Due to the current turmoil in the stock markets, investors are on the lookout for stocks that could generate substantial gains due to the coronavirus crisis. One of the stocks that could stand to make handsome gains is the Allied Healthcare Products Inc (NASDAQ:AHPI) stock. After having generated substantial gains in February, the stock has since declined in March.
What to do Now?
The decline should not be much of a worry since there is a potential upside in this medical device stock. The demand for home healthcare products and medical supplies could only rise in the months to come.
While it is true that companies that make masks have seen their stock prices soar, it is also necessary to remember that people require a bit more than just masks. Respiratory devices and home healthcare products are also of vital importance. Emergency medical supplies are also expected to be in high demand.
Allied Healthcare Products is involved in selling all those products, which is why the company enjoyed a collective surge with other ‘coronavirus stocks’ in the market. Investors seemed to realize later on that Allied is one of those companies which offers a comprehensive range of products that could be in massive demand at this time.
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The stock price zoomed as much as 1900% to $40 a share from $2 a share after the market realized the potential of Allied Healthcare Products. Many investors booked profits, and eventually, the stock slid during March to hit $11 a share. However, the potential upside is still there, considering the fact that the company is also involved in products meant for emergency services and trauma care. Even before the coronavirus pandemic hit, the company had recorded impressive sales of $7.3 million a year.
Investors may feel that the downward spiral in the stock this month is a red flag, but it could well prove to be a buying opportunity considering the products that Allied deals in. Sign up below to stay informed on any major developments with $AHPI and other fast-moving stocks.