Another round of stock market news has triggered momentum for several penny stocks. During a week where the bulls have started to take control, eyes are on earnings. But there are still concerns over the looming coronavirus backlash that may not even be realized yet.
The eurozone’s economy just reported figures and they weren’t great. It shrank by 3.8% during the first quarter of 2020 with rising unemployment. Officials even said that the Eurozone economy is in the middle of its worst downturn since the Euro was introduced in 1999.
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But Asian markets were a bit different. Following progress announced by Gilead (GILD) and its remdesivir drug, Chinese markets climbed. Many of the drugmakers that make the ingredients that go into remdesivir also pressed higher. On top of that, the services sector in China was stronger than anticipated.
Analysts Rate Penny Stocks A “Strong Buy”
This all lead to a bullish move for Asian markets. We can also clearly see that there is a wave moving across the globe as far as results from recovery efforts are concerned. Where coronavirus seemingly began in Asia, many large Asian countries are getting back to some normalcy.
Meanwhile, we still see Europe, which saw cases later on, struggling to recover at the moment. Could there be more tough times ahead for certain industries? That’s likely but as far as analysts are concerned, these are some of the top-rated penny stocks to watch. But just because analysts say so, do you think they are the best penny stocks to buy right now?
Strong Buy Penny Stocks To Watch #1: Soligenix, Inc.
Soligenix (SNGX Stock Report) is no stranger to big one-day moves. We saw several of these during the month of April. It looks like SNGX stock may finish the month the way it finished out March. At the end of the month last month, an analyst report came out on Soligenix. Among several topics, the analyst touched on the fact that the company announced an expansion of the ongoing collaboration with the University of Hawaii at Manoa. This collaboration was to develop potential coronavirus vaccines, including one against SARS-CoV-2 to prevent COVID-19.
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Mid-April we saw the company update on coronavirus progress. Soligenix announced an exclusive licensing deal for the exclusive worldwide license of CoVaccine HT™. This is considered a novel vaccine adjuvant for the fields of SARS-CoV-2, the cause of COVID-19 and pandemic flu. In both cases, SNGX stock saw a big move but not one that lasted. Day traders have likely had this on their list of penny stocks to watch considering how it has performed when there’s been news catalysts.
Thursday morning, the company once again hit the PR wires with an update. This time it had nothing to do with COVID-19. Soligenix announced today that continued treatment with SGX301 twice weekly for 12 weeks increased the positive response rate to 40% in the open-label treatment cycle of its pivotal Phase 3 FLASH study for the treatment of early-stage cutaneous T-cell lymphoma. This news has been a big point of focus for investors so far. Will it remain that way into the beginning of May? Considering all of these recent events, the average analysts rating on the SNGX stock profile page hold a “Strong Buy”. Read More Data On Soligenix Stock.
Strong Buy Penny Stocks To Watch #2: Vaxart Inc.
Another name shaking up the analyst community lately has been Vaxart Inc. (VXRT Stock Report). The company’s stock has been on the rise ever since it initiated a program to develop a COVID-19 vaccine based on its VAASTTM oral vaccines platform. The World Health Organization said last week that six novel coronavirus (COVID-19) vaccines are currently seeing clinical trials.
This brought to light some of the previous remarks made by the Organization earlier this month. The WHO said that another 77 coronavirus vaccines were in preclinical stages, including those of former penny stock Novavax, Inc. (NVAX Stock Report), Vaxart Inc., and Universities of Tokyo, Pittsburg, and Hong Kong.
This week more positive updates have come from the company directly. Vaxart announced on Thursday that it has obtained positive pre-clinical results for its COVID-19 vaccine candidates. Furthermore, Vaxart said several of the vaccine candidates generating immune responses in all tested animals after a single dose.
“These pre-clinical results confirm that all constructs are immunogenic as measured by IgG antibodies in serum, and we observed a robust boosting effect after the second dose. This latest data set will help to select the lead candidate for manufacturing, and we remain on track to start a first phase 1 study in the second half of this year,”said Sean Tucker, Ph.D., chief scientific officer of Vaxart. In addition to HC Wainwright’s latest price target boost to $7, the average analyst ratings on the penny stock came in at “Strong Buy”. Will VXRT be one of the names on your list? Comment below.
Strong Buy Penny Stocks To Watch #3: Nokia Corporation
Finally, you can’t have a list of names like this without 5G stocks. In this case Nokia (NOK Stock Report) is one of the top 5G penny stocks to watch right now. It’s been on and off the list of top penny stocks for months. Over the last 6 weeks, NOK stock has managed to battle back from its 52-week lows of $2.34. This move might further extend on Thursday following the company’s latest update.
Nokia announced its Q1 earnings on April 30th. Key milestones included 5G deal momentum continuing, with 70 commercial deals and 21 live networks. The company’s CEO and President, Rajeev Suri commented on the positive quarter:
“Nokia’s solid first quarter results showed broad year-on-year profitability improvements as our transformation and product cost reduction efforts started to take hold. On a year-on-year basis, group-level non-IFRS operating margin was up by 3.6 percentage points; Networks gross margin increased by 3.5 percentage points; Nokia Software had an excellent quarter with sharp margin improvements and strong momentum with customers in North America ; and, Nokia Enterprise delivered double-digit sales growth.”
Among the majority of analysts for this penny stock, Nokia comes in with a “Strong Buy”. Considering the fact that the race for 5G and 5G stocks remain hot right now, even the coronavirus can’t slow things down. However, what do you think about Nokia considering the increasingly competitive landscape for 5G right now? Comment below.
