penny stocks to watch right now

Investing in penny stocks can often prove to be tricky due to the considerable risks that are associated with this class of stocks. That being said, risks are associated with all stocks. So, an investor needs to look into companies thoroughly before making a decision to buy penny stocks.

One of the better ways of going about it is by tracking those penny stocks that might have hit new highs and shown consistent momentum. Then again, when stocks reach extreme highs at 52-week levels, it’s also prudent to pay attention to other factors that could keep the “train going.” If a company jumped in a very short period of time based on a short-term news update, we’ve seen in the past that the penny stock can rapidly consolidate too.

However, if the uptrend is sustained over the course of weeks or even months, it could indicate potential for continuation. That’s also assuming that the company in question has meaningful developments that would warrant upbeat and continued bullish sentiment. Here is a closer look at 5 penny stocks that have hit new highs and could be on some penny stocks watch lists right now

Penny Stocks To Watch: IMC International Mining Corp.

First, IMC International Mining Corp (IMCX Stock Report)(IMIMF) has seen a big move this year. Since January 8, shares have climbed 100% from $0.25CAD to highs of $0.50CAD this week. Though much of the excitement surrounding junior gold stocks has been related to the price of gold, IMC International has several projects that could present new opportunities for the company.

This week, the company announced its latest development. IMC has signed a letter of intent to acquire 100% of Thane Minerals Inc. The biggest asset for Thane is its 100% ownership of a property in Northwest British Columbia known as the Cathedral Property located within the Quesnel Terrane. The importance of this is that the Quesnel Terrane extends from south of the Mt. Milligan Mine northward to the Kemess Mine. The Cathedral property’s located midway between these two copper-gold porphyry deposits.

The Kemess Mine, for example, produced approximately 3 million ounces of gold and 700 million pounds of copper over the life of the mine. That’s according to the company’s release. In addition to this, the company also brought on Greg Hawkins as Chairman of the Board. He’s got a history of success in the mining industry since 1969. This includes a current director role at New Pacific Metals (NUAG Stock Report). Though this is an LOI, it is the first big step for the company expanding on its current portfolio of mining assets. It could be worth watching if IMCX or IMIMF are on your penny stocks watch list right now.

penny stocks news IMC International Mining (IMCX)(IMIMF)

Penny Stocks To Watch: Aehr Test Systems

Next, Aehr Test Systems (AEHR Stock Report) has managed to make a comeback. This was after suffering from a decline back in January 2019. At the time, the company had to blame adverse market conditions and order delays for lowering its projections. However, AEHR stock hits its 52-week high of $2.42 on Wednesday and recorded gains of 9.50%.

Earlier this month the company showcased its FOX-P multi-wafer test and burn-in systems at the 2020 SPIE Photonics West Exhibition. Aehr Test President and CEO Gayn Erickson commented, “We are very optimistic about the silicon photonics and photonics sensors markets as significant growth opportunity drivers for Aehr. Market research company Yole Development predicts silicon photonics will have a CAGR of 44% in volume growing from around US$455 million in 2018, equating to 1.3 million units, to around US$4 billion in 2024, equating to 23.5 million units.”

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The update comes on the heels of Aehr reporting strong earnings in January of this year. The company saw 24% sequential revenue growth in the second quarter. Furthermore, Aehr reiterated is guidance for “significant growth” for fiscal 2020.

penny stocks to trade Aehr Test Systems (AEHR)

Penny Stocks To Watch: Anavex Life Sciences

The other penny stock that hit a new high is the Anavex Life Sciences (AVXL Stock Report). This week, AVXL stock reached highs of $4.91 as it continued to rise this year. So far in 2020, the penny stock has gained as much as 86.6%. Last week, the company announced that its ANAVEX 2-73 received the coveted fast track designation by the FDA. ANAVEX 2-73 treats Rett Syndrome.

In addition to this, the company is coming off of a big presentation at the BIO CEO & Investor Conference this week. In its latest earnings report, CEO Christopher U Missling, PhD, explained some of the key developments of Anavex.

“Our clinical Rett syndrome programs are on track with continued enrollment. While our enrollment and early data have been exciting, we are humbled by the needs of the rare disease and Alzheimer’s and Parkinson’s disease communities with whom we engage. They impress a sense of urgency on our work to deliver a new paradigm that underscores the need for new treatment options for patients and their families.”

penny stocks to watch Anavex Life Sciences (AVLX)

Penny Stocks To Watch: PAVmed

Another penny stock to watch, PAVmed (PAVM Stock Report), managed to realize an impressive move in 2020 so far. The stock rallied by as much as 58% this year so far. On Wednesday, it hit a new high of $1.91 per share. The main trigger for the rally this week came about on Tuesday. This came after the company’s EsoGuard Esophageal DNA test received designation as a Breakthrough Device by the FDA. It is a significant development for PAVmed.

“EsoGuard’s FDA Breakthrough Device designation represents a major milestone for PAVmed and Lucid. This designation validates our belief that EsoGuard is a groundbreaking technology that has the potential to have as great an impact on esophageal cancer as widespread Pap screening has had in preventing deaths from cervical cancer.”

Lishan Aklog , M.D., PAVmed’s Chairman and Chief Executive Officer and Lucid’s Executive Chairman
penny stocks to watch PAVmed (PAVM)

Penny Stocks To Watch: HC2 Holdings

Another penny stock that may deserve attention is that of HC2 Holdings (HCHC Stock Report). It has emerged as an impressive gainer so far this year. HCHC stock has rallied by as much as 108% since January 8. Recently it hit a new high of $4.30 this week. Towards the end of January, the company made a big announcement.

This was to sell its interest in Global Marine Group for $250 million. That proved to be an important trigger. Earlier this week, it revealed that it is looking to sell other wholly-owned subsidiaries. These include Continental Insurance Group and Continental General Insurance Co.

[Read More] These Penny Stocks Just Hit New Lows; Now What?

“We have always believed that we have aggregated a very attractive group of assets, but it is now time to harvest certain of these assets to accelerate our debt reduction plan and further close the gap between our market value and the net asset value of our underlying portfolio companies,” said HC2 Chief Executive Philip Falcone in a statement. On February 11, HC2 also reported that it appointed Julie Springer to its Board. Springer was the former Chief Marketing and Communications Officer of TransUnion. Will these latest actions prove fruitful and continue to push the bullish momentum HCHC stock has seen this year?

penny stocks to trade HC2 Holdings (HCHC)

Disclaimer

PennyStocks.com is owned and operated by Midam Ventures, LLC. 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). Read our full disclaimer here.

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