Penny stocks are some of the most unique in the market. The biggest reason has to do with the ability to move unassociated with the direction of the stock market. Now, this isn’t always the case. But there’s a good chance that even if the broad stock market is tanking, there are some cheap stocks producing serious gains. It’s all about where you’re looking.
Research is key. For example, today the jobs figures came out and were a bit to be desired. As some of the stocks in the financial sector dropped along with some of the leading healthcare stocks, a number of biotech penny stocks were soaring.
Is it important to monitor the market, in general? That answer is yes, but it’s also important to watch where the money is flowing in small caps. Creating a penny stock scanner can be very helpful and if you’d like help setting one up, leave a comment on this article simple with the word “scanner”.
Needless to say, research is vital. As any one of the top traders in the stock market and they’ll say the same. So where should you go after you’ve done your research? The next step is to put together a list of penny stocks to watch. From there it’s up to you to decide if the market’s dictating a buy or sell direction. Here is a look at 5 penny stocks that may be worth watching at this point.
Best Penny Stocks To Watch This Month: Applied Genetic Technologies
The first on this list of penny stocks is Applied Genetic Technologies Corp (AGTC – Free Report). It made significant gains over the course of the past three weeks. During that period the Applied stock gained by as much as 111% since the start of the year. Though it isn’t considered a penny stock right now, just a few days ago, AGTC stock traded below $5.
If you stretch its chart out even further, you’ll see it was trading below $3 in December too. If you’ve been an avid reader of PennyStocks.com, this probably seems familiar. That’s because we first picked up on this company in September of 2019. We outlined the initial drivers of the company in our article covering some of the trending biotech penny stocks at the time.
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On Thursday, the company released early-stage data from its eye therapy product. The positive data resulted in another significant rally in the Applied stock. AGTC stock soared by as much as 125% since the start of the week as investors piled into it on the back of the news. January 10 saw shares consolidate from its $9.50 highs for the week, however, it remains steady above $8 for the time being. Can this trend continue through the rest of this month?
Best Penny Stocks To Watch This Month: IMC International Mining (IMCX)
One of the sectors that remains in focus is the mining sector; specifically gold stocks. This week was a topsyturvy one especially after the U.S. attacked Iran. The follow-up sense of comfort delivered by President Trump seemed to have quelled negative sentiment. Where markets typically panic after events like this, the case this week was the opposite. However, after the markets had some time to shake that event off, they still see similar financial circumstances at play. Rising global debt, U.S. – China trade war, and slowing global economies persist.
IMC International Mining (IMCX – Free Report) has managed to climb throughout the week. Shares of IMCX started trading around C$0.25 and have since jumped by as much as 40% to highs of C$0.35 so far. The company’s current claims have been staked in Arizona’s Bullard Pass region. It is a site with historical production levels that included 3,600 ounces of gold as well as 614,000 pounds of copper and 15,000 ounces of silver mined from 17,000 tons.
Though the company hasn’t begun officially mining the property, the history and geology of the Bullard district were summarized in an Arizona Geological Survey. Titled Mineral Deposits of the Bullard District, Harcuvar Mountains, Yavapai County, Arizona, the report cites important features of the area. The report states that “the mineralogic and structural similarities of the Bullard and Copperstone districts suggest that potential exists for a major gold deposit in the area of the Bullard district.”
Best Penny Stocks To Watch This Month: Chico’s FAS
Earlier this week, we discussed Chico’s FAS, Inc. (CHS – Free Report). It emerged as another major penny stock gainer this week and came after the company announced its projections for the fourth quarter. Chico’s raised its projections for the fourth quarter and stated that the revision was due to the continued improvement in its business.
After the announcement was made, CHS stock rallied strongly in extended trading. That carried into the early morning session on January 9. Despite pulling back from Thursday’s highs, on January 10, Chico’s bounced back from the previous session’s low of $4.10. Can this latest reversal trend continue into January?
Thanks to the company’s progress, analysts have turned attention back to the penny stock. Deutsche Bank raised its price target for the stock. The bank previously had a target of $3 but has since moved that up to $4. Prior to this, B.Riley raised its price target as well. Its previous target was $5.50 and the latest increase shows the new target at $6 alongside B. Riley’s Buy rating.
Best Penny Stocks To Watch This Month: Infinity Pharmaceutical
A biotech penny stock that could be considered by investors is Infinity Pharmaceutical (INFI – Free Report). Shares have made significant gains since the start of the year. On Thursday a major announcement from the company helped boost these gains even more. Infinity announced that that it managed to raise $20 million in non-diluting asset-backed financing from BVF Partners Ltd. It is a significant development since Infinity’s shares are not being diluted while the company has successfully raised a substantial sum of money.
The news was welcomed by the market and the optimism in the stock resulted in a rally. One of the biggest take-aways from the update is that the company now has the ability to fully fund its clinical trials of IPI-549 through key data readouts. The treatment is designed to address certain types of cancer and is being studied in combination with other drugs.
Something else to note is Infinity’s previous deal with PellePharm in 2013 where the latter had licensed Infinity’s “patidegib”. The importance of this right now Infinity stands to potentially make $5 million upon positive data from PellePharm’s Phase 3 trial in patients with Gorlin Syndrome.
At the end of the day, Infinity has rights to all patidegib milestone payments from PellePharm of up to $9 million in regulatory and first commercial sale milestones. Plus it could see up to $37.5 million in sales threshold milestones. Shares of INFI have climbed by more than 30% so far this year.
Best Penny Stocks To Watch This Month: Trillium Therapeutics 230% since Jan 2
One of the penny stocks we’ve talked about on PennyStocks.com since mid-December has been Trillium Therapeutics (TRIL – Free Report). In our first article on the company, we discussed how there was a strong focus on the company’s “strategic alternatives” and focus on its TTI-621 therapy. TRIL stock has managed to rally by more than 550% since we began discussing the company in our articles.
This week, the penny stock continued its monstrous rally. The company announced positive updates from its cancer treatment programs TTI-621 and TTI-622 programs. That resulted in further optimism around the Trillium stock.[More On Trillium Therapeutics] Penny Stocks To Buy For Under $2: 1 Soars 461% Since December
Jan Skvarka, President and Chief Executive Officer of Trillium said in a press release, “The program continues to demonstrate clear single-agent activity across a range of hematologic malignancies, as well as a strong tolerability profile. We believe that TTI-621, even at these low initial doses, is the only anti-CD47 agent that has shown meaningful single-agent activity, including complete responses.”
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