If you have ever scanned for biggest movers on your trading platform, you have most likely run into a few penny stocks. These cheap stocks have extreme volatility and break out constantly due to it. The official definition of a penny stock is a security trading below $5 according to the SEC.
Think about this for a second. You can invest in a penny stock and see it double in a few days maybe even hours. Compare this to large-cap stocks which can take months, maybe years to double; if at all. If you do proper research and pick your trades right, the profit potential is unimaginable. As the market churns this morning, here is a look at a few penny stocks to watch on October 16:
Best Penny Stocks To Watch: Xenetic Biosciences Inc. (XBIO)
Kicking things off, we have Xenetic Biosciences Inc. (XBIO Stock Report), a biotech company focused on treating different forms of cancer. In order to do this, the company utilizes its CAR-T platform technology to target specific tumor neoantigens. Furthermore, the company’s PolyXen drug delivery platform has been shown to improve the half-life of next-generation biological drugs.
The company’s stock exploded during premarket hours on October 16th. It gapped up 56% and saw a huge influx of volume. The biotech penny stock closed at $1.08 and is now trading at $1.69. Last week Xenetic provided a business update and outlook for investors. Its PolyXen platform is expected to generate royalties by the end of 2019. In addition, Xenetic recently acquired the CAR T technology platform to advance the treatment of cancer.
Best Penny Stocks To Watch: Valeritas Holdings Inc. (VLRX)
Valeritas Holdings Inc. (VLRX Stock Report) is a medical device company specializing in improving patients with diabetes’ lives. The company’s first commercialized product, V-Go, helps patients with Type 2 diabetes maintain blood glucose levels. Valeritas is currently developing its h-Patch product as it goes through its clinical trials.
Valeritas announced its positive h-Patch apomorphine study data at the Global Experts Meeting on Frontiers in Alzheimers Disease and Dementia. The data showed rapid absorption and distribution of APO solution through the h-Patch. This prompted a strong premarket gap up for the company’s stock. The healthcare penny stock is up 13.28% and looking to push further upwards. Shares hit lows of $1.17 on October 15 but on Wednesday the stock began trading above $1.40.
Best Penny Stocks To Watch: Superconductor Technologies Inc. (SCON)
The final company making noise on the 16th is Superconductor Technologies Inc. (SCON Stock Report). Superconductor Technologies is a technology company working towards superconducting innovation. Its primary product, Conductus, offers high performance with lower costs. It is capable of 100 times the carrying capacity of copper and aluminum wire.
The company revealed that it was awarded another US patent. It is entitled “Coated conductor high-temperature superconductor carrying high critical current under magnetic field by intrinsic pinning centers…” This allows Superconductor Technologies to continue improving its Conductus superconductor. This penny stock news has brought strong premarket volume as well as a 13% gap up.