Yesterday’s trading session marked another significant day for the market. The SPY set another 52-week high of $303.85 as it rounds out a very strong October. The market’s bullish nature seems to even be affecting penny stocks. Like the general market, a lot of popular penny stocks have had a very strong month too.
Trading penny stocks over large-cap stocks definitely has its advantages. As the markets push higher and higher, stock prices become inflated, which prevents smaller portfolio investors from buying in.
This is where cheap stocks come in. They can provide substantial gains in a short period of time as well as being very affordable. Here are some of the top penny stocks to watch on October 29th:
Top Penny Stocks To Watch: Seanergy Maritime Holdings Corp. (SHIP)
To kick things off we have a shipping company that is known as Seanergy Maritime Holdings Corp. (SHIP Stock Report). Seanergy Maritime is focused on providing marine dry bulk transportation services through its fleet. At the moment, the company’s fleet stands at 10 Capesize vessels that can carry around 1.7 million dwt. At the moment, it is the only pure-play Capesize company on the US markets.
The company’s stock price has been steadily increasing throughout the month of October. Most of the gains are due to the stock’s last 5 trading sessions. The price grew from $0.58 to $0.7288, nearly a 26% gain.
On October 28th, Seanergy’s stock had a surge of trading activity on top of its 14% gain. It even traded 3 times its average volume. The question now is, will this newfound volume result in further increases?
Top Penny Stocks To Watch: Ekso Bionics Holdings Inc. (EKSO)
There are a lot of potential possibilities regarding the integration of technology in healthcare services. Ekso Bionics Holdings Inc. (EKSO Stock Report) is attempting to capitalize on one of those possibilities.
The company develops and sells wearable exoskeletons and robotic-assist devices to solve challenges patients may have in rehabilitation. The company also sells lightweight assist devices to enhance the working capacity of industrial workers.
Ekso opened the week on a very strong note rising 16.2% during October 28th’s trading session. The penny stock is looking to ride that momentum on the 29th. So far it has increased an additional 6.85% during premarket trading. Looking back on Ekso’s October as a whole, the stock rose from $0.52 in mid-October all the way to $0.75. This is definitely a penny stock to watch considering the attention it has received.
Top Penny Stocks To Watch: Navidea Biopharmaceuticals Inc. (NAVB)
To round out this list we have Navidea Biopharmaceuticals Inc. (NAVB Stock Report). The company works on improving precision medicine by developing immuno-targeting products. These are used to identify undetected diseases and enhance diagnostic accuracy.
Navidea currently has 6 ongoing clinical trials and 2 diagnostic products that have been FDA approved. These 2 products are for solid tumor lymphatic mapping and sentinel node biopsy.
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The biotech penny stock is flying up 35% during early premarket hours on October 29th. This move came directly after the Navidea released some penny stock news involving its study in rheumatoid arthritis. More specifically, the company announced positive results for its first interim analysis where its treatment plan had stable imaging and low variability.