These Penny Stocks Saw Interesting Moves This Week; But Are They A Buy?
When it comes to penny stocks, investors are always looking for the next big cash grab. This is why a lot of traders look for new penny stocks to buy every day. There are just so many of them in the marketplace.
So how do these investors find companies to add to a list of penny stocks to watch?
You can use articles like this one or create a penny stock scanner, for example. Articles like this help investors identify penny stocks that are moving and have a lot of attention. It also gives a brief overview of these penny stock companies.
I’ll be the first to say that these articles aren’t meant to be taken as advice. But we try to bring attention to the stocks that have seen irregular moves in the market.
The next step would be doing your own diligence to get as much information as you can in order to come to your own conclusion. With this in mind, here is a list of penny stocks you may (or may not) want to watch heading into the weekend:
Penny Stocks To Buy (or Avoid) #4: Sienna Biopharmaceuticals Inc. (SNNA)
To kick things off on this list of penny stocks, we have Sienna Biopharmaceuticals Inc. (SNNA Stock Report). This is a biotechnology company creates treatments in immunology and inflammation for the skin. Currently, the company has 3 clinical trials underway.
Its lead candidate is SNA-120 which aims to reduce inflammation and itch, it is entering Phase 3 trials. SNNA stock has been one that we’ve reported on a few times and so far, things have been bullish in the market.
Over the last 4 trading sessions, Sienna’s stock price has thrived multiple times. On October 1st, the stock rose as much as 90% and now it is making a similar move on October 4th. The stock opened at $0.2182 and has climbed all the way to $0.2815, a 25% increase. Furthermore, the penny stock’s price increases have been coupled with above-average trading volume.
Penny Stocks To Buy (or Avoid) #3: HEXO Corp. (HEXO)
The next company on this list hails from the lucrative marijuana sector. HEXO Corp. (HEXO Stock Report) is one of the bigger players in the field and produces cannabis consumer packaged goods. HEXO is based out of Canada so it is able to tap into both the recreational and medical marijuana markets.
The second half of this week’s trading has been strong for HEXO stock. Ever since October 2nd, the pot penny stock has climbed over 7%. This is a positive for HEXO’s stock given the marijuana sector as a whole has been hammered.
On October 4th the stock rose by as much as 3% and will be looking for continuation. However, it’s important to note that during the day on October 4, CIBC World Markets cut its price target for the marijuana penny stock to C$7.50 from C$8.50. Shares slid into the afternoon.
Penny Stocks To Buy (or Avoid) #2: Titan Pharmaceuticals Inc. (TTNP)
This upcoming biotechnology company is ahead of the curve compared to others in the sector. Titan Pharmaceuticals Inc. (TTNP Stock Report) has the advantage of having a treatment on the market that is earning the company revenue.
Titan is aiming to treat chronic diseases through low dose, long-term delivery of medication is advantageous. While the company is making revenue on Probuphine, it can develop other treatments like the Ropinirole and T3 implants.
Titan Pharmaceuticals is having one heck of a Friday. During October 4th’s trading session, TTNP stock price flew all the way up to $0.39 in an hour. Since then, the biotech penny stock had given back some of those gains.
Later in the afternoon on Friday, TTNP once again perked up and hit new highs for October of $0.41. The company recently announced that Crossroads of Southern Nevada has made its Probuphine treatment available for rehabilitation facilities.
Penny Stocks To Buy (or Avoid) #1: IntelGenx Technologies Corp. (IGXT)
While companies like Titan aim to cure patients through means other than oral treatments, IntelGenx Technologies Corp. (IGXT Stock Report) does. The company joins this list of penny stocks for after an impressive month.
IntelGenx utilizes its VersaFilm technology platform to develop oral films for unmet medical needs. As of now, the company has 9 treatments in its pipeline. Its lead candidate is called RIZAPORT which is used for migraines.
This biotechnology company has had one impressive September. Could it be looking to use that momentum in October? So far, it has not slowed down. IntelGenx Technologies is up over 70% from the end of August.
On October 4th IGXT stock is putting on another impressive move. The penny stock has jumped 6% on above-average trading volume to close out the week. Can this continue into the new week?