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Robinhood Traders are Buying These Biotech and Tech Stocks Heading into the Weekend

Novavax, Sorrento Therapeutics, and Johnson & Johnson were some of the biggest buys this week on the Robinhood platform. Here's the full buy list.

It’s time to take another look at the stocks retail investors love heading into this weekend.

(For last week’s rundown, click here.)

Once again, we’re turning to the data from millennial-focused retail brokerage firm Robinhood.

Even though aggregated Robinhood assets are relatively small, they have market moving potential– particularly in an environment where passive investing makes up 45% of all U.S. fund assets, and given Robinhood traders’ focus on smaller names.

So, what are Robinhood traders buying and selling as we head into the weekend? Here’s a look.

First, these are the 25 biggest relative buys on Robinhood this week:

relative_buys

The stocks in the heatmap above are the ones that saw the biggest increase in new positions relative to where they started the week. Bigger blocks mean that stocks are held by more Robinhood users.

Some of the big winners this week were biotech and tech stocks:

Novavax  (NVAX) - Get Novavax, Inc. Report saw a 12% jump in positions. Sorrento Therapeutics  (SRNE) - Get Sorrento Therapeutics, Inc. Report positions rose 11%. Bigger names Johnson & Johnson undefined and Eli Lilly  (LLY) - Get Eli Lilly and Company Report saw the number of Robinhood users who owned shares jump 9.7% and 9.2% respectively.

On tech, the biggest new adds were Western Digital  (WDC) - Get Western Digital Corporation Report – a 32% increase in holders – and Activision Blizzard  (ATVI) - Get Activision Blizzard, Inc. Report, which got bought by 7% more Robinhood traders this week.

Here’s the full list of this week’s top 25 buys, ranked by number of new positions:

robinhood_buys_20200807