June 20th, 2019 could bring investors many promising returns. You might be wondering where they get a lot of their profits. Many will have gotten them through trading penny stocks. These small cap stocks and micro cap stocks have so much volatility that they can shoot up 50% in the blink of an eye. When looking for penny stocks to buy, typically, you want to find ones with strong news. Here are a few penny stocks to watch on June 20th:
Biotech Penny Stock Continuing Higher:
Melinta Therapeutics Inc. (MLNT)
Melinta Therapeutics Inc. (MLNT Stock Report) is a biotechnology company focused on creating treatments for bacterial infections. Its primary product is called Baxdela and it’s used for acute bacterial skin and skin structure infections. In addition, they have 3 other treatments currently in the pipeline.
The company recently announced receipt of US DFA acceptance for another application for BAXDELA. This new application would be for the treatment of community-acquired bacterial pneumonia. Due to this, Melinta’s stock price skyrocketed 255% on June 19th going from $1.98 to $6.30. After this strong move, MLNT stock continued higher on the 20th. This time it reached highs of $8.20 during premarket trading. It also marked a 2 day run of more than 300%.
But the bigger question is whether or not this penny stock can keep going. After the massive premarket high, shares of MLNT dramatically declined. Heading out of the lunch hour, shares remained above its Wednesday open but well below Thursday’s premarket high. Technicals like the MACD still signal a bullish sentiment but RSI, which tracks the strength of momentum has begun to decline. This could signal the first sign of a bearish move for the stock.
In any even, With regard to its progress, Sue Cammarata, M.D., chief medical officer of Melinta said, “BAXDELA’s potency and activity against the most common bacterial pathogens seen in CABP indicate it could play a significant role in the treatment of this life-threatening illness, if approved. We look forward to working with the FDA to help evaluate bringing this potential option to people with CABP as soon as possible.”
Biotech Penny Stock Making New 2019 Highs:
Edesa Biotech Inc. (EDSA)
Edesa Biotech Inc. (EDSA Stock Report) is another biotechnology penny stock. However, it is primarily concerned with patients that have gastrointestinal and dermatological diseases. The company currently has 1 drug in its Phase 2 trial and 2 other drugs in Phase 1. The drug in the Phase 2 trial is known as EB01.
The EDSA stock chart shows impressive price movement. Both MACD and RSI are showing bullish directional movement. Furthermore, EDSA stock trading volume has reached a new high. Will it continue higher or fizzle out before the week is over.
EB01 had some recent news break that prompted a huge jump for Edesa’s stock price. The drug received FDA approval to proceed with the Phase 2b clinical trial. This news pushed the biotech penny stock to $13.56, just the other day it was only at $4.22. Definitely keep an eye out for this stock as it looks to potentially ride this new wave.
Energy Penny Stock Loses Momentum:
Ocean Power Technologies Inc. (OPTT)
Ocean Power Technologies Inc. (OPTT Stock Report) is an energy solutions company whose technology can create renewable energy from ocean waves. Their system is called PowerBuoy which incorporates hydrodynamic and energy conversion to extract natural energy found inside ocean waves. Recently, Ocean Power received a US patent for their Power Take-Off System which is vital for the PowerBuoy.
Unfortunately for most penny stock traders, OPTT stock couldn’t sustain its premarket move. Though shares jumped to highs of $2.64 and remained there before the opening bell, the price immediately started to decline at 9:30 AM EST. For the most part, the share price has dropped below its June 19 closing price and volume has died out. Can the latest announcement help give OPTT a bost back or is this the last we hear from this energy company for a while?
George Kirby, President, and CEO of Ocean Power appears sold on more progress, “This new patent provides significant additional protection for our proprietary technology that enables the PowerBuoy® to be deployed and to perform autonomously in the toughest waters in the world. We continue to grow our extensive intellectual property patent portfolio, to capitalize on our prior investments in research & development, and to protect our breakthrough technology, which enables us to deliver the maximum value to our shareholders.”
Healthcare Penny Stock Reaching New Highs:
DiaMedica Therapeutics Inc. (DMAC)
DiaMedica Therapeutics Inc. (DMAC Stock Report) is a healthcare company creating synthetic proteins in order to treat neurological and kidney diseases. Their lead treatment is called DM199 and it acts as the KLK1 protein in humans’ bodies. This protein is vital regarding blood flow and vasodilation.
In regard to DM199, it recently got its results back from its Phase 1b study trial. The treatment was shown to have a favorable safety profile and showed strong early signals in kidney function. These study results pushed DiaMedica’s stock price to a new high in 2019, $5.93. The total percentage growth was 55% as it looks to continue to move upwards.