Like Making Money With Penny Stocks? These Won Big This Year
Investing in penny stocks has often proven to be the best way in which people can generate enormous returns within a short period of time. So, the interest in these stocks has always been high. Every year, certain penny stocks provide handsome returns and make significant wealth for investors. In that regard, 2019 has been no different and there have been some cheap stocks that have broken out handsomely so far this year.
If you think that penny stocks are just for quick flips, think again. The names on this list of penny stocks were some of the biggest winners in 2019. The best part is that they moved up all year long and haven’t slowed down since.
Also, if you’re friends with someone who’s skeptical about penny stocks, share this article with them and get their response. Here is a look at three stocks that started the year as penny stocks but are no longer after having made handsome gains in 2019.
Best Performing Penny Stocks To Watch #1 Axsome Therapeutics
The first one to consider in this regard is the Axsome Therapeutics Inc (AXSM Stock Report). It has recorded gains of as much as 3,812% so far this year. Much of that was due to the promising phase 2 results of AXS-05. However, that was not all. The United States Food and Drug Administration also awarded a Breakthrough Therapy Designation to AXS-05 as a treatment for major depressive disorder.
A few weeks ago, Axsome announced that the therapy has also managed to hit its primary endpoint and that resulted in further gains in AXSM stock. Despite the company announcing a stock offering, shares managed to hold on to its gains and ink a new 52-week high this week.
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Actually, if you look at after-hours trading, the biotech stock hit highs of over $120 during its December 30 session. If you bought this stock at the start of the year and fell asleep at the wheel until now, you’d likely be pleasantly surprised to see that a $2.81 now trades well above $100 a share. Want more information on AXSM? Check out the profile page here.
Best Performing Penny Stocks To Watch #2 Constellation Pharmaceuticals
The other penny stock that made massive gains in 2019 is Constellation Pharmaceuticals Inc (CNST Stock Report), which started off the year with 80% gain in January following a positive update from the Phase 3 clinical study of its product CPI-0610.
However, it was in late November that the company announced more encouraging data with regards to its treatment. By late December, CNST stock has soared by as much as 1,372%. The clinical study was done by combining the medicine with Jakafi, a popular product from Incyte. The product could end up being one of the leaders in the myelofibrosis market.
As another big winner, shares of Constellation Pharma traded toward the higher end of the penny stock range to start the year; $4.04. As you’ll see, the consistent move didn’t quite make it over $100 like Axsome. But it still provided excitement for investors who watched it soar to nearly $60 this year.
Best Performing Penny Stocks To Watch #3 Provention Bio
Last but not least, Provention Bio Inc (PRVB Stock Report) proved to be another major gainer among penny stocks this year. It eventually ceased being a penny stock after recording massive gains. It was actually one of the top penny stocks to watch this year and we first-discussed it in June. Shares have gained as much as 1,189% at its highs. Since the beginning of this year to current, shares have withstood a move of more than 700%; still respectable as most would agree.
The major trigger came up in June when the company provided encouraging data about one of its products. The therapy in question is the company’s diabetes medicine PRV-031. The study was sponsored by the National Institutes of Health (NIH). An investor could keep an eye on PRVB stock over the coming months. However, it should be mentioned that there was a bit of bad news last week.
Johnson & Johnson’s (JNJ Stock Report) Janssen Pharma reported it no longer wishes to take up the option to buy back the rights for PRV-6527. Be that as it may, it could give Provention an ability to utilize it in other ways. Though time will tell, PRVB was a force to reckon with this year and just think, it began trading below $2 at the start of 2019.