According to the formal, SEC definition of penny stocks, these are equities that trade below $5 per share. But I don’t care who you are, when the word “penny” is thrown around, the majority will likely associate it with stocks trading “for pennies”. This having been said, no matter what your personal definition of a penny stock is, we like to cover them all.
Recently, we’ve noticed a lot of activity that has stemmed from corporate updates. In the past, announcements have acted as a short-term catalyst. However, this year we’re seeing penny stocks breakout for days and even weeks.
As you’ll read in this article, several companies have continued to execute and impress traders. Furthermore, the FDA seems to have become a big driver for both moves higher and lower. With more headlines buzzing around the market this week, let’s take a look at some of these penny stocks to watch this month.
Penny Stocks To Watch in February:
22nd Century Group
Yesterday we published the article, “Top Penny Stocks To Trade Right Now? 1 Up Over 100% This Week.” In it, we cited that 22nd Century Group (XXII Stock Report) said it will present its “Modified Risk Tobacco Product” application for the reduced nicotine cigarettes to the FDA’s Tobacco Product Scientific Advisory Committee on February 14th. Despite the fact that the Wednesday session didn’t open as strong as some would have expected, shares took off, mid-day.
The reason was the that FDA actually posted a Briefing Document on the matter. In one section citing preliminary review findings, the FDA wrote, “FDA’s preliminary review has found that data from the applicant’s studies, the scientific literature, and Southeast Tobacco Laboratories (STL) substantiate the three proposed claims identified by the applicant.”
Though the 14th was the date in question, this briefing may suggest several key points of interest for investors. Furthermore, if you look at the market in general, shares of XXII stock skyrocketed during the Wednesday session. Just shortly after this update came out, the penny stock jumped to highs of $1.20. It’s yet to be seen what happens next but is a key event in my opinion nonetheless.
Penny Stocks To Watch in February:
Chico’s FAS
Investors who find penny stocks interesting could also take a look at the Chico’s FAS (CHS Stock Report). It gained as much as 7% on Tuesday. In January, the company announced the resignation of its Chief Financial Officer and Executive Vice President, Todd E. Vogensen. On the other hand, Chico’s also raised its projections for Q4 2019 in light of better sales in the Christmas season.
The company will host a conference call with security analysts on February 27. If CHS stock is on your watch list right now, this could be an important date to keep in mind. The reason being is that it will review operating results for the company’s 4th quarter ending February 1, 2020.
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Leading up to that, I would suspect that there could be some speculative volatility in the market as there has been in the past around the company’s earnings dates. When Chico’s announced earnings for last quarter shares skyrocketed to highs of over $5.10.
Penny Stocks To Watch in February:
BrainStorm Cell Technologies
One of the penny stocks that could be tracked by investors is that of BrainStorm Cell Technologies (BCLI Stock Report). It surged significantly on Tuesday following major developments. That further extended on Wednesday as well.
Yesterday, the company revealed that it had a meeting with the United States Food and Drug Administration with regards to NurOwn regulatory pathways meant for ALS. It is a significant development for the company, and it was no surprise when BCLI stock rallied yesterday.
“This is a key turning point in our work toward providing ALS patients with a potential new therapy. We commend the FDA for its commitment to the ALS community and to facilitating the development, and we ultimately hope, the approval of NurOwn. The entire BrainStorm team is grateful for the ongoing and conscientious collaboration in the quest to beat ALS,” said Chaim Lebovits, President and CEO of BrainStorm.
[Read More] Top 10 Penny Stocks On Robinhood To Watch For February 2020
Up until this week, BrainStorm wasn’t having the best year. Shares started 2020 at $4.30 and slowly slid to lows of $3.97 last week. Following this week’s update, the biotech penny stock jumped to highs of $4.83.
Penny Stocks To Watch in February:
BTCS Inc.
With bitcoin prices now surging past $10,000, it’s no surprise that crypto comanies and blockchain stocks are making moves in the market. BTCS Inc. (BTCS Stock Report) has just started to expand its model. The company will now develop digital-asset data analytics platforms to allow users to connect multiple asset exchanges and wallets to aggregate portfolio holdings in a single place. This is something that makes it easier to track all accounts, performance, and possible tax implications.
“The digital asset market now records more than $37 billion of transactions daily. We believe the market has matured to a point that warrants and supports a more sophisticated method of tracking holdings and performance, and our first-of-its-kind platform is being designed to serve this unmet need.”
Charles Allen, CEO of BTCS
Shares of BTCS stock haven’t performed that well this year. But this week everything seems to have changed following the latest news. The blockchain penny stock has now managed to run up more than 220% this week alone and more than 280% since the start of the month.
Penny Stocks To Watch in February:
Anavex Life Sciences
Finally, Anavex Life Sciences (AVXL Stock Report) has been on the move ever since the end of January. This comes after a slew of big updates came out to trigger this latest rally. Not only did the company achieve its enrollment target for the ANAVEX 2-73 Phase 2 Parkinson’s disease dementia clinical trial. Topline results are expected in the middle of this year. Furthermore, ANAVEX 2-73 was granted a Fast-Track designation by the FDA to treat Rett syndrome.
“We view this FDA Fast Track designation as continued support that ANAVEX®2-73 has the potential to address this unmet need. Importantly, Fast Track designation provides a number of important advantages that could expedite the development and review of ANAVEX®2-73.”
Christopher U. Missling, PhD, President and Chief Executive Officer of Anavex
After beating its earnings estimates for the quarter, shares have upheld a strong bullish trend in February. As the month began, AVXL came back on the radar and we’ve been following this penny stock ever since. However, with results planned for mid-2020, what could be the next catalyst to help keep this momentum going? I think that’s the big question right now.
