These Penny Stocks Are Making New Highs For December 2019
Investing in penny stocks can often prove to be one of the best ways of making quick money from modest capital. Over the years, thousands of investors have successfully done just that. However, the task of finding the best penny stocks is not easy and an investor needs to watch the market closely for the latest developments.
There are hundreds of penny stocks in the market and perhaps the best way of conducting research is by tracking the movements in the market. Here is a look at three penny stocks to watch setting new December highs this week.
Penny Stocks To Watch #1 Clean Energy Fuels
The first of the penny stocks to watch is that of Clean Energy Fuels Corp (CLNE Stock Report). It recorded significant gains on Tuesday. CLNE stock rallied by as much as 19% after it emerged that a bill, that could be highly beneficial to the company, could be passed soon. The passing of the bill would result in the reinstatement of a tax credit that will be a significant benefit for Clean Energy.
In the past, this particular tax credit has been worth as much as $30 million for the company. The news resulted in heavy trading in Clean Energy Fuels stock on Tuesday. At the end of the day, as many as 4.6 million shares had changed hands. That’s five times more than the average trading volume.
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On Wednesday, shares consolidated during the first hour of the day but maintained levels between $2.30-$2.40. This range has shown to be a consistent level of resistance during the second half of 2019. Prior to this, it was a relatively consistent level of support from March to August.
Penny Stocks To Watch #2 Oncolytics Biotech
The other penny stock that has been on an excellent run this month is Oncolytics Biotech, Inc. (ONCY Stock Report). The stock has gained as much as 471% since early October. Shares gained even further this week after the company made a poster presentation of its proteasome inhibitor carfilzomib.
The therapy treats multiple myeloma. As we’ve discussed in several articles, the 2019 American Society of Hematology Annual Meeting proved to be the cause for optimism among investors. On Tuesday, ONCY stock gained again and went up by as much as 34%. Gains extended further on Wednesday after the stock hit fresh 8-month highs of $2.
Penny Stocks To Watch #3 Pacific Ethanol
Pacific Ethanol Inc (PEIX Stock Report) was another major mover among penny stocks yesterday. It came after the company managed to get an extension on its loan from its lenders. The company’s debts had become due this past Sunday but Pacific Ethanol managed to negotiate fresh terms with its lenders and got an extension.
“We are working constructively with all our lenders to conclude agreements that will support the company as we continue to implement our strategic plan. We are working diligently to finish the documentation and look forward to sharing the terms of these amendments.”Neil Koehler, Pacific Ethanol’s president and CEO
It proved to be a major boost for the renewable fuel producer. PEIX stock rallied by as much as 31% on the back of the news. Gains extended further on Wednesday as well. The penny stock hit new December highs of $0.70 during premarket trading.