These Penny Stocks Just Made Fresh Quarterly Highs; Can The Trend Continue?
Investing in penny stocks can often prove to be one of the most exciting experiences for most. That’s due to the fact that it is possible to generate massive returns within a short span of time. However, it is also important to keep in mind that when it comes to actually discovering such stocks, an investor needs to do a fair share of research.
There are hundreds of penny stocks in the market, that’s not any sort of mystery. However, because of that investors need to keep a close eye on the latest movements. Here is a look at three penny stocks that may be worth watching this quarter.
Penny Stocks At New Q4 Highs #3:
The first one to watch is Ardelyx Inc (ARDX Stock Report). The stock managed to see enormous momentum since the middle of August this year. Since that time, the stock has gained by as much as 265% and has emerged as one of the best performing penny stocks in the quarter. On Tuesday, the stock recorded further gains.
The biopharmaceutical company announced that data from its phase 3 clinical study of its product tenapanor was positive. The treatment targets hyperphosphatemia in patients with chronic kidney disease (CKD). The penny stock news proved to be a major positive and the stock rose by as much as 10.3% at one point.
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“If approved, tenapanor is poised to change the way we manage hyperphosphatemia in patients on dialysis.”Myles Wolf, M.D., MMSc, Charles Johnson, M.D. professor of medicine and chief of Duke Nephrology
“Tenapanor would be a first-in-class therapy that targets the primary pathway of phosphate absorption to significantly lower serum phosphate while requiring patients to take just one small pill twice per day. This would make tenapanor an important innovation and potentially an ideal first-line therapy for patients receiving dialysis for whom new effective treatments are desperately needed.”
Penny Stocks At New Q4 Highs #2:
Outlook Therapeutics (OTLK)
The other penny stock that recorded handsome gains on Tuesday was that of Outlook Therapeutics Inc (OTLK Stock Report). The biopharmaceutical company announced yesterday that it has come to an agreement with the United States Food and Drug Administration. This was with regard to three Special Protocol Assessments (SVAs).
By way of this agreement, the company will be able to add three further clinical trials for the Phase 3 trial of its product ONS-5010. It is a significant development for the company and the market thought so as well. The stock shot up by as much as 53% after the news broke.
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“The Outlook Therapeutics team truly cares about improving the clinical landscape for retinal patients, and I want to commend our clinical team for the tremendous dedication they have shown in advancing our Phase 3 program for ONS-5010,” said Terry J. Dagnon , Chief Operating Officer. “ONS-5010, if approved, has the potential to help address the unmet medical needs of patients for a responsibly priced, FDA -approved ophthalmic formulation of bevacizumab to treat retinal diseases.”
Penny Stocks At New Q4 Highs #1: AK Steel Holding
Finally, AK Steel Holding Corporation (AKS Stock Report) proved to be another gainer among penny stocks. This week the stock rallied higher after the company reached a major buyout agreement. It emerged that the company is going to be acquired by Cleveland-Cliffs Inc. (CLF Stock Report) for $1.1 billion, in a deal worth $1.1 billion.
The deal is going to be conducted entirely in cash and the news sent the stock soaring. However, the stock ended the day with gains of 4%. That continued into Wednesday’s trading session as sentiment surrounding steel stocks remained positive. For the quarter, shares of AKS stock have jumped over 35% since October 1.
Furthermore, analysts have focused on the future of the company with this news as a milestone. JP Morgan upgraded AKS to Neutral while Moody’s said the merger deal is “credit positive” for the company.