These Penny Stocks Are Galluping Toward New Highs This Month
It’s often noticed that investors concentrate on different sectors when it comes to building a stock portfolio. Over the years it has proven to be a sound strategy. When it comes to investing in penny stocks, you should choose sectors that have the potential for rapid growth.
There are plenty of biotech penny stocks, for example, that have shown these rapid moves. But you also need to keep the basics in mind too. The penny stock definition, according to the SEC, is any equity that is trading below $5. I know, the phrase “penny stock” is a bit misleading.
It is basically another way of discussing small-cap or cheap stocks. Although these stocks are very inexpensive compared to blue-chips, they can still be very profitable. In fact, penny stocks have a unique ability to bring large amounts of profits in extremely short periods of time.
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This is due to volatility. Those that are planning on finding penny stocks to buy should be wary of this volatility as well. It can result in heavy losses if you do not trade with a game plan and implement things like stop-loss orders.
Furthermore, you should do substantial research before investing your money. The first step of research is identifying potential stocks to watch. So, with that in mind, here are a few penny stocks that have taken a shot at new highs in November:
Dare Bioscience Inc. (DARE)
Kicking things off is Dare Bioscience Inc. (DARE Stock Report). This biotechnology company has its eyes set on innovating women’s health products. The primary products it aims to develop are for contraception, vaginal health, sexual health, and fertility.
The company currently has 9 treatment plans in its pipeline. The lead product for bacterial vaginosis is expected to start its Phase 3 trial soon. During premarket trading hours on November 11th, this biotech penny stock is soaring nearly 29%. This gain has come courtesy of a recent announcement made by Dare Bioscience.
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The company announced that it entered into an agreement to acquire Microchips Biotech Inc. This agreement allows the company access to Microchips’ innovative drug delivery technology which has been validated in a study for osteoporosis patients.
comScore Inc. (SCOR)
This next company is a little different from our usual penny stock. comScore Inc. (SCOR Stock Report) is an advertising company utilizing analytics like measuring audience sizes and consumer behavior to maximize its services. We briefly touched on this penny stock late last week.
The company harnesses its analytics and sells it to clients to help them plan to optimize advertising and media plans. The best part about these analytics is that they measure several different platforms.
When you take a look at comScore’s monthly chart, you can see that it has been on an absolute tear. Before November 11th’s trading session, the penny stock had grown from $2.11 all the way to $3.30.
This momentum is not slowing down on Veterans Day, where the penny stock has risen an additional 18%. Since the start of the 4th quarter, SCOR stock has managed to move up by as much as 104%. Thanks to appointing a new CEO, Bill Livek and reporting favorable earnings, momentum has continued to build early this week.
Aclaris Therapeutics (ACRS)
The first biotech penny stock on this list is Aclaris Therapeutics Inc (ACRS Stock Report). This has remained a popular sector for penny stocks to watch this month. The company released its financial results for the third quarter on November 7.
That proved to be a significant trigger for a rally in the stock. One of the more important reasons for the rally was the range of updates that were provided by Aclaris.
It provided updates on research and development activities and also revealed that a term loan of $30 million had been repaid. The company’s Chief Executive Officer stated that he is excited by the progress that Aclaris has made recently. The developments resulted in a rally in the stock and on Friday the stock gained as much as 15.40%.
Clovis Oncology (CLVS)
The other biotech penny stock that enjoyed an impressive rally following the announcement of its third-quarter financial results was that of Clovis Oncology Inc (CLVS Stock Report).
There was a lot of good news in its financial results. The company’s product Rubraca managed to record year on year sales growth of as much as 65%. Clovis also generated $37.6 million in the quarter.
In addition to that, it managed to bear analysts’ estimates with regard to a loss per share as well. Clovis generated a loss of $1.89 per share as opposed to estimates of $1.92 per share. The stock soared by 38% on Friday and continued higher on Monday.
Now, we’ve got to point out one thing right now. CLVS stock isn’t considered a penny stock at this point in time. Can the momentum continue enough to see that continue or will shares settle back below $5 before December?
iFresh Inc. (IFMK)
Last but not least, iFresh Inc. (IFMK Stock Report). This penny stock got hit hard this quarter. As we say, pay close attention to everything you can find on certain companies.
One bad report can be a game-changer for certain penny stocks. In the case of iFresh, IFMK stock was rocked after the company reported awful news about one of its investments.
Specifically, iFresh and Zhejiang Xiaotai Technology Co. Ltd. had a deal in place where iFresh would acquire the latter. Well, thanks to an ongoing investigation by the Hangzhou Police, that deal has been terminated. Apparently Zhejiang was conducting illegal fundraising activities. The biggest factor here isn’t the termination of the agreement; it’s the share price.
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IFMK dropped from $1.80 to fresh 52-week lows of $0.34 this week. Obviously, not holding a minimum bid of $1 is an issue for these larger exchanges. But given all of this information, iFresh shares stated to rebound after bottoming out at $0.34.
Can this continue? We’ll have to wait and see but what we do know right now is that iFresh will participate in Alipay Singles’ Day Sales Event. Being that this is the biggest year yet for the annual event, could it help boost sentiment?