The attraction towards penny stocks for some investors is understandable. Considering the fact that they are cheap and there is always the possibility of the stocks generating hefty returns, it makes sense. However, it goes without saying that is easier said than done.
There are plenty of investors who have ended up losing tons of money from trading penny stocks. The biggest reason behind losses is that many don’t conduct their own research or watch the market closely before making a move. Hence, research is important. With this in mind, those who did their research before this week may have made money with some of these penny stocks to watch.
Penny Stock #1 Taronis Technologies
The first penny stock on the list, Taronis Technologies Inc (TRNX Stock Report).The company announced a significant deal on Monday. Taronis signed a $165 million deal to sell gasification units to a company in Turkey. The number of gasification units to be sold could be as many as 30 eventually. However, the name of the Turkish organization has not been revealed. Once the news hit the wires, TRNX stock went on a highly impressive rally.
Penny Stock #2 Achillion Pharmaceuticals
Biotech penny stock Achillion Pharmaceuticals’ (ACHN Stock Report) has been soaring throughout the week. This came after the company published highly encouraging data from the Phase 1 clinical study of its ACH-5228 treatment. The therapy is an oral factor D inhibitor.
Usually, positive Phase 1 data doesn’t cause such movements, but the ACH-5228 data was particularly encouraging. Obviously, penny stock news could ignite incredible momentum. Case and point, ACHN stock has now gained as much as 65% over the course of the week. It has continued to rally into the Friday session and could be one to watch heading into next week.
Penny Stock #3 SigmaTron International
Electronic manufacturing services company SigmaTron International (SGMA Stock Report) announced its results for the year ended April 2019. Since then SGMA stock has gone on an impressive rally. The company’s revenues for the fiscal year 2019 stood at $290.5 million as opposed to revenues of $278.1 million a year ago.
The losses decreased considerably from $3,241,870 last year to $865,114 in this fiscal year. The results got the stamp of approval from investors and the stock has appreciated by as much as 65% this week. It may be a penny stock to watch over the next few days.