5 Penny Stocks Redditors are Buying in August

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In this article, we discuss the 5 penny stocks Redditors are buying in August. If you want to read our detailed analysis of these stocks, go directly to the 10 Penny Stocks Redditors are Buying in August.

5. Zomedica Corp. (NYSE: ZOM)

Number of Hedge Fund Holders: 5      

Price as of August 12, 2021: $0.56 per share

Zomedica Corp. (NYSE: ZOM) is ranked fifth on our list of 10 penny stocks Redditors are buying in August. The company operates from Michigan and markets veterinary healthcare. It makes and sells products for companion animals. It was founded in 2015 and has a market cap of over $566 million. One of the leading products sold by the firm is TRUFORMA, a biosensor platform that detects disorders in cats and dogs. It is also working on the development of tests for the detection of cancer in companion animals. 

On August 11, Zomedica Corp. (NYSE: ZOM) announced that it would be holding commercial launches for the fT4 assay and ACTH assay in the coming months, underlining the former will be available for sale in the fall and the latter towards the end of the year. 

At the end of the first quarter of 2021, 5 hedge funds in the database of Insider Monkey held stakes worth $6.9 million in Zomedica Corp. (NYSE: ZOM), up from 3 in the preceding quarter worth $505,000. 

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