Aug 04, 2021 (Penny Stocks via COMTEX) -- Robinhood Stock Surged Another 60% Sparking More Attention On Retail Trading Trends
Penny stocks are a frequent focus of retail traders. And it looks like Robinhood IPO ( NASDAQ: HOOD ) has brought a bit more fuel to the fire. The latest public offering sparked controversy, mainly among the "Ape army," whose apparent "sworn enemy" become available for trading last week. This latest IPO was one of the more disappointing ones this year. Shares of HOOD stock opened at $38, promptly reached highs of $40.25, and then slid to lows of $33.25 the following day. That's where the sad story ends, and the turnaround story begins.
Love it or hate it, the app has opened doors for millions of new traders over the last few years. If you look at some of the brokerage growth statistics from 2020 , Robinhood was among the fastest-growing platforms for new traders. Now that shares of the platform are publicly traded, investors have an opportunity to own a piece of this growth.
Clearly, the sentiment has gone from negative to positive, and the "revenge trade" has become a major focus of retail traders this week. HOOD stock has now managed a rally of more than 130% since the start of the week. What some of the "Ape community" had hoped for is now the exact opposite and may have even converted some of them into Robinhood supporters (at least in the stock market today).
Top Reddit Stocks To Watch
This year has been a big year for "sympathy" momentum. For those unfamiliar, this is where we see stocks breakout without any apparent catalyst. But another company with similar traits and momentum sparks intrigue to find "the next one." Whether it's been meme stocks, short-squeeze stocks, COVID stocks, cannabis stocks, and the like, sympathy sentiment is a driver that isn't ignored. Today, HOOD stock seems to have made its presence known, and now the hoards of Reddit retail traders are on the hunt for more. In this article, we'll take a look at a few former penny stocks that've now begun climbing after the latest HOOD stock IPO :
GT Biopharma Inc. ( NASDAQ: GTBP )
Bit Digital Inc. ( NASDAQ: BTBT )
BeyondSpring Inc. ( NASDAQ: BYSI )
Lending Club Corp. ( NYSE: LC )
GT Biopharma Inc. /zigman2/quotes/200365724/composite GTBP -6.09%
This week GT Biopharma turned some heads after reporting positive results for one of its cancer treatments . In particular, its GTB-3550 ("B7H3 TriKE") showed effectiveness in promoting cancer cell killing in various indications. The next step is to file an Investigational New Drug Application with the FDA for evaluation in humans. This wasn't an anomaly either.
Previous studies combined with other drugs like Fate Therapeutics' ( NASDAQ: FATE ) FT538 iNK cells. In published results from November , FT538 iNK cells targeted tumor cells in prostate cancer. Researchers of the study said that "the combination of B7H3 TriKE with an off-the-shelf NK cell therapy presents an appealing therapeutic strategy for the treatment of solid tumors with decreased risk of toxicity in allogeneic settings compared to T-cell derived products."
When asked for further color on the data earlier this year, GT Biopharma's CEO, Anthony Cataldo, told PennyStocks.com, "GT Biopharma's TriKE(TM) technology is a clear breakthrough in cancer treatment. Not only has it shown early success in hematologic diseases like acute myeloid leukemia, but the potential also demonstrated in combination with Fate's FT538 iPSC NK cells opens up endless possibilities for the application of TriKE combination treatment in other potential drug therapy platforms targeting things like IL-15."
Thanks to more attention on cancer stocks recently, GTBP stock has seen a rebound in the market. Shares have bounced back from lows of $9.74 last week to highs of over $11 this week. Companies like Merck ( NYSE: MRK ), Novartis ( NYSE: NVS ), and Bristol-Myers Squibb ( NYSE: BMY ) have all released new details on their related cancer pipelines that've brought new interest in this part of the biotech industry this month. Given that the GT Biopharma pipeline includes candidates with upcoming data expected, it has been on the list of former penny stocks to watch.
Bit Digital Inc. /zigman2/quotes/203221927/composite BTBT +11.96%
A rebound in cryptocurrency, including Bitcoin and Ethereum, has related companies in the spotlight this week. Bit Digital is among the names of former penny stocks to watch. The company was one we first discussed late in July . At the time, Bit Digital's news of a planned Bitcoin mining expansion with Digihost acted as the initial catalyst. The two will operate a 100 MW Bitcoin mining system for an initial 2-year term.