Penny Stocks Can Breakout Big After News; These Haven’t Stopped
Investing in penny stocks can often prove to be one of the most thrilling experiences for any investor. That’s considering the fact that these cheap stocks have the potential of generating enormous returns.
However, it is not as easy as simply finding 4 letters and hitting the “buy” button. Though you may get lucky here and there, an investor needs to do a lot of research in order to consistently profit. This also helps when putting together a good penny stocks watch list.
One of the best ways find good penny stocks to buy is watching the market closely and keeping track of all the latest moves. You’ll also want to keep track of certain industry catalysts as well.
We’ve seen several from things like marijuana stocks and gold stocks lately. These catalysts can obviously be both good and bad as I’m sure you’ve seen thus far. Here is a look at three penny stocks that made significant gains in December so far.
Penny Stocks To Watch #1 Seadrill
The first penny stock that needs to be looked into is that of offshore oil drilling company Seadrill Ltd (SDRL Stock Report). The stock has rallied significantly in December and has gained as much as 186% this month so far. It’s moved from $1.10 on Dec. 2 to highs of $3.15 this week. The stock managed to surge further as the company made a major announcement. Seadrill announced on Monday that it has won a lucrative deal to work on the North Sea.
The contract is worth around $302 million and work will start in 2021. After the penny stock news broke, SDRL stock rocketed by as much as 50.7% as investors piled on to the stock. With less than one week until the New Year, will shares continue to rally?
Penny Stocks To Watch #2 Cassava Sciences
The other penny stock that has emerged as one of the biggest gainers in December is Cassava Sciences Inc (SAVA Stock Report). It was a name we listed in the article, “Best Penny Stocks To Watch This Week? 2 Up Over 100% This Month.” Though SAVA stock has been on an uptrend much of the bigger gains have come about due to updated data. This was from its Alzheimer’s therapy. Since the company released the data earlier on in December, SAVA stock has climbed strongly and has gained as much as 194% so far.
However, the stock got another boost on Friday after it emerged a Director at the company Sanford Robertson purchased 423,788 shares. This was in addition to a previous buy of over 76,000 just a day earlier. Insider buying is generally looked upon as a bullish stance from the management and the market has reacted favorably this month.
Penny Stocks To Watch #3 ImmunoGen
Last but not least, ImmunoGen, Inc. (IMGN Stock Report) proved to be another major gainer this month. It joins this strong list of penny stocks after gaining as much as 57% this month. However, it’s also important to note that shares have seen a strong bullish trend since early June.
In fact, we first introduced IMGN as one of the Top Penny Stocks Of June, which has aged relatively well. IMGN stock has gained as much as 217% since then after reporting consistent milestones during that time. It added to these milestones last week when the company made another positive announcement.
The company announced that the United States Food and Drug Administration has cleared the trial for its ovarian cancer treatment. It is a significant boost for ImmunoGen and it was hardly a surprise when it rallied after releasing the penny stock news. Mark Enyedy, ImmunoGen’s President and Chief Executive Officer said, “Having aligned with the agency that women with FRα-high platinum-resistant ovarian cancer that has progressed after prior treatment with bevacizumab require better therapeutic options, we are pleased to advance mirvetuximab in this patient population with SORAYA, which, if successful, would enable us to submit an application for accelerated approval during the second half of 2021.”
“We anticipate enrolling the first patient in SORAYA next quarter and expect top-line data from the study in mid-2021.”