3 Hot Biotech Penny Stocks To Watch In April 2021
Biotech Penny Stocks to Watch This Month
Penny stocks are well-known for their higher level of risk in the stock market today. The problem here is that the risk can quickly deter traders and investors from even exploring the topic. This is why research is so important. Just taking a dark, blindfolding yourself, and throwing it at the proverbial dartboard isn’t the best way to find top penny stocks to buy. In fact, following the herd or trying to find social media-fueled trades can increase that risk immensely.
There’s no substitute for strong research. Can you get lucky with some of the “Reddit penny stocks,” of course. But luck isn’t a strategy that allows you to profit consistently. So, where should you begin? You can look for news headlines from companies. You can also sift through all of the public filings. Identifying insider buying, material events, quarterly & annual reports are all ways to put together your thesis on why certain companies are worth watching.
Once you’ve got the fundamentals outlined, see what’s happening in the stock market. That means looking at the trend “today” as well as the previous trend leading up to it. Is there a strong uptrend, is there tons of volatility, has the penny stock been in a strong downtrend? These are basic technical analysis studies you can do before deciding which names to put on your penny stocks list.
Will you always be right about the stocks you’ve done in-depth research on? No, but the more you know about the stocks you want to buy, the easier it is to sift out the noise from things like social media.
Biotech Penny Stocks To Watch Right Now
Despite the lower volume in the overall market, it hasn’t put the brakes on the latest bull trend. Not only have the S&P and Dow reached fresh, all-time highs, you’ve also got individual sectors performing their best in history. Healthcare stocks, for instance, have been on a tear. Look at benchmark ETFs like SBI Healthcare ETF (NYSE: XLV), for instance.
The ETF hit new, all-time highs this week with a massive move on April 15th that helped accomplish that. The biotech ETFs like the XBI and IBB also saw strong rebounds this week. So with all of the positive momentum in the stock market today, especially in health-related names, it may not hurt to have some related companies on your list of penny stocks to watch right now.
Hot Penny Stocks To Watch #1: PharmaDrug Inc. (OTC: LMLLF) (CSE: BUZZ)
Usually, part of our list of psychedelic penny stocks, PharmaDrug, is on watch by some after a recent tweet from the company. PharmaDrug tweeted out on April 15th, “Potential anti-COVID-19 agents, cepharanthine and nelfinavir, and their usage for combination treatment,” along with a link to an abstract with data supporting its statement.
Why is this important if we’re talking about a company trying to advance DMT as a potential treatment for its potential role in normal,…