Why These Three Penny Health Stocks Skyrocket Today?

Summary

  • Cocrystal stock (NASDAQ: COCP) jumped over 147% to US$3.07 at 12:21 pm ET on Tuesday, May 4.
  • BioLineRx stock (NASDAQ:BLRX) soared over 68% to US$5.35 at 1:20 pm ET.
  • Precipio stock (NASDAQ:PRPO) surged 15.52% to US$5.7181 at 2:47 pm ET.

Health companies are making huge strides as demand for drugs surged off late. While rapid vaccinations are helping to ease the covid tension and jumpstart the economy, health stocks may have been getting increased attention from investors, given their active movements on the indexes. 

Analysts say that sectors like healthcare, energy, utilities, and industrials may see a strong rebound this year following the government’s commitment to boost spending in these areas as part of its broader economic recovery plan.

Part of its plan is to ramp up the healthcare infrastructure, which has been pushed to its limits during the height of the pandemic. These advancements, along with the rapid development of drugs, have been helping companies to compete and earn handsome returns. Here are three penny health stocks, which may have drawn huge interests from investors as their prices skyrocketed today.


 

Pic Credit: Pixabay.

Cocrystal Pharma, Inc., (NASDAQ: COCP)

Headquartered in Bothell, Washington, Cocrystal is currently developing a new covid-19 drug. In a recent announcement, the company said that the drug is in an advanced stage of development. Besides covid, it also specializes in medications for hepatitis C, influenza, and other viruses.

The stock jumped over 147% to US$3.07 at 12:21 pm ET on Tuesday, May 4. Although it had seen regular ups and downs in intraday trade, the stock has witnessed steady growth in the last six months.

Cocrystal is one of the major biotechnology companies in the US and has a market cap of around US$223 million. According to its president Sam Lee, its new covid drug would be effective against three variants of the virus: SARS-CoV-2, SARS-CoV, and MERS-CoV.

Its revenues in 2020 declined to US$2.0 million, compared with US$6.6 million in the previous year. It is, however, entitled to receive payments from sales and royalties amounting to US$156 million.

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BioLineRx Ltd. (NASDAQ:BLRX)

Its main office is in Modi'in-Maccabim-Re'ut, Israel. BioLineRx is a major biopharmaceutical company involved with oncology and cancer drugs. It is in the processes of developing two critical drugs: Motixafortide and AGI-134. Both are in the clinical stages of development. The company also manufactures cures for skin ailments like BL-5010.

The stock soared more than 68% to US$5.35 at 1:20 pm ET on Tuesday, May 4, from the previous close. It gained nearly 100% in the last six months.

BioLineRx Ltd has a market cap of 225 million. The company had recently announced the results of its phase-3 clinical trial of Motixafortide for bone marrow transplantation.

The company had spent US$18.2 million for research and development in 2020, which was a decrease of 22.5%, compared to the figure in 2019.

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Precipio, Inc. (NASDAQ:PRPO)

Precipio is headquartered in Omaha, Nebraska and one of the leading diagnostic companies in the US. The company offers specialized diagnostic services to doctors and patients. Its cutting-edge online platform is revolutionizing the way diagnostic services were provided.

Furthermore, it recently launched a covid antibody test on Amazon to deliver the results in 20 minutes. It was the first such test in the US to receive FDA’s emergency use authorization. California-based Nirmidas Biotech developed the test.

The Precipio stock surged 15.52% to US$5.7181 at 2:47 pm ET on Tuesday, May 4, from the previous close. It saw more than 650% jump in value in the past six months.

Founded in 1997, Precipio has a market cap of around US$101 million. The company forecast its pathology revenue to grow by 50% by Q4 of 2021.


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