAN:MYO)
This morning, MYO stock jumped after Myomo announced that 700 people are currently waiting on insurance reimbursement for the company’s MyPro arm brace. At the end of 2019, the same figure stood at 594. The number of authorized units in the backlog has jumped from 53 to 80.
These developments have resulted in a lot of interest in MYO stock, which gained 25% during this morning’s trading. It could be a good idea for investors to keep an eye on Myomo stock today.
5 Popular Penny Stocks: Aemetis Inc (NASDAQ:AMTX)
One penny stock to make a highly impressive move this morning is Aemetis Inc, which led to a remarkable 103% rally in AMTX stock so far.
Aemetis announced this morning that it has signed a long-term agreement with Messer to supply the latter with CO2. As much as 450 tons of CO2 are going to be provided for use in a range of industries.
It is a significant deal for Aemetis, so it was no surprise that it emerged as one of the more popular penny stocks this morning.
5 Popular Penny Stocks: Gridsum Holding Inc (NASDAQ:GSUM)
Another penny stock that flew this morning is Gridsum Holding stock. The China-based cloud-based data analytics and AI (artificial intelligence) company announced this morning that it received a non-binding letter of proposal from Guosheng Qi, the company’s CEO and Chairman of the Board, along with several other members of the company.
According to the proposal, these members would like to acquire the remaining outstanding shares not already owned by other Consortium Members for $2 an ordinary share. This would take Gridsum through a going private transaction.
On the news, investors piled on to GSUM stock, which soared by 95% this morning.
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