best penny stocks to trade this week

Are These Companies On Your Penny Stocks Watch List Right Now?

It is a well-known fact that investors are always on the lookout for promising penny stocks. The simple reason behind that is the fact that these stocks can generate enormous returns. Over the years, many investors have made money through clever investments in penny stocks, and hence, the attraction is clear to see.

However, as an investor, you need to put in plenty of research in order to discover the best penny stocks to buy. One way of going about it is by watching the market closely. Find trends that could help push a given sector. Right now we’re seeing more attention on Biotech, for example. That’s due, in part, to concerns over finding a vaccine for the coronavirus in China.

Other than that, you may want to track news, corporate filings, and even rumors to determine why a stock is moving. No matter your personal ways of researching, the point is to do it in order to be well-informed before buying anything. Here is a look at five penny stocks that could be on a few watch lists today. But will they be on yours?

Best Penny Stocks To Trade [or avoid]: Soligenix

penny stocks to buy Soligenix (SNGX)

The other penny stock that hit its 52-week high on Thursday is Soligenix, Inc. (SNGX – Free Report), which hit $3 a share and continued on its rally that had started earlier on in January. More than a week ago, the company had announced that the two highly important Phase 3 clinical three trials had been reaching a highly crucial point.

The products in question are SGX301 (synthetic hypericin) and SGX942 (dusquetide). Since then, SNGX stock rallied strongly, and in January alone, it has gained as much as 110%. On Thursday, it rallied by another 22%. Keep in mind that when penny stocks hit 52-week highs, there can be a pullback to result.

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I think we’ve seen this happen today but how far it goes will be up to the market and possibly the sector. Biotech stocks have been doing well lately but the recent global unrest could be a factor to consider that may hit the markets. In any case, just keep this in mind.

Best Penny Stocks To Trade [or avoid]: Trans World Entertainment

top penny stocks to watch Trans World Entertainment (TWMC)

The other penny stock that could be in the radars of many investors at this point is Trans World Entertainment Corporation (TWMC – Free Report), which rallied massively on Thursday after the company made a major announcement.

TWE announced yesterday that it had reached an agreement with Sunrise Records and Entertainment by way of which it is going to sell the majority of its assets in its subsidiary Record Town.

The deal is worth $10 million and will also see TWE transferring some of its liabilities. The news was welcomed with great gusto by the markets, and TWMC stock rallied by more than 200%.

Best Penny Stocks To Trade [or avoid]: Camber Energy (CEI)

penny stocks to watch camber energy (CEI)

Another company on the list of penny stocks trading higher before Friday’s open is Camber Energy (CEI – Free Report). The company reported on Friday that it entered into a letter of intent to merge with Viking Energy Group. A definitive agreement is expected to be signed “on or before February 17, 2020” according to the company.

 Louis G. Schott, Interim CEO of Camber, stated, “We are very pleased with this prospective merger. Viking has demonstrated an ability to transact and execute, in particular in a challenging environment.  Combining Viking’s business strategy and operational expertise with the Camber platform should create substantial value for Camber.”

[Read More] 5 Penny Stocks On Robinhood You Didn’t Know You Liked

Camber had a tough 2019 however, it began turning things around during December. After hitting 52-week lows of $0.50, the energy stock ended up running to highs of $4.10 before slowing consolidating during January. On Friday (1/24) we’ve already see shares bounce to highs of $2.95 on the back of this recent news. It will be an important topic to keep in mind, though the fact that the energy sector is getting hit thanks to low oil prices. So if CEI is on your list because of today’s volume, make sure to keep this in mind. Right now this is a very volatile sector.

Best Penny Stocks To Trade [or avoid]: Miragen (MGEN)

This morning, Miragen (MGEN – Free Report) scrambled higher on Friday. Though there was no news to speak of, shares were halted several times during the morning. The halts themselves were circuit breaker or “volatility” halts and nothing related to corporate information.

The company is set to present new efficacy and safety data from its Phase 1 trial of the “cobomarsen” treatment. It’s designed to target leukemia/lymphoma cells. The company will discuss these on January 31 and February 1 so there’s still quite sometime before then. In addition, miRagen will also participate in the 4th World Congress of Cutaneous Lymphomas, which is taking place from February 12th to 14th.

Conferences can become big catalysts, especially for biotech companies. Now, it isn’t something that we see all the time. Regardless, whenever a company presents, it’s good to keep that in the back of your mind.

Best Penny Stocks To Trade [or avoid]: BioPharmX Corp

penny stocks to buy sell BioPharmX (BPMX)

Another biotech penny stock on this list, BioPharmX (BPMX – Free Report) extended its 2020 gains on Friday. The company scrambled to highs of $0.945 during the first hour of trading on January 24. We started looking closer att BioPharmX back in December (article here). At the time it was trading around $0.36 and has since made this bigger 162% move.

This week there hasn’t been much by way of news or corporate filings for that matter. However, last week it was revealed that a large institution held a stake in the company. Via a 13G filing, Empery Asset Master and other affiliates held positions in BioPharmX.

The company is a major investor in healthcare names. In addition to that, Franklin Advisers, Barclays Capital, and Virtu Financial are other large shareholders of BPMX stock as of recent disclosure statements from December 31, 2019. Will this help boost momentum further in the stock?

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