If you are looking to make a quick buck, look no further than penny stocks. When trading penny stocks, investors can see their money double in a matter of hours. This is compared to mid and large cap stocks where such moves could take years. Some of the money-making penny stocks to watch on June 12th included:
Healthcare Penny Stocks
INSYS Therapeutics Inc. (INSY Stock Report) is a pharmaceutical company with the goal of creating and selling drugs that improve people’s lives. Such drugs include SUBSYS, to treat cancer pain, and SYNDROS, for AIDS patients with loss of appetite. This biotech penny stock made one of the most impressive moves on June 12th.
INSYS announced the approval of its “First Day” motions related to their Chapter 11 petitions. The court also granted INSYS temporary access to its cash management system to collect and distribute cash. As a result, the stock price rose 266% from $0.32 to $0.74.
Andrew G. Long, CEO of INSYS, stated, “This is an important step forward in our court-supervised process, which is intended to fairly and transparently address the Company’s legacy legal liabilities. I would like to thank our team for their continued hard work and dedication as we move forward with our asset sale process.”
Histogenics Corporation (HSGX Stock Report) is another biotechnology company making big moves. They are mainly focused on restorative cell therapies for rapid-onset pain relief. One of Histogenics main products is NeoCart. NeoCart is used to rebuild the knee cartilage in a patient to treat pain.
The company has consistently struggled to break its $0.25 price for 5 months. However, the price action on June 12th helped break that pattern. Furthermore, the stock reached a new high for the year to date. Histogenics stock moved from $0.22 to $0.3159, a 42%$ increase. Past merger news with Ocugen has made volume buzzes more frequent helping power this move. The official merger has not happened yet so some investors may want to keep this as a penny stock to watch.
Technology Penny Stocks
Vuzix Corporation (VUZI Stock Report) is a technology supplier for Smart-Glasses and Augmented Reality products. The company has been growing its intellectual property holding 66 patents while working on 43 additional ones. Their technologies have also received strong recognition for the Consumer Electronics Show from 2005 to 2018.
While this stock made strong moves on June 12th, it has been the entire week. The company has had multiple penny stock news announcements which have helped the price movement. The first news was an announcement from Vuzix and NNTC. It had to do with them creating the world’s first auto AI-face recognition system on Vuzix’s Smart Glasses. In addition to this groundbreaking tech development, Vuzix also revealed its support for streaming services on their Smart Glasses.
In response to these news reports, the company’s stock price has made a strong 3-day move. The stock over this time span has grown 137%. This technology penny stock had been experiencing a downtrend but has now bounced back all the way over $4.
Energy Penny Stocks
Legacy Reserves Inc. (LGCY Stock Report) is an energy company focused primarily on oil and natural gas properties. As oil and natural gas wells are declining, Legacy’s aiming to create cost-effective management techniques to compensate for the decline.
Legacy is on this list because their stock increased due to bankruptcy news. The company’s stock fell on June 11th but the news of a capital infusion of $200 million. This encouraged a push in the energy penny stock’s price. The price shot up 50% early on in the trading session on June 12th. In addition, the stock has been attracting larger trading volume which is good for future movement.
Dan Westcott, CEO of Legacy, explained, “We explored a wide variety of alternatives to address our balance sheet and looming bank maturity during a sustained downturn in oil and gas prices. After concluding this broad process, we believe that the financial restructuring negotiated with our creditors provides the best path forward for the company. Through the proposed terms of the plan of reorganization, we believe our right-sized balance sheet will enable us to successfully compete in the current environment.”
FuelCell Energy Inc (FCEL Stock Report) is an energy solutions company that creates affordable fuel cell products. These fuel cells can supply, recover, and store energy. The company has powerplants across multiple continents producing millions of megawatts of clean power.
Recently, FuelCell disclosed a licensing agreement with Exxon Mobil. The deal shows that Exxon plans on paying $10 million to them. This news prompted the stock to have a sudden halt and then exploded 130%. The price went from $0.2625 to $0.668 on strong volume for this energy penny stock. Before this move, the stock had been on a continuous downturn for the last month.
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