Are These The Best Penny Stocks To Buy Or Sell Next Month?
When it comes to stock market investing, penny stocks have almost always proven to be a way of making big profits from a relatively small investment. These stocks generally trade below $5 a share. Therefore, it is possible for an investor to buy these stocks in bulk for a small amount of money.
However, it should be noted that one needs to conduct thorough research in order to identify penny stocks that are worth investing in. On that note, here is a quick look at three penny stocks to watch that have made big gains this month.
Best Penny Stocks To Buy [Or Sell] #1 Ocugen (OCGN)
The first penny stock to watch in this regard is that of biotech company Ocugen, Inc. (OCGN Stock Report), which made impressive gains on Monday. The stock continued higher on Tuesday morning as well with shares hitting highs of $0.6199 in early premarket trading. Most recently H.C. Wainwright initiated coverage on the penny stock. Analyst Swayampakula Ramakanth issued a “Buy” rating for the company.
Earlier this month Ocugen announced the completion of 50% enrollment of its Phase 3 clinical trial. This is for a disease known as ocular Graft Versus Host Disease. The company is the only company to receive Orphan Drug Designation for a product like this and the first to conduct a Phase 3 trial.
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Daniel Jorgensen, M.D., M.P.H., M.B.A., Chief Medical Officer of Ocugen, stated, “The achievement of 50% enrollment is a key milestone towards the completion of this important Phase 3 trial. oGVHD is a severe ocular autoimmune disease that occurs in up to 60% of allogeneic bone marrow transplant patients. There is no approved therapy for this debilitating condition, and it is our belief that OCU300 will provide needed relief for patients suffering from this disease.”
Best Penny Stocks To Buy [Or Sell] #2 FuelCell Energy
The other penny stock that soared on Monday is that of FuelCell Energy Inc (FCEL Stock Report). Shares of the fuel cell soared on Monday after it announced that its new California facility is now operational. The stock continued higher in premarket trading on Tuesday with shares hitting highs of $2.33 before the opening bell.
The rally in FCEL stock actually started last week. It came after the company announced that its facility in Tulare in California is going to start operations. Nio’s facility is a 2.8-megawatt facility and the optimism from among investors is not surprising. Can this momentum continue into the new year?
Best Penny Stocks To Buy [Or Sell] #3 Nio
The other penny stock that has managed to generate significant gains this week is that of Chinese electric vehicle manufacturer Nio Inc (NIO Stock Report). The company revealed that it delivered 4800 vehicles in the third quarter, which is a significant boost from the 3550 vehicles it delivered in the prior-year period. After a very difficult few months, the latest developments managed to restore some confidence among investors and NIO stock soared.
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That trading momentum continued into this morning’s trading session. Though shares didn’t hit yesterday’s high, before the open, NIO reached over $4.40 a share. With companies like Tesla bringing more attention to China’s EV market, will Nio be able to take advantage in 2020?