Penny Stocks To Watch As Earnings Season Rolls On
It’s earnings season but that hasn’t distracted the market from things like the coronavirus or the Fed meeting. But given this, the higher volatility market has brought more attention to penny stocks. When investors look for big momentum, these cheap stocks captivate attention. One thing to understand with any stock not just penny stocks is you need to do research in order to time a trade.
Over the past few days, many penny stocks have made significant moves. Even this year we’ve seen explosive moves from myriad micro-cap stocks. But it hasn’t come without risk. Investors need to figure out which ones are worth backing. Simply investing blindly in a random penny stock won’t typically end well.
Researching Penny Stocks To Buy
You can’t argue that research is key to any investment. But just as you wouldn’t buy a house without researching it and its location, you shouldn’t buy a penny stock without researching it or its industry. You might have a great company on your penny stocks watch list. But if the industry it’s in isn’t’ doing well, it may be an uphill battle to see meaningful gains.
What’s hot right now? As we’ve seen recently, industry stocks like alternative energy stocks amid oil’s meltdown, biotech stocks, mining stocks, and even some marijuana penny stocks have caught attention. These sectors all have been boosted by recent events in the market.
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Whether it’s due to economic uncertainty or health scares, it’s good to keep some of these sectors in mind. Here is a quick look at a few penny stocks that could be tracked by investors amid these latest developments.
Penny Stocks to Watch: Fuel Cell Energy
The first penny stock that could be put into the watch list is that of Fuel Cell Energy (FCEL – Free Report). It made a recovery after having slumped considerably over the past week. The company’s financial results for the fourth quarter had proven to be a disappointment, and that had triggered a selloff. That had continued on Monday as well. However, on Tuesday, FCEL stock bounced back and rallied by as much as 17.50%.
That being said, it should be noted that there was no material news with regards to Fuel Cell that could have triggered this rebound. But keep in mind that the company recently launched a new business strategy that could prove positive. Its new “Powerhouse” business strategy will focus on sustainable growth according to the company.
Jason Few, President and Chief Executive Officer. “In 2019, we largely completed the restructuring necessary to support our new business strategy, including accomplishing several foundational milestones toward achieving profitable growth and reestablishing our position of industry leadership. We are now able to focus fully on execution of our strategy and both growing our existing business and expanding into new products, markets and geographies.”
Penny Stocks To Watch: IMC International Mining
Next, IMC International Mining (IMIMF – Free Report)(IMCX) has built upon its momentum that started earlier this month. Furthermore, the gold exploration stock has just begun trading in the U.S. as well. Over the last two days, shares of the company have started to see some activity in the U.S. market. As far as shares are concerned on its Canadian listing, IMCX has managed a rally from C$0.25 to highs of C$0.40. The last few days have seen the mining stock trade between C$0.35 and C$0.38.
It doesn’t come as a surprise as to the move that IMC has made so far. Not only have coronavirus fears sent gold stocks higher, but junior mining stocks have also attracted more attention lately. The likes of Barrick Gold, Newmont, and other large miners have been hot on the trail of M&A.
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With regard to IMC, its focus has been on a project in Arizona, the Bullard Pass. THe area has shown historic production. According to IMC International, district production totals were 614,000 pounds of copper, 3,600 ounces of gold, and 15,000 ounces of silver from 17,000 tons mined. Right now the company has staked 22 claims on the property and has staked additional claims to increase it to 171 claims. Furthermore, Arizona Geological surveys have reported the Bullard District mineralogy suggests potential exists for a “major gold deposit” in the area.
Penny Stocks to Watch: InspireMD
InspireMD (NSPR – Free Report) has emerged as another penny stock that has made significant gains in recent days. Earlier this week, the company announced that its CGuard™ Carotid Embolic Prevention System (EPS) is going to be showcased at the Leipzig Interventional Course (LINC).
The event started on January 28 and is going to continue until January 31. However, since the company made its presentations on the 28th, the days to follow could be interesting to say the least. In an update on Wednesday, InspireMD reported that its live clinical case transmission was successful.
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“For the third year in a row, we were chosen to showcase CGuard™ EPS in a live case procedure. This again confirms both clinical utility and ease of use of the device relative to alternative stent options and carotid endarterectomy.”Marvin Slosman, chief executive officer of InspireMD
Penny Stocks to Watch: Miragen Therapeutics
One of the penny stocks that has made impressive gains over the past week or so is Miragen Therapeutics (MGEN – Free Report). The stock gained as much as 150% in anticipation of the release of crucial data regarding one of its products. This was one of the penny stocks we discussed over the weekend. In the article, “4 Penny Stocks To Watch Expecting Key Data Soon,” we cited the potential that MGEN could show this week.
Miragen announced that it is going to release data from the Phase 1 clinical trial of its product cobomarsen. This will be at the 12th Annual T-Cell Lymphoma Forum. This is going to be held from January 30 to February 1. Investors have piled on to the stock in anticipation. On Tuesday, MGEN stock gained another 8%. Within a day or two, we will likely have a better understanding on the results of this Phase 1 data. Will it reveal a positive for the company?
Penny Stocks to Watch: NantHealth
The other penny stock that made a significant move on Tuesday is that of NantHealth Inc (NH – Free Report). The company announced that it managed to come up with a software that could help improve the diagnosis of lung cancer. The software runs on artificial intelligence. It has naturally created a lot of optimism about NantHealth in the markets.
As investors piled on to the stock on Tuesday, NH stock rallied by as much as 56.50%. But something to keep in mind is that shares pulled back at the end of the day. Though there’s action during premarket trading, it doesn’t necessarily mean NH is a penny stock to buy. However, since it had such a big day on Tuesday, it may warrant a place on a watch list to see what happens next.
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