Two things can be true at once in regard to trading penny stocks, they are very risky and very profitable. According to the SEC, a penny stock is any equity trading below $5. This makes them very cheap stocks that investors can buy a lot of. If you can find the right penny stocks to buy, the profits could be absurd.
However, that is the hardest part to do because penny stocks can be defunct or lacking proper documentation. This makes researching these companies difficult. So you may want to avoid companies like that. Typically, penny stocks trading on the major exchanges are favored to put on a watchlist before OTC penny stocks. Here is a list of penny stocks you might want to look in to:
Top Penny Stocks To Watch: Titan Pharmaceuticals Inc. (TTNP)
To kick things off we have Titan Pharmaceuticals Inc. (TTNP – Stock Report). It is focused on developing treatments for chronic diseases. As one of the penny stocks we mentioned earlier this month, TTNP stock has faired well in October thus far. The company has a product in the market known as PROBUPHINE which aims to curb recent increases in opioid addiction. This product has stronger market potential due to developed countries across the globe trying to handle the epidemic.
Two weeks ago, the company announced that its PROBUPHINE treatment will be available at Crossroads rehabilitation facilities. This news kicked off a strong trend for October where it is up 38% on the month. During premarket hours on October 11th the penny stock was gapping up by as much as 40% on a surge of volume.
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Top Penny Stocks To Watch: Teekay Tankers Ltd. (TNK)
A lot of shipping companies have been thriving throughout 2019 and Teekay Tankers Ltd. (TNK – Stock Report) is no exception. As highlighted earlier this week, TNK stock has been one of the cheap stocks to watch in October. The company’s stock is up almost 103% year-to-date. Teekay Tankers provides oil and gas ship-to-ship services as well as operating its own oil tankers. Teekay currently has a fleet of over 100 ships in order to perform these services.
During premarket hours on October 11th, Teekay Tankers’ stock is gapping up 7%. This comes courtesy of the company announcing a 3.5-year contract with Chestnut Joint Venture. The contract extends the employment of the Hummingbird Spirit FPSO in the North Sea until March of 2023. In addition, the contract is now based on a fixed charter rate compared to the charter rate plus oil production/price.
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Top Penny Stocks To Watch: Aclaris Therapeutics Inc. (ACRS)
The final company on this list is a biotechnology company. Aclaris Therapeutics Inc. (ACRS – Stock Report) focuses on developing treatments for patients with skin and hair disorders. The company previously made treatments in dermatology and immunology but has recently shifted its focus to immunology. As of now, Aclaris has 8 treatments in its pipeline undergoing clinical trials and 4 others in the preclinical stage.
The company recently announced that is has divested RHOFADE and related intellectual property assets to EPI Health LLC. The primary reason Aclaris did this is to continue with its plan regarding refocusing on its immune-inflammatory development programs. As a result of this divestiture, the biotech penny stock has soared 22% during premarket hours from $1.19 to $1.45.
It’s also important to note that on October 10, 2019, the company entered into an Asset Purchase Agreement with EPI Health, LLC. Aclaris sold the worldwide rights to RHOFADE cream, which includes the assignment of certain licenses for related intellectual property assets. The deal sees EPI paying a total cash consideration of up to $55.0 million, with $35 million of that upfront.
