Are These The Best Penny Stocks To Buy For Under $3 Right Now?
Penny stocks are highly speculative and highly volatile. But the one thing all of these cheap stocks have in common is the price. According to the Securities and Exchange Commission’s definition of penny stocks, these are classified as equities trading at or below $5 per share. However, as you’ll come to see, there are stocks that even trade far below that threshold. As a matter of fact, many trade for actual pennies per share.
But don’t let the low price fool you. The cheaper the stock, the more volatile it could be. When there’s volatility, there’s also an opportunity to capitalize. In the case of a stock trading at $0.40, for example, even a 4 cent move equates to a 10% gain. Compare that to a stock like Apple (AAPL – Free Report) where a 4 cent move means almost nothing in terms of price appreciation.
But, just as quickly as they rise, penny stocks can crumble. That’s why it’s important to do as much research and diligence as possible to have the best chance of making money with penny stocks. Keeping this in mind, here’s a list of penny stocks trading under $3 (some under $1) right now. Will they be the best penny stocks to buy before the end of the month?
Penny Stocks To Buy [or sell] Under $1: IMC International Mining
First on this list of penny stocks is IMC International Mining (IMIMF – Free Report)(IMCX). This is a junior gold exploration company targeting assets in North America. Gold has long been a safe haven for investors. The recent trend has the yellow metal reaching highs of over $1,620 this morning. This may not appear to be big news if you’re new to gold stocks but it’s a historic high and marks a level not seen since February of 2013.
In light of this, many junior gold stocks or gold penny stocks have gotten attention. These aren’t only speculative in nature by gold investors’ standards, the general price per share lends itself to large percentage swings. In the case of IMC International, shares have just recently begun trading in the U.S. under the symbol IMIMF. Over the course of the last few weeks, the stock has jumped as much as 40% at yesterday’s high of $0.35. Furthermore, its Canadian listing has traded for a few weeks and has managed to jump as much as 100%.
In recent news, the company is in the midst of a potential acquisition. Through a letter of intent, the company aims to acquire Thane Minerals which owns the Cathedral Property in British Columbia, Canada. Located in the Quesnel Terrane, this area hosts past and planned production of 50 billion pounds of copper, 28 million ounces of gold, and has 16 producing and development projects, of which IMC hopes to tap into. It could be a top gold penny stock to watch this month.
Penny Stocks To Buy [or sell] Under $1: Tocagen Inc
Next, Tocagen Inc (TOCA – Free Report) has managed to attract attention during early trading on Thursday. Shares of the penny stock have already broken above $0.90. Compared to its low of $0.4611 on Wednesday, TOCA stock managed to jump nearly 100% in less than 24 hours.
The big excitement this morning stems from the company’s recent update. Tocagen announced that along with Forte Biosciences, the two have entered into a merger agreement. Tocagen will merge with Forte in an all-stock transaction with the resulting company targeting the advancement of Forte’s program for skin diseases. Forte will end up becoming the prevailing company along with a name change to reflect this. Furthermore, you’ll start seeing the penny stock trade under a new symbol, FBRX.
Marty J. Duvall, chief executive officer of Tocagen, remarked, “Following an extensive review of strategic alternatives, we believe that this merger with Forte is in the best interest of Tocagen’s stockholders and has the potential to deliver immediate and long-term value to the stockholders.”
Penny Stocks To Buy [or sell] Under $3: TherapeuticsMD
A somewhat familiar face on this list of penny stocks, TherapeuticsMD (TXMD – Free Report) has sporadically jumped over the last few months. This time we see TherapeuticsMD stock jumping during premarket trading on Thursday. Shares have already reached highs of $2.72.
This came after the company made a big announcement. TherapeuticsMD reported its Q4 earnings this morning. Not only did the company post net product revenue of $15.9 million exceeding guidance, but full-year 2019 net product revenues also came in at $34.1 million. This was closer to the company’s top end of its financial guidance.
“I am very pleased with our commercial team’s execution in 2019, which has put us in a strong position for 2020. We ended the year exceeding our fourth-quarter net revenue guidance and achieved the top end of our full-year guidance,” said Robert G. Finizio, Chief Executive Officer of TherapeuticsMD. As far as 2020 is concerned, the company is expecting net sales for 2020 between $90 million to $110 million.
Penny Stocks To Buy [or sell] Under $2: Senseonics Holdings
Another familiar face on this list of penny stocks, Senseonics Holdings (SENS – Free Report) has been on the move for most of February. On Wednesday shares of SENS stock reached new 2020 highs of $1.75. During premarket trading, the penny stock began to trade higher as sector momentum helped boost momentum.
This week the company came out with a big update of its own. Senseonics reported a positive coverage decision for its Eversense continuous glucose monitoring system. Cigna has decided to allow coverage for the system. This continued Senseonics’ goal to build on its number of payers writing Eversense into coverage.
“Cigna prides itself on providing choice and access to quality care through connected, personalized solutions that allow their members to harness actionable insights to drive better healthcare results. Now Cigna members will have the choice to use the only long-term implantable CGM system available to help them better manage their diabetes,” said Tim Goodnow, Ph.D., President and Chief Executive Officer of Senseonics.
Penny Stocks To Buy [or sell] Under $3: Brickell Biotech
Finally, Brickell Biotech (BBI – Free Report) is trending higher during premarket trading on Thursday. BBI stock has jumped by more than $1 since its February 19 close. The company reached highs of $2.90 on above-average trading volume after releasing penny stock news.
Brickell Biotech reported positive results from its Phase 2b study in patients with axillary hyperhidrosis. These results were published in the Journal of the American Academy of Dermatology. The company’s sofpironium bromide treatment results further suggest that pivotal Phase 3 studies are warranted.
“We are encouraged by these Phase 2b study results and are pleased by the publication of these data in such a prestigious academic peer-reviewed journal. These study results give us the confidence to continue to advance the development of sofpironium bromide.”Deepak Chadha, M.S. M.B.A., Brickell’s Chief Research & Development Officer
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.