Looking For Top Penny Stocks Today?
Penny stocks have been some of the most interesting stocks to watch this week. Most importantly, small cap stocks, in general, have captivated traders more-so than large caps. One of the reasons has to do with a search for volatility after Monday’s big spike. If you’re just tuning into the stock market this week, Monday’s action was more or less the biggest day of the week for blue chip stocks.
There was a big gap up on vaccine optimism and what some thought was a clear path forward in the Presidential election. But as the market exuberance subsided and more uncertainty began taking hold, the markets put on the breaks. While this also went for things like the Russell 2000 (IWM Stock Market), momentum was noticeably more stagnant for things like the S&P, for instance. Needless to say, day traders seek big swings to capture gains. Some things that have offered this: small cap stocks and penny stocks, in general.
We’ve already seen some of the low float stocks of the day break new highs. We’ve also seen former penny stocks breakout to new highs. Take, Tracon Pharmaceuticals, Inc. (TCON Stock Report), for instance. It was one of the top penny stocks to watch since August. First-hand, we watched TCON stock jump from around $1.70 until breaking past the $5 mark in September. This week, TCON stock reached fresh 2020 highs of $7.45 during the early afternoon session after it reported earnings. This is an example of a small cap stock that also just happened to be one of the penny stocks to watch earlier this year. So what’s turning heads mid-week?
Top Penny Stocks To Watch: Havn Life Sciences Inc.
Havn Life Sciences Inc. (HAVLF Stock Report) is one of the newer penny stocks to watch in the U.S. Market activity has been creeping up over the last few weeks. But even with this, its home exchange on the CSE (CSE:HAVN) tends to see much more activity. Needless to say, Havn is one of a handful of psychedelic penny stocks to watch right now. This morning the company announced that it had launched 7 natural health supplements. One of the models that these mushroom stocks are implementing is functional foods and nutraceuticals. That’s in addition to the psychedelic compounds being studied.
These 7 products will be Havn Life’s first natural health products to launch in 2021. Each product has been formulated with adaptogens and antioxidants to aid in overall health and wellness and support human optimization. What’s also important to note is that Havn received approval from Health Canada for all seven products for launch in 2021.
While there are other mushroom stocks to watch, Havn may stand apart from most. One of the reasons being its leadership team. Former Aphria CEO Vic Neufeld is the Executive Chairman of Havn Life Sciences. Obviously, the similarities drawn between mushroom stocks and marijuana stocks are hard to ignore. Neufeld was integral in not only building Aphria but also making it one of the “Big Names” in cannabis. His focus is now on building Havn Life Sciences. Will this be another repeat of what he was able to achieve with Aphria or still too early to tell?
Penny Stocks To Watch: Electrameccanica Vehicles Corp. Ltd.
Electrameccanica Vehicles Corp. Ltd. (SOLO Stock Report) is one of the EV penny stocks we’ve followed for months now. It had a nice pop during the summer, pulled back, now in November, things are beginning to pick up again. With the likes of Nio (NIO Stock Report) and even Nikola (NKLA Stock Report), traders have placed a stronger focus on electric vehicle stocks recently.
For SOLO stock, the last week has been a strong one and Tuesday’s news helped fuel that move. Electrameccanica reported its third-quarter results. The company came in with a Q3 loss of $14.9 million with $300k in revenue. While results like this might’ve not been great for you average company, Electrameccanica is in the process of essentially opening its doors. This anticipation has been one of the big reasons why SOLO stock continues on a one to watch.
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CEO Paul Rivera said, “Beginning last month we started shipping the first production SOLOs and have already been putting them to use in high-value commercial activities including marketing, retail distribution, test drives and fleet demonstrations. Over the next few weeks, we will be dramatically expanding our sales efforts by opening an additional six locations throughout the western U.S., bringing the ‘Drive SOLO’ movement to an even greater retail audience just in time for the holidays…Looking ahead, we expect to finalize our decision on a manufacturing partner later this month and are well on our way to making the first customer deliveries early in the new year.”
So if SOLO is on your list of penny stocks to watch, there could be much more to keep an eye out for moving into the last weeks of 2020.
Penny Stocks To Watch: Genetic Technologies
Genetic Technologies (GENE Stock Report) was one of the late-breaking penny stocks to watch on Wednesday afternoon. there weren’t any headlines to go along with the initial move. However, GENE stock saw a 10%+ move on heavier volume. Something that we always emphasize is understanding why penny stocks move the way they do. In this case, it looks like Genetic Technologies put out a post on social media. Unlike the usual “Tweet”, the company took to LinkedIn for its information dissemination. Genetic explained its use of a polygenic risk score to provide a personalized risk assessment for certain health indications:
Following this post, momentum began building in the market for GENE stock. It saw late highs of $3.28 with an increase in trading volume. The biggest question here is can this momentum continue the way it has begun on Wednesday? Follow-through is key for a longer-term run. Will GENE, in fact, see follow through, or is this spike just a day trading anomaly?
Penny Stocks to Watch: Strongbridge Biopharma Plc
Strongbridge Biopharma Plc (SBBP Stock Report) was one of the quietly climbing penny stocks to watch this week. SBBP extended gains on Wednesday in what has now become an uptrend that’s lasted for most of November so far. Since the 2nd, this penny stock has climbed over 25% so far. There haven’t been any new updates from the company in November. However, momentum has built ever since Strongbridge reported earnings. From a financial angle, the company missed on EPS but beat on sales.
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What was a large point of focus was on the company’s outlook and pipeline. John H. Johnson, chief executive officer of Strongbridge Biopharma explained, “In September, we reported positive and statistically significant top-line results from the Phase 3 LOGICS study of RECORLEV® (levoketoconazole) demonstrating its potential as an effective and well-tolerated cortisol synthesis inhibitor to treat patients with endogenous Cushing’s syndrome. We look forward to submitting a New Drug Application to the FDA in the first quarter of 2021 and have accelerated efforts to prepare for the potential commercialization of RECORLEV.”
The company said it was encouraged by the quarter-over-quarter revenue growth achieved with KEVEYIS® (dichlorphenamide). This reflected a 42% increase over the third quarter of 2019. The company also reiterated KEVEYIS® (dichlorphenamide) full-year 2020 revenue guidance of $28 Million to $29 Million.
