Penny Stocks to Watch: Insider Buying at Correvio Pharma Excites Stock

penny stocks

Penny stocks are a volatile asset. Nothing is ever a sure thing, but it’s encouraging to see insiders at a company buying up these small-priced stocks in their droves. Such is the case for Correvio Pharma (NASDAQ:CORV), and the stock has been up this week as a result. 

Penny Stocks to Watch

Insider buying tends to be a good thing. It’s good for obvious reasons, but most importantly, it shows outsiders that management is willing to put their own money where their company mouth is. It shows that they believe the stock is worth investing in. The most recent insider buy was in January of this year.

In light of this, the CORV penny stock has been nabbed in recent weeks by hedge funds, so investors should keep an eye here. 

According to Fairfield Current

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“Columbia Pacific Advisors LLC acquired a new position in shares of Correvio Pharma Corp during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 100,709 shares of the company’s stock, valued at approximately $251,000.”

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But Columbia is not alone. In fact, five other hedge funds also upped their stake of the CORV penny stock in recent weeks. These include Royce & Associates LP, ARS Investment Partners LLC, Renaissance Technologies LLC, Worth Venture Partners LLC, and Essex Investment Management Co. LLC.

Now, “institutional investors and hedge funds own 42.77% of the company’s stock.”

Strong Quarterly Results Expected

It makes sense that the CORV penny stock is on the radar. Correvio Pharma is expected to report year-over-year growth of 20% in its next quarterly earnings report in early March. 

Zacks Investment Research is expecting approximately $8.40 million in sales for the quarter and a full-year sales average of $28.12 million.

Adding to the hype, the company has also been issued BUY ratings by both research analysts HC Wainwright and B. Riley.

Penny Stocks to Watch

Sentiment is promising for the CORV penny stock. At the time of writing, CORV is selling for $3.18 USD, up 0.63% on the NASDAQ exchange.

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