5 Penny Stocks To Watch Right Now
In the stock market today there are several things in focus that have driven broader markets lower and speculative stock higher. Concerns over the spread of the coronavirus continue to spin.
On top of this, comments from the Federal Reserve have also been a point of interest. Earlier today the St. Louis Fed President James Bullard said that there’s a high probability that this virus “blows over as other viruses have, be a temporary shock and everything will come back.”
Needless to say, others like Atlanta Fed President Raphael Bostic were more focused on rates. While some on Wall Street expect lower rates this year, Bostic thinks differently. He says rates could stay in a holding pattern for “3 months, 6 months or even longer.”
While broader sector stocks and blue-chips feel pressure, many higher volatility penny stocks are making moves higher. We’ve already seen several sectors bolster momentum in the market. This includes mining, real estate, and even biotech. With this in mind, here’s a closer look at 5 penny stocks that have made moves this year. Will they be money-making penny stocks to buy heading into next week?
Penny Stocks To Watch: International Land Alliance
One of the sectors weathering this global COVID-19 storm has been real estate. Specifically, commercial real estate has bucked a bull trend. In light of this, investors have taken a liking to certain real estate and real estate development stocks in recent months. Case in point, both the iShares U.S. Real Estate ETF (IYR Stock Report) and Real Estate Select Sector SPDR Fund (XLRE ETF Report) are up 7 and 8% respectively since the start of 2020. As of this morning’s opening bell, the S&P ETF (SPY ETF Report) was only up about 3.5% since 2020 started. So it may not be a bad time to be looking at penny stocks in this arena right now.
International Land Alliance (ILAL – Free Report), for example, has managed to climb since late last year. The company is a land investment and development company building a portfolio of exclusive properties. Its main target areas are in an untapped area of development in Baja California, Mexico. And right now, International Land Alliance could present an immediate opportunity to be among developers in a growing market area that has become increasingly popular for tourism and retirement.
Mexico is the world’s 15th largest economy with the potential to become 5th by 2050. It’s the most stable economy in Latin America. Over the next two years, the International Monetary Fund projects a growth of 2.3% and 2.7%, respectively. But this particular area of Northern Baja California, Mexico has quickly become a hotbed for tourism and even baby boomers looking to relocate. Meanwhile, International Land Alliance boasts a project portfolio with revenue potential north of $70 million, according to the company.
Penny Stocks To Watch: Guardion Health Sciences
Guardion Health Sciences (GHSI Stock Report) has started to trend higher this week. The penny stock has been consolidating since hitting highs of over $0.50 this year. Guardion’s last news update seems to have been a sticking point for investors and one to take note of.
The company announced this month that developed a unique proprietary formulation to provide immuno-support and anti-inflammatory benefits targeting the upper respiratory tract. Given the recent concern over coronavirus, this could be a sympathy play amid recent attention on the virus. Preliminarily labeled acuMMUNE it is the first product to be introduced by Guardion under its NutriGuard label.
The acuMMUNE formulation was designed with the objective of supporting effective immune function. It could also mitigate the excessive lung inflammation that can lead to the harsh symptoms and even death caused by severe lung infections. These are things associated with certain viral infections. So while “COVID-19” has investor interest, it makes sense that GHSI stock has made a move higher. As with all things related to trends, keep this in mind if it’s on your penny stocks watch list right now.
Penny Stocks To Watch: Tocagen
Another one of the penny stocks to watch this week has been Tocagen (TOCA Stock Report). After reporting an agreement of merger with Forte Biosciences, the penny stock has taken off. At the start of the week, shares traded around $0.50 and have since jumped to highs of over $1.45 Friday morning.
“We are excited about the opportunities created by this merger, as it positions us to become a global leader in inflammatory skin diseases with the funding needed to advance our pipeline towards regulatory approval and potential commercial launch,” said Paul Wagner, president, and chief executive officer of Forte.
Through the deal, Forte will be the prevailing company. Furthermore, the penny stock’s ticker will change to FBRX. Forte’s lead asset, FB-401, is a topical therapy for the treatment of inflammatory skin diseases. In a Phase 1/2a trial in adults and pediatrics, FB-401 showed meaningful efficacy and favorable safety and tolerability profile. According to the company, full trial results will be submitted for publication in a peer-reviewed journal in the first half of 2020. A randomized Phase 2 trial is planned for mid-2020 in adults and pediatrics with atopic dermatitis.
Penny Stocks To Watch: MannKind
Another one of the penny stocks to watch mentioned this week is MannKind (MNKD Stock Report). The company gives a series of presentations this week and over the weekend. These include results from multiple clinical studies of Afrezza® Inhalation Powder and MannKind’s BluHale® technology system.
Dr. David Kendall, Chief Medical Officer of MannKind said in a press release, “These presentations highlight original studies of Afrezza in individuals with both type 1 and type 2 diabetes, and include initial studies of Afrezza in pediatric patients…We are pleased to disclose novel data on the use of BluHale, our Bluetooth-enabled technology for real-time profiling of inhalation effort and other parameters associated with the use of our inhaler.”
As with many biotech penny stocks, industry presentations can act as a big boost for sentiment. In light of this, it is important to note these upcoming presentations. Furthermore, since we started following this story, MNKD stock has managed to jump to new highs of over $1.60 on Friday. Can this momentum continue into next week?
Penny Stocks To Watch: IAMGOLD Corp
Finally, no list of penny stocks would be complete today without a gold stock. The price of gold is reaching historic levels this week. Obviously, the coronavirus has helped in the fear department. However, comments from the Fed have also suggested a continuation in lower rates.
While many companies have reported strong earnings, analysts are holding steady after IAG’s latest report. IAMGOLD (IAG Stock Report) reported revenues of $293.4 million and a net loss of 341.2 million, driven by impairment charges at some of its properties. However, a surging gold price has help remedy the fall-out from these results. In the fourth quarter, IAMGOLD produced 192,000 ounces of gold. Full-year production totaled 762,000 ounces. The company has also reaffirmed its production guidance for 2021: 760,000-840,000 ounces. But soft 2020 production guidance has the street holding steady.
National Bank maintained its Outperform rating but cut price targets. RBC also followed suit in maintaining ratings & cutting targets. Other firms fell in line too. This included TD Securities, which dropped its target from $8 CAD to $7 CAD but maintains a Buy rating.
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