Zomedica (NYSEAMERICAN:ZOM) is currently at $0.64 per share. It may seem like a considerable risk for investors especially considering that for a long period in 2020, the stock was trading under a dime.
According to the company’s announcement of 2020 financial results, it is still in the development stage, and it has no revenue. The company reported a net loss of around $16.9 million or $0.05 per share. Ordinarily, most investors will be put off by ZOM, but nowadays, a cheaply priced stock is enough to take the risk.
Unlike meme stocks, ZOM offers a huge primary reason for investors to be optimistic, considering Americans love pets. As per the American Pet Products Association, over $103.6 billion was spent last year on pets which was impressive despite the COVID-19 pandemic’s impact. In addition, the YoY growth rate was impressive, with a 6.7% growth. If Zomedica gains a large share of almost $3 billion of the pet diagnostics market, buying the stock at $0.78 will be a steal. Therefore in the coming weeks, ZOM is worth watching. On Friday, ZOM stock fell 0.26% at $0.61 with more than 10.88 million shares, compared to its average volume of 29.87 million shares. The stock has moved within a range of $0.6010 – 0.6293 after opening the trade at $0.61.