Are These Biotech Penny Stocks on Your Watchlist?
As April comes to an end, investors are still searching for the best penny stocks to buy. Whether due to the pandemic or not, 2021 has been the year for biotech penny stocks. While Covid had a negative impact on most industries last year, many have since recovered, with some even pushing new all-time highs. And yes, the coronavirus has emphasized biotech penny stocks producing either a vaccine or treatment for SARS-CoV-2. However, we have seen companies working outside of pandemic-related treatments, also rise in value.
This increase in attention from Covid-19 is the best explanation for the solid biotech industry performance we are seeing. On April 23rd, the Health Care Select Sector SPDR Fund (XLV) reached a new record high of $123.81. This is an incredibly important indicator of how the sector as a whole is doing. Because it just hit a new high, it could be indicative of overall bullish sentiment.