3 Penny Stocks Just Hit Fresh December Highs, Can They Head Higher?
Investing in penny stocks can often be the most rewarding thing for traders and investors alike. The simple reason behind it is the fact that these cheap stocks can often generate enormous returns, quickly. Since penny stocks generally trade below $5, it is possible for an investor to buy a large number of shares for a relatively small amount of money.
Therefore, even if there is a small upward move it can often result in a big windfall. Investors are always on the lookout for the next winning penny stocks to buy. As we discussed yesterday, 2020 could be a big year for small-cap stocks. For example, we cited Jill Carey Hall, a Bank of America strategist and her statement, “We expect small caps to outperform large caps in the coming months as we shift from ‘Downturn’ to ‘Recovery’ in the U.S.”
On that note, here is a look at three penny stocks that just hit new December highs. Will they position for higher highs before next year?
Trading Penny Stocks #1: CTI Industries
The first penny stock to watch is that of CTI Industries Corp. (CTIB Stock Report). Shares of CTIB stock experienced a massive jump on Wednesday. The company made an important announcement on Wednesday that resulted in the stock rallying by as much as 151%.
CTI announced that it has reached a non-binding agreement by way of which the outstanding shares in its Mexican subsidiary Flexo Universal S.A. de R.L de C.V as going to sold off.
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The management of Flexo will also have the opportunity to participate. That being said, the transaction will go through once approval has been granted by CTI’s lender. Premarket trading on Thursday saw shares consolidate from yesterday’s highs. However, since trading momentum was still in play, this could be one of the penny stocks to watch this week.
Trading Penny Stocks #2: Aptose Biosciences
The other penny stock that recorded significant gains this month was that of Aptose Biosciences Inc (APTO Stock Report). In fact, since the beginning of the 4th quarter, APTO stock has skyrocketed. How high has it run? On October 1, Aptose traded around $2. This week it hit highs of $4.45 during general market hours. If you count the $4.54 premarket highs on Thursday, APTO has jumped over 125% this quarter.
The stock jumped Wednesday following two important developments. This past Sunday the company made a presentation of the preclinical data of its medicine CG-806 at the American Society of Hematology (ASH).
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On the other hand, the company had also announced on Monday that it planning to take over ArQule in a deal worth $2.7 billion. These two developments sparked a lot of optimism around Aptose stock and extended gains on Wednesday. Thursday saw the stock trading even higher. Will this trend persist into the new year?
Trading Penny Stocks #3: Bellicum Pharmaceuticals
Finally, Bellicum Pharmaceuticals Inc (BLCM Stock Report) was another big penny stock mover on Wednesday. This came after the company reached an important licensing agreement. The company announced that it has decided to license its CaspaCIDe® safety switch technology to MD Anderson.
Under the terms of the agreement, the company is going to get an upfront payment of $5 million in the fourth quarter of the year. The announcement sparked a lot of interest in the stock and it rallied by as much as 41% yesterday.
