These Penny Stocks Are Picking Up Where They Left Off
Penny stocks have often proven to captivate the interests of novice and experienced traders alike. These cheap stocks generally trade below $5 according to the official SEC definition of penny stocks. Based on share price alone, investors can a number of penny stocks at one time and leverage the overall position size to benefit from a small move in share price.
For example, if an investor buys one share of Apple stock (AAPL – Stock Report), it would cost around $315. However, for the same $315, the same investor could purchase over 1,000 shares of a $0.30 penny stock. Though there is a much higher risk with the latter, a small move of $0.10, would see that 1000 shares increase in value by $100. For the same to be true for Apple, the one share of that tech stock would need to jump by $100 instead of by the $0.10 for the penny stock.
Aside from the price being a focus, you should also look at certain sectors as well. Finding a well-timed investment can be as easy as finding the hot sector of the week. Right now it looks like gold stocks are beginning to make a big move. Fears surrounding the coronavirus have pushed a bigger focus on global economies and how they may slow.
As a hedge, many investors take to “safe-haven stocks” like gold to use it as a store of value among other things. On that note, here is a quick look at 5 penny stocks that could be worth tracking at the start of the week.
Penny Stocks To Watch: IMC International Mining
In light of the statement about gold stocks, IMC International Mining (IMCX – Stock Report) (IMIMF) has followed the sector trend. Today the price of gold has managed to break above $1,600 for the first time since January. Prior to that, gold prices hadn’t broken this level since April of 2013. In light of this, junior gold stocks like IMC International have managed to climb higher this month.
Shares of this gold penny stock have managed to jump 100% since early January. This month IMC has attracted more attention after signing a letter of intent for the acquisition of Thane Minerals. According to the specifics of the letter of intent, IMC International plans to acquire Thane and its 100% owned Cathedral Property. This is located in an area called the “Quesnel Terrane”.
The importance of that is the fact that the Quesnel Terrane hosts past and planned productio. In addition, the fact that Cathedral is still in a relatively unexplored portion of the northern Quesnel Terrane means that IMC International could have an opportunity to strike gold and other metals, first. In light of recent gold prices, it could be a beneficial acquisition if/when the companies decide to come to official terms.
Rider: It is noted that the results of nearby or adjacent properties are not necessarily indicative of the potential of the Cathedral property and should not be understood or interpreted to mean that similar results will be obtained from the Cathedral property.
Penny Stocks To Watch: Zosano Pharma
The next on the list of penny stocks to watch, Zosano Pharma (ZSAN Stock Report) was mentioned a few times over the last week. The stock rebounded strongly after having crashed by as much as 47%. Back on February 12, Zosano announced that it was going to make a public offering of around 10.1 million Class A units and 2.2 million class B units.
The announcement lead to a drop in the stock price, but since then, it has recovered. We highlighted this in our article, “These Penny Stocks Just Hit New Lows; Now What?” Well, the “now what” has turned into a strong focus on a penny stock breakout. Since posting the initial article, Zosano stock gained as much as 99% as investor interest began to refocus. Investors could keep an eye on the stock over the coming days.
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The company announced the submission of a New Drug Application for its Qtrypta treatment, to the FDA. Why could this be an important thing to factor in right now? The company expects to receive notification from the FDA confirming whether the submission was accepted for filing for substantive review in March 2020. So if ZSAN stock is on your penny stocks watch list right now, this may be something to keep in mind considering this latest move.
Penny Stocks To Watch: Digital Ally
Another penny stock that may deserve some attention is that of Digital Ally (DGLY Stock Report). The company is a video recording and analytics software company that has attracted investors this month. The stock has been on a remarkable move for much of February, and it continued to move higher this past Friday.
The move is possibly linked to the latest filing from Digital Ally. The company reported that it is not going to go ahead with a share offering. That resulted in a major rally in DGLY stock. Since February 13, shares of the penny stock managed to run from lows of around $0.83 to highs of $1.35 last Friday. Despite pulling back from those highs on Tuesday, shares have continued to trade higher after Tuesday’s opening bell.
Penny Stocks To Watch: PAVmed
On the other hand, PAVmed (PAVM Stock Report) has emerged as another penny stock to watch this week. Since the begging of the year, PAVmed has manage to move up big. At the time, shares traded around $1.23 and have since made a move to highs of $2.94 this week. This 139% move didn’t come out of nowhere. PAVmed has managed to execute on several fronts.
Last week, the company’s EsoGuard Esophageal DNA test was designated as a breakthrough device by the FDA. The device identifies patients who are at risk of esophageal dysplasia. It was not a surprise when the stock rallied following the announcement. In addition to this, the company added the EsoCure device to its commercial product pipeline.
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Lishan Aklog, M.D., PAVmed’s Chairman and Chief Executive Officer said, “EsoCure is a major addition to our product portfolio, with a substantial market opportunity and strong synergies to Lucid’s EsoGuard™ and EsoCheck™ products. Once commercialized, PAVmed and Lucid will be able to offer the only comprehensive panel of products capable of detecting and treating conditions across the spectrum of conditions from Barrett’s Esophagus to esophageal cancer. With our progress to date we expect to complete development and FDA 510(k) submission of EsoCure by early 2021, if not earlier.”
Penny Stocks To Watch: FuelCell Energy
Finally, FuelCell Energy (FCEL Stock Report) has been one of the top penny stocks to watch this month. We’ve covered this company countless times over the last few quarters. In fact, since late June 2019, writers on PennyStocks.com have continued to follow the developments of FuelCell Energy closely. At the time, this penny stock was trading below $0.20, since then FCEL stock has rallied as high as $3.
Needless to say, the month of February has been an exciting one as well for FuelCell Energy. After consolidating from its January $3 high, the trend has continued to move up. Just last week the company announced that it closed on a tax equity sale-leaseback financing transaction for a 2.8-megawatt project in Tulare, California. This was done with Crestmark Equipment Finance.
“Financing from Crestmark broadens FuelCell Energy’s financing relationships. Crestmark has a deep understanding of the quality solutions delivered by our products, including carbon-neutral projects directly leveraging on-site biofuels. This efficient sale-leaseback financing structure enables FuelCell Energy to retain the Tulare BioMAT project in our generation portfolio, enhancing the Company’s recurring cash flows and margin.”
Michael Bishop, Executive Vice President and Chief Financial Officer of FuelCell Energy
Disclaimer
Pursuant to an agreement between Midam Ventures LLC and IMC International Mining Corp. (CSE: IMCX) (IMIMF), 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. Midam has been paid an additional $200,000 and extended its period of coverage to July 9, 2020. We may buy or sell additional shares of IMC International Mining Corp.(CSE: IMCX) (IMIMF) 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) (IMIMF). Click Here For Full Disclaimer.
