best penny stocks to watch buy

Over the course of the past year or so, plenty of penny stocks have managed to generate handsome gains for investors and it is only natural that people are constantly on the lookout for the next big thing. However, an investor needs to do a lot of work in order to pick the right penny stocks to buy.

Due to the volatility in penny stocks, a slight selloff can often trigger a significant drop and hence, one needs to be wary of that. On that note, here is a look at three of the best penny stocks which have generated significant momentum recently.

Penny Stocks to Watch #1 HEXO Corp (HEXO)

One of the stocks that surged significantly last week and into this week was HEXO Corp (HEXO Stock Report). Although the cannabis industry has had a tough time over the past few months, some marijuana penny stocks are steadily making a comeback. Perhaps, HEXO’s move is part of that particular pattern. HEXO stock soared on Friday due to a note from Bill Kirk, an analyst at MKM Partners. He classified the stock as a buy and set a handsome price target as well (C$12).

penny stocks to watch Hexo Corp (HEXO)

According to the 12-month price target, Kirk seems to expect HEXO stock could jump nearly 100% if it eventually hits the target. The recommendation seemed to be a major trigger for investors and stock surged by 15% within the last two days. Other targets given by Kirk include Tilray at $34, Cronos at CA$14, and Aurora Cannabis at CA$5.

Penny Stocks to Watch #2 DURECT (DRRX)

Yet again we see that DURECT Corp (DRRX Stock Report) is making fresh, new 52-week highs on Monday. This has been one of the best penny stocks over the last few weeks as we’ve reported on it since July.

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Thanks to positive phase data and continued bullish coverage from analysts, DRRX stock has held a strong uptrend. Most recently, Stifel Nicolaus lifted its target from $1.50 to $2.10 for the company and reiterated a “HOLD” rating for the biotech penny stock.

penny stocks to watch DURECT Corp (DRRX)

The company announced that it has formally completed the Phase 2a clinical trial of its lead product candidate, DUR-928, in patients with alcoholic hepatitis. “We are excited that the first trial of DUR-928 in AH patients demonstrated superior outcomes compared to historical control data,” said James E. Brown, President, and CEO of DURECT.

“DUR-928 was well tolerated at all dose levels tested and we have gained valuable information to help support dose selection in the next study. We look forward to completing our analysis and reporting additional data at the upcoming AASLD Liver Meeting in Boston in November.”

Penny Stocks To Watch #3 Helios and Matheson (HMNY)

As much as it may pain some of you reading, the other penny stock that has recently climbed on higher volume is Helios and Matheson Analytics Inc (HMNY Stock Report). This has been one of the saddest stories in recent history. This penny stock was hit hard by selling pressure, mismanagement, whatever you want to call it. In fact, if you look back at a chart, factoring in price adjustments or reverse splits, HMNY stock theoretically traded at a share value of more than $2000. At one point, this was theoretically valued at over $9,700 per share!

penny stocks to watch Helios & Matheson (HMNY)

Now, HMNY never actually traded at those levels. But prices adjust after companies conduct a reverse split or a series of reverse splits. HMNY stock is trading below $0.01 as a once main-board, listed company, now turned OTC penny stock. The company made a major announcement last week that sent its shares soaring. Helios and Matheson carried the burden of its movie ticket subscription business for a while. Originally named MoviePass, the company made the acquisition back in 2017.

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The business has not been able to become profitable despite extensive investment. Therefore, Helios and Matheson decided to close MoviePass down. As soon as the news came out, the H&M stock jumped by as much as 14%.

But keep in mind that if you look on OTCMarkets, there is a Stop Sign. This means that the company has failed to report periodic financials. Furthermore, there’s an exodus of management. Time will tell to see what happens with this penny stock in the future.

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