Can These Penny Stocks Move Higher Before The New Year?
Investing in penny stocks is often regarded as a quick way to make money in the stock market. So it’s no surprise that there is always a lot of interest in these stocks. Penny stocks generally trade below $5 according to the SEC’s definition of penny stocks. Why point this out? Lower prices allow people to buy these stocks in large quantities for a relatively small outlay of cash.
A slight rise in price can result in enormous profits. But then again, a small drop can result in big losses. It’s important to understand how to trade penny stocks before jumping in, head-first.
Moreover, knowing and understanding the basics can help you become a consistently profitable trader. With this in mind, here is a look at three penny stocks that can be bought for under $2 right now and have moved higher in December.
Penny Stocks To Buy Under $2 #1:
The first penny stock to watch is CTI BioPharma Corp (CTIC Stock Report). It has been on a roll for the month of December and has become one of the best performing penny stocks this quarter. Back on December 9, the company presented results from the Phase 2 clinical trial of its product PAC 203 at a key industry event.
The event was the 61st American Society of Hematology Annual Meeting. We discussed this conference and several key biotech penny stocks to watch earlier in the month. Of those companies that presented, many had benefited from the increased attention and favorable data that was reported.
The company’s therapy is meant for treating Myelofibrosis and the development was welcomed by the market. “The data presented at ASH underscore the clinical and scientific rationale for our ongoing PAC203 Phase 3 PACIFICA trial evaluating pacritinib at 200 mg BID in severely thrombocytopenic myelofibrosis patients,” said Adam R. Craig, M.D., Ph.D. CTIC stock has rallied considerably since the update. Can this continue higher this month?
Penny Stocks To Buy Under $2 #2:
The second penny stock gaining momentum in recent days is the Bellicum Pharmaceuticals Inc (BLCM Stock Report). The company is involved in developing immunotherapies for cancer.
Earlier this month Bellicum announced that one of its products had been licensed by The University of Texas MD Anderson Cancer Center. The Center had an option to license the company’s CaspaCIDe® safety switch technology and it ended up doing so.
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Since then, BLCM stock has shown excellent momentum and emerged as one of the penny stocks to watch this month. Since the start of December, it rallied as much as 40%. With this be on your penny stocks watch list before January?
Penny Stocks To Buy Under $2 #3:
Last but not least, Adamis Pharmaceuticals Corp (ADMP Stock Report) has been another major mover among penny stocks trading under $2. Last week, the company provided an update about the New Drug Application resubmission request for its product ZIMHI.
The company provided positive information with regards to the application to the United States Food and Drug Administration. After Adamis made the announcement, ADMP stock rallied. Over the course of the past week, it has rallied by more than 40%.
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While premarket trading showed more strength with shares testing December highs again, how will the stock react heading into the new year? Also considering that Adamis is waiting on a response from the FDA, is this move purely based on speculation alone? Some things to consider especially with biotech stocks like this.