(NEW YORK)–Coronavirus stocks pulled back offering more reasonable entry points as US cases continue to spread.
Coronavirus stocks saw a sharp pullback from there recent highs on Tuesday. Reasons for this were that many traders were using COVD-19 stocks as sort of “puts” or safe havens on the broader market, and took profits as market stablized. In addition, many found sellers based on oversold indicators such as RSI on these charts.
Ludlow Research made note to subscribers that some popular coronavirus plays pulled backed anywhere from 20% to 30% Tuesday, which may now offer a more attractive reentry level for traders.
They made point that stocks have now dropped below “overbought” levels, which are usually indicated with RSI of 70 or higher, and could indicate a good time to step back in.
The other aspect made was that this virus outbreak isn’t going to end near-term so the catalyst that fueled these prior rallies still remain intact.
Recent Developments in Coronavirus
– NY Deploys national Guard in Westchester, NY
– Schools closing, colleges going to online only classes
– Conferences being cancelled
– US deaths now 28, new cases expected to climb
– Government funding expected
Some coronavirus stocks on Ludlow Research watch are:
AIM ImmunoTech (NYSE:AIM), which recently submitted vaccine to japan’s National Institutes of Health – $4.20
OPKO Health (NASDAQ:OPK) which is developing test kits for coronavirus, which are in dire shortage nationwide currently. – $1.60
Heat Biologics (NASDAQ: HTBX) which has collaboration deal with University of Miami to develop a vaccine. – $0.62
Ibio Inc (NYSE:IBIO), which provides technology for rapid production of potential vaccines for coronavirus – $1.41
Cocrystal Pharma (NASDAQ: COCP), which is developing antiviral compounds for treatment of Coronavirus using proprietary drug discovery platform – $1.14
These are developing stories – if you would like to get an updated opinion on these and other coronavirus stocks register to our newsletter at https://wallstreetnewscast.com/sectors/coronavirus/
Ludlow Research is a New York based equity research firm that focuses on providing research coverage and investor awareness services to emerging small-cap companies. For over 12 years we have worked to provide our readers with a simple way of evaluating the current and potential value of small-cap companies. For more information please visit www.ludlowresearch.com
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