Zomedica (NYSEAMERICAN: ZOM) is currently trading at $ 0.64 per share. It may seem like a significant risk to investors, especially considering the stock traded below a dime for a long time in 2020.
According to the 2020 financial results announcement, the company is still in the development phase and has no revenue. The company reported a net loss of approximately $ 16.9 million, or $ 0.05 per share. Usually most investors are put off by ZOM, but these days, a cheap stock is enough to take the risk.
Unlike meme stocks, ZOM offers a big top reason for investors to be optimistic considering that Americans love pets. According to the American Pet Products Association, over $ 103.6 billion was spent on pets last year, which was impressive despite the impact of the COVID-19 pandemic. Additionally, the year-over-year growth rate was impressive at 6.7%. If Zomedica wins a large nearly $ 3 billion stake in the pet diagnostics market, buying the stock for $ 0.78 will be a bargain. Therefore, it will be worthwhile to take a look at ZOM in the coming weeks. On Friday, ZOM shares fell 0.26% to $ 0.61, with more than 10.88 million shares, compared to an average volume of 29.87 million shares. The stock has moved in a range of $ 0.6010 to $ 0.6293 after opening trading at $ 0.61.