Penny Stocks To Have On The Radar Right Now
One of the biggest things to pay attention to when it comes to penny stocks is timing. I’m not saying that you need to perfectly time a trade. This is more in reference to understanding that some times may be better than others to take a closer look at a few penny stocks. For instance, the cannabis sector is a bit cold right now.
This is true after the major shakeup in C-Level management across multiple companies in the sector. While some marijuana penny stocks have done well and moved against the trend, most have suffered a blow. That may indicate timing isn’t particularly right to start watching the marijuana industry stocks.
On the other hand, we’ve got the coronavirus still roaring on with new deaths confirmed over the weekend. We’ve also got an election year and global concerns about economic slowdown remain a prominent topic of conversation. In this case, it wouldn’t be out of the question to have things like safe-haven stocks, like gold, or biotech stocks on a watch list.
Furthermore, when it comes to the latter, this week and next week have a few big conferences and data read-out dates to keep in mind. I’ll talk about a few of these companies in this article.
Penny Stocks To Watch: IMC International Mining
The first company on this list of penny stocks to watch, IMC International Mining (IMCX – Free Report) (IMIMF) has had a strong 2020 thus far. After trading around $0.25CAD toward the start of the year, this gold penny stock has climbed as high as $0.445CAD. Of course, this 78% move didn’t happen overnight.
Also, along the way, there’ve been several things to take note of. On January 27, for instance, IMCX saw its first noticeable day of consolidation, contracting to lows of $0.35CAD. From there, the penny stock managed to rally 20% to highs of $0.42CAD before seeing its second day of true consolidation on January 31.
This time, shares dipped to lows of $0.38CAD before running to all-time highs of $0.445 last week. Now, this week begins after another day of consolidation on Friday with shares pulling back to lows of $0.40CAD. All along the way, IMC International has seen both higher lows and higher highs and has upheld an overall bullish trend.
With gold stocks seeing strong momentum, it wouldn’t seem like a surprise that junior gold stocks, like IMC International, continue to benefit. The company has currently focused its efforts on its Bullard Pass property in Arizona. However, IMC has also emphasized the fact that it will also investigate other opportunities worldwide to expand its footprint.
Penny Stocks To Watch: Trovagene
Next, Trovagene (TROV – Free Report) may be one of the top penny stocks to watch this week. Earlier this month the company reported that it will present at the American Society for Clinical Oncology 2020 Genitourinary Cancers Symposium. Trovagene will deliver a poster presentation on its Phase 2 study of the onvansertib therapy for prostate cancer.
Overall, TROV stock has performed well in 2020. After starting the year off around $1.20, shares have jumped to highs of $2.08. In the biotech sector, presentations can quickly become key catalysts if the data presented is positive, that’s obvious. But like we’ve seen in the past with countless other biotech penny stocks, the days leading up to the formal presentation can also see added volatility based on simple speculation. Will this be the case for TROV this week?
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Time will tell on that front. However, based on the last few times the company presented data, February 13 may be an important date to keep in mind in my opinion. Something else to note is the fact that just like good data can positively impact a stock, bad data can do the exact opposite. So if TROV stock in on your radar, these are some good things to consider when looking at the company.
Penny Stocks To Watch: vTv Therapeutics
Similar to Trovagene, vTv Therapeutics (VTVT – Free Report) released results this week. I’ll say that one of the best things when it comes to biotech penny stocks is the fact that these companies tend to “pre-announce” and announcement.
It’s basically a heads-up that something will happen in the future that investors should consider. In a February 7th press release, the company gave the market something to take note of and explained it would report data on Part 2 of its Phase 2 Simplici-T1 trial of its diabetes treatment, TTP399.
February 10th was that date and right now VTVT stock has been one to watch during Monday’s morning session. TTP399 achieved its primary objective. “I am very pleased that part 2 of the study confirmed the positive results and effects we saw in part 1. A once-a-day pill that reduces HbA1c and improves time in range with continuous glucose monitoring, without increasing hypoglycemia or any signal for adverse events, is a big win for the future care of type 1 diabetes,” said Dr. John Buse, Director of the North Carolina Translational and Clinical Sciences Institute and of the Diabetes Center at the University of North Carolina School of Medicine and principal investigator for the study. Shares of VTVT closed last week at $2.10.
Penny Stocks To Watch: Advaxis Inc.
Finally, Advaxis Inc. (ADXS – Free Report) is back on the list of penny stocks to watch this week. Earlier this year we published an article discussing the fact that Advaxis will be presenting at several conferences throughout February.
This week will see the company present on its ADXS-PSA prostate cancer treatment on February 13th. Specifically, this study focused on ADXS -PSA in combination with Merck’s (MRK – Free Report) PD-1 checkpoint inhibitor KEYTRUDA®.
Considering the fact that Merck’s PDUFA date is February 18th for KEYTRUDA®, it might not be out of the question to think that related studies could be a focus for the market. Aside from the combination study with KEYTRUDA®, the company also presents later in the month at two other events.
The next will be at the IASLC 2020 Targeted Therapies of Lung Cancer Meeting on February 22. Furthermore, on February 27, the company presents on its pipeline at the Immuno-oncology 360.
Pursuant to an agreement between Midam Ventures LLC and IMC International Mining Corp.(CSE: IMCX), Midam has been paid $200,000 for a period from January 7, 2020, to February 14, 2020. Midam has been paid an additional $200,000 and extended its period of coverage to March 14, 2020. We may buy or sell additional shares of IMC International Mining Corp.(CSE: IMCX) in the open market at any time, including before, during or after the Website and Information, to provide public dissemination of favorable Information about IMC International Mining Corp. (CSE: IMCX). Full Disclaimer Here.