penny stocks to watch on robinhood now

Are These Penny Stocks On Your Radar This Week?

By definition, penny stocks trade below $5 a share. It’s very important to keep in mind that volatility plays a big role in these cheap stocks. Similarly, when broader markets lack volatility, it can become an even bigger driver for investors to seek out smaller cap companies. Recently, we’ve seen shares of Tesla (TSLA – Free Report) specifically, cause a stir in the market. It’s dramatic run this year has boosted interest in volatile equities. But obviously, that isn’t a frequent case for blue-chip stocks. For that reason, we’ve seen a bigger interest in certain penny stocks.

Something to keep in mind, however, is that just like with Tesla’s run, there are a lot of risks involved. That big move you see right now can quickly shift course and result in losses if you aren’t paying attention. More specific to penny stocks, risk/reward plays a big role. Case in point, many of the stocks that are up “today” could be down “tomorrow” thanks to volatility playing its part.

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Needless to say, a lot of money can be made. Thanks to apps like Robinhood, penny stocks are that much more accessible. Being able to trade “on the fly” is something newer to the trading community. Now we also have apps like Robinhood and now, others offering low or no-fee trading. With many more retail investors looking to make money with cheap stocks, let’s take a look at a few that are creating buzz this week after racing to new highs.

Penny Stocks Gaining Continuous Momentum #1 Digital Ally

penny stocks on robinhood Digital Ally (DGLY)

The first company on this list of penny stocks, Digital Ally (DGLY – Free Report) took off this week as shares raced to highs of $2.62 during premarket trading on Tuesday. Since jumping last August, DGLY stock has been relatively quiet. But this week some strong news has boosted interest and share price.

Digital Ally announced a 3-year supply contract for up to 5,000 body cameras by a “national police force.” According to the company, it expects to generate revenues in excess of $4 million beginning with the first delivery this month. “The award of this international contract is an important milestone for Digital Ally because the size and complexity of the deployment proves the scalability of the Company’s body camera hardware and its web-based software services,” stated Stanton E. Ross, Chief Executive Officer of the Company.

Something else to keep in mind is that this deal was not factored into the company’s initial guidance. This is why the move could have become so aggressive. The previous guidance was for revenues for the year to exceed $13.5 million. Could this become a lasting catalyst for the stock? Time will obviously tell if this will be the case. However, it’s important to note that the company hasn’t revealed the name of the police force. Furthermore, it’s a deal for “up to 5,000” body cams, so it will be vital for the company to push to reach this figure, in my opinion.

Top Penny Stocks On Robinhood #2 Anavex Life Sciences

penny stocks to watch Anavex Life Sciences (AVXL)

Anavex Life Sciences (AVXL Free Report) has emerged as another interesting penny stock this year. Since the start of 2020, the stock has gained as much as 29%. On Monday, the company made a major announcement that resulted in another rally in the stock.

Anavex announced that its product ANAVEX®2-73 had been granted fast track designation by the United States Food and Drug Administration. The therapy is meant to treat neurodevelopment disorders. Further to this the compnay reported that it will present a company update and present at the 3030 BIO CEO and Investor Conference later this month.

When it comes to biotech companies in particular, conferences can become a catalyst on there own. When companies present positive information, the results can trigger significant momentum in the market. This obviously works when there’s bad news reported as well. However, this will still be an important date to keep in mind (February 10) when the company goes to present this month.

Top Penny Stocks On Robinhood #3 Nio

top penny stocks Nio Inc. (NIO)

Next, our list of penny stocks to watch is Nio Inc (NIO Free Report). It has made a rebound in 2020 after going through lots of ups and downs last year. Initially, we caught onto this company as it was set to breach the $5 threshold of the upper range for penny stocks. Once it did that, shares of NIO were in freefall until hitting lows of $1.19 during the beginning of the 4th quarter. Since then, the Chinese electric vehicle manufacturer went through a massive uptrend thanks to streamlining its business model while reporting increased delivery figures over consecutive months.

However, the recent focus for investors has been on the EV market in general. A competing company, Tesla (TSLA) has gone on a monstrous rally. Its run began around the same time NIO stock began its move. At the time, shares of Tesla traded around $241 per share. But has since made a move to highs of over $900 this week. Increased delivery guidance, new deals with the likes of Panasonic and generally bullish market sentiment have driven shares higher and higher this year. As far as volatility is concerned, TSLA stock has become well-known in the trading community as of late. Its momentum has helped boost shares of other companies in the space like NIO.

What’s important to note with both stocks is that short squeezes and overly aggressive buying can be signs of a market based on hype. In these cases, Fear of Missing Out or “FOMO” can become a big risk just as much as it can be a big reward. Needless to say, shares of both Tesla and Nio are surging higher this week thanks, in part, to the overall awareness that the former has created so far.

Top Penny Stocks On Robinhood #4 BioCyst Pharmaceuticals

penny stocks to watch BioCryst Pharmaceuticals Inc. (BCRX)

Another penny stock that could be worth tracking on Robinhood is BioCyst Pharmaceuticals (BCRX Free Report). Shares rallied yesterday after some important developments came to light. On Monday, BioCyst announced that it had filed for regulatory approval for its berotralstat product in Japan. Soon enough, the stock started rallying. The product in question is meant for treating hereditary angioedema (HAE).

“The data from APeX-J and the berotralstat clinical program are very exciting for HAE patients in Japan,” said Dr. Isao Ohsawa, president of Saiyu Soka hospital and principal investigator of the APeX-J trial. “Based on the clinical benefit observed in patients in APeX-J, I expect many patients in Japan will want to use this new treatment, once it becomes available.”

[Read More] Do Penny Stocks Ever Pay Off? The Answer May Surprise You

BCRX stock rallied by as much as 10.50% after the news emerged. It remains to be seen how it performs for the rest of the week. However, on February 4, the stock reached new highs for the week of $3.22.

Penny Stocks Gaining Continuous Momentum #5 Oncova Therapeutics

penny stocks to watch Onconova Therapeutics (ONTX)

Finally, Oncova Therapeutics (ONTX – Free Report) has begun making a stronger push higher this week. On Tuesday the company announced that it will present at the same conference as Anavex. February 11 will be the date to keep in mind as the company’s CEO, Steven Fruchtman will present an update.

Late last month the company announced that it had formally regained its rights to the rigosertib therapy. This is its lead Phase 3 drug candidate. The rights were for the US, Europe, and Greater China.

“In 2019, we added partners Knight Therapeutics for Canada, Specialised Therapeutics for Australia & New Zealand, and Inceptua Medicines Access in select countries for pre-approval access to our roster of global corporate partners, joining Pint Pharma for Latin America and SymBio Pharmaceuticals for Japan & Korea.  The United States, Europe, and Greater China represent the major pharmaceutical markets Onconova directly controls heading into INSPIRE data readout.”

Dr. Steven Fruchtman , President and Chief Executive Officer of Onconova

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