There Are Plenty Of Penny Stocks To Watch Now That Have Hit New Highs This Month
Traders have managed to make incredible returns thanks to penny stocks with high volatility. While these are considered “hidden gems” opportunities arise every day because there are so many penny stocks on the market. All it takes is some due diligence and a little luck and investors can strike gold.
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It is easier said than done of course. It takes hours of research and market observation to get good at identifying penny stocks to watch. Another thing that helps is a catalyst like penny stock news that brings large amounts of attention. Here is a list of penny stocks to watch now with a few shining stars performing well this year.
Pot Penny Stocks To Watch Now
India Globalization Capital Inc. (IGC)
Our first company on this list is very interesting as it is separated into two different businesses. India Globalization Capital Inc. (IGC Stock Report) is both an infrastructure business as well as a cannabis company.
In terms of infrastructure, the company sells steel, iron ore, and building materials throughout South Asia. The pot penny stock section of the company is developing a therapy to improve the lives of patients with Alzheimer’s disease.
On October 10th, India Globalization’s stock rose by as much as 28% and saw above-average trading volume on Thursday. Since that increase, the stock is currently trading above $1 for most of the session. If the stock can maintain this gain by the end of the day, could it look for continuation through the month or is it set to fade?
Biotech Penny Stocks To Watch Now:
DelMar Pharmaceuticals Inc. (DMPI)
DelMar Pharmaceuticals Inc. (DMPI Stock Report) creates cancer therapies for patients who are resistant to current cancer treatments. The company’s pipeline currently consists of 2 treatments in Phase 2 trials and another 2 in the pre-clinical stage. DelMar’s lead compound is called VAL-083 and has been found to have anti-cancer activities in several trials.
[READ MORE] 3 Penny Stocks To Watch As Biotech Sector Takes Off
Recently, DelMar had a conference on October 15th and 16th. The company discussed business plans, market trends, and 1-on-1 investor meetings to gain exposure to potential investors. The company’s stock increased by as much as 41.7% since October 11th and is currently hovering around $0.50. That’s compared to $0.40 last week.
Milestone Scientific Inc. (MLSS)
In a similar fashion to Teekay Tankers, Milestone Scientific Inc. (MLSS Stock Report) was also discussed previously. In “4 Best Penny Stocks To Trade Before Friday,” Milestone was brought up due to its insane momentum over past months. It is a medical device company that designs innovative injection technologies.
This stock may still be on your list of penny stocks to watch for Friday for a couple of reasons. Since the beginning of the year, shares of MLSS stock have climbed by 248% as volume trends higher in October.
This is important to notice because the stock has pushed to all-time highs during the afternoon on Thursday. The company reported results of its multi-center study showing its CompuFloEpidural system. This system was regarded as a “Safe Alternative” to the traditional epidural analgesia.
Shipping Penny Stocks To Watch Now:
Teekay Tankers Ltd. (TNK)
Earlier this week in our article “5 Penny Stocks To Watch This Week,” we discussed Teekay Tankers Ltd. (TNK Stock Report). For those who don’t know, Teekay is an oil tanker company. We mentioned that the company was hitting new highs and has been releasing news involving current operations. These catalysts prompted us to make it a penny stock to watch, low and behold it has not slowed down.
The penny stock has been aggressively climbing since mid-August. Furthermore, from the start of the year, TNK stock is up by as much as 133%. During Thursday’s session, shares came close to breaking new highs but fell short at $2.18.
Thanks to middle-eastern turmoil, shipping costs have dramatically increased, which has helped the sector. Yet another vessel was attacked earlier this month. This stoked rates for VLCC’s or “very large crude carriers” increasing toward the $200,000 per day level.
Can this “perfect storm” for shipping stocks continue or is it time to pull in the reins a bit?
Penny Stocks & Key Take-Aways
This is just a shortlist of penny stocks that have done well during the last few trading sessions. There are hundreds of other companies trading in the public markets that may stack up to these cheap stocks. It’s your job as traders to sift through the noise and formalize an action plan and determine if these are the best penny stocks to buy or wait on.
For example, the penny stocks like TNK and MLSS have been in long, sustained bull trends. Teekay Tankers specifically has benefited from what many are calling a perfect storm.
Penny Stocks 101
- What Are Penny Stocks And How Can I Make Money?
- How To Trade Penny Stocks: 9 Key Strategies To Learn Now
- Which Broker Is Best For Penny Stocks In 2019?
- Trading Penny Stocks: Using Technical Trading Analysis With Volume Movement
- Is Robinhood Good for Day Trading Penny Stocks?
This suggests that the current trend in the shipping industry isn’t regular so you may want to exercise caution. A big reason has to do with the oil and gas industry as a whole. It is one of the more volatile sectors and one report can shift the trend entirely. Keep this in mind.
Similarly, with biotech stocks and pot penny stocks, these sectors are just as volatile. Keep a close eye on trial results, “planned” presentations and government legislation in particular. At the end of the day the choice is up to you to make money but if you find yourself in a difficult situation, preserving capital is key. Knowing what to pay attention to can be incredibly helpful in that case.
