These Penny Stocks Are Running Strong; Are They A Buy Or Sell Right Now?
There are certain sectors in the stock market that are more favored than others. That’s simply due to the track record of the companies as well as the big swings some sector stocks see. Technology & biotech are certainly a few of those. Over the past decade or so, these sectors have managed to see plenty of winning penny stocks.
So it’s hardly a surprise that plenty of investors track healthcare and technology penny stocks quite closely. Anyone who is interested in investing in such stocks should do the same. Here is a look at some tech & biotech penny stocks that have made significant gains recently.
Penny Stocks To Buy [or sell] #1: Onconova Therapeutics
The first is a biotech penny stock to watch, Onconova Therapeutics Inc (ONTX Stock Report). It managed to gain as much as 150% over the past week. Back on November 25, the company announced that the public offering of 55,000,000 common stock warrants worth $0.20 per share was officially closed. This proved to be a major deal for the company and it was hardly a surprise that the market reacted positively to the development.
The shares started moving up soon and over the past one week, the Onconova stock has gained over 150%. On top of that, SEC filings reveal that institutions are taking a position in the company. A 13G filed late Monday night shows that Intracoastal Capital Holds a 4.99% stake in the company. Point72 Asset Management also holds a stake in Onconova Therapeutics as we discussed in our penny stock article yesterday.
Penny Stocks To Buy [or sell] #2: Sierra Oncology
Another biotech penny stock that has had an impressive run is Sierra Oncology Inc (SRRA Stock Report). On Monday, the company announced that it will host an Analyst & Investor Event this coming Sunday. At the said event, the company is going to discuss clinical data for momelotinib, a JAK1, JAK2 & ACVR1 inhibitor. This also comes after the company presents at the 61st American Society of Hematologists Annual Meeting.
The updates and speculation around them helped fuel a 148% in SRRA stock over the last few weeks. However, that is not all. Back on November 26, Sierra Oncology had announced that it had managed close a public offering worth $103 million and also made significant changes to its board. Will Sierra Oncology stock make new 4th quarter highs before the big presentation this coming weekend?
Penny Stocks To Buy [or sell] #3: Ability Inc.
Lastly, Ability Inc. (ABIL Stock Report) tops the list off after announcing entry into new contracts selling intercept solutions. The company provides tactical and strategic communications intelligence services to its clients. Based on the details of the contracts, Ability expects fees totaling up to $9 million.
Anatoly Hurgin, the Company’s Co-Founder and Chief Executive Officer, commented: “We are encouraged by the ongoing interest in our solutions, and we are hopeful that this interest will translate into additional transactions in the future.”
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The interesting thing to note is the “up to” verbiage used in this press release and the fact that we don’t know who the contracts are with yet. The CEO’s cryptic statement didn’t really give us much information into the stability of these contracts.
Nonetheless, the market appears hopeful that the company can execute on this “up to $9 million” in contracts. Since Monday’s close, shares of ABIL stock have rallied over 100% this week following premarket highs of $0.83 on Tuesday. What do you think about this deal? (comment below).