These 5 Penny Stocks Could Be Worth Your Attention Right Now
It isn’t difficult to see that the broader markets are having a tough time right now. With COVID-19 infecting the news cycle, daily, it isn’t a bull market like most have become used to. However, we (PennyStocks.com) might have the prescription and it doesn’t involve more cowbell. If you look at micro-cap stocks right now, there are plenty rallying to the tune of big percentages. It just comes down to finding the best penny stocks to buy.
This week, we’ve seen everything from biotech to gold penny stocks jump. It may have been partially due to coronavirus concerns. But for the most part, penny stocks tend to move to the beat of their own drums. One of the biggest attractions to these low priced equities is the potential to make money with a small investment. On top of that, some people who invest in penny stocks like to find early-stage companies they can grow into.
While the latter is much less frequent, there are companies that end up hitting it big. A lot of that comes after years of executing on corporate milestones. So remember that when you’re doing your research, check fundamentals of a company just as closely as chart technicals. With this in mind, here’s a list of penny stocks that may warrant a closer look right now.
Penny Stocks To Watch: IMC International Mining
First, IMC International Mining (IMCX – Free Report) (IMIMF) has managed to grab attention from investors this week. Wednesday saw its first meaningful pullback since the start of the year. While this could have offered a brief opportunity to see this gold stock at lower levels, it didn’t last long. Shares of IMC bounced back strong by the end of the day and closed just shy of $0.44CAD. In the U.S., things were just as volatile with IMIMF trading in a range of $0.30 to $0.37.
This isn’t much different from what gold stocks have seen this week, in general. Yesterday we saw a number of larger gold stocks pull-back. While coronavirus/COVID-19 are in the face of investors right now, it’s likely that safe-havens such as gold will remain a key focus. With IMC International, the true potential may still be yet to see from a fundamental stance.
The company has framework in place to capitalize on a the acquisition of a company that would put it in the middle of a major gold discovery zone. It has already signed a letter of intent and now the market waits patiently to see what comes next. In any case, if the deal closes, IMC International will have access to a project in the Quesnel Terrane. It’s been host to past and planned production. So for those with this on their penny stocks watch list, this is likely a point of major interest especially considering the price of gold.
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: iBio Inc.
iBio Inc. (IBIO – Free Report) is a penny stock we’ve discussed more intently since early December of last year. At the time, shares of IBIO stock traded around $0.18. Not only have they climbed to more than $0.30, late trading on Wednesday saw the stock surging. First off, iBio is fining itself among coronavirus stocks. The company and CC-Pharming initiated a joint development of a coronavirus vaccine earlier this month.
On February 25 the company filed an Amended 8K specifying the details of a share purchase agreement. But as far as something on the 26th that would warrant a move starting during power hour doesn’t appear to be easily identified right now. The company recently postponed its annual meeting and pushed it to March 5.
While it’s likely that its participation in a potential virus treatment has likely sparked interest, the market momentum remains strong. Shares traded heavily in after market hours on Wednesday with the stock breaking above $0.37 for the first time since February 14. Given this action, will IBIO be another ticker on your list of penny stocks to watch Thursday?
Penny Stocks To Watch: BioCryst Pharmaceuticals Inc.
Next, BioCryst Pharmaceuticals Inc. (BCRX – Free Report) may be the unlikely biotech penny stock to watch on this list. Shares have slid for the better part of the month. But on February 26, BCRX stock made an about-face in the market.
While there was no news on Wednesday, the move follows BioCryst’s latest announcement. The company appointed Alan G. Levin to its board. As a former Pfizer alum, Levin has held various CFO positions in public markets.
“With a significant therapy nearing approval this year, and a pipeline of home-grown oral medicines for rare diseases right behind it, BioCryst is transitioning into a commercial company positioned for long-term success delivering innovative medicines to patients. I look forward to adding my contribution to the outstanding board and management team,” said Mr. Levin. But again, this may be another case of the coronavirus fever that’s taking over the market.
Aside from the rest of its pipeline, BioCryst has a treatment for influenza called RAPIVAB. It’s The company’s first approved product and received regulatory approval in the U.S., Canada, Japan, Taiwan, Korea, the EU, and Australia. Considering the close similarities between COVID-19 and the flu, could this recent attention be warranted?
Penny Stocks To Watch: China Pharma Holdings
Once again, China Pharma Holdings (CPHI – Free Report) has its place on a list of penny stocks to watch right now. While companies like BioCryst, iBio, and even IMC International have had recent news to justify attention, China Pharma has been quiet. But its stock has been on the move.
Why might this be? Well, with some hype sectors or niches, speculation alone can drive momentum. In this case, China Pharma may have benefited from the “hopium” of finding the next big coronavirus stock. The company appears to offer rest=piratory drugs on its website. But other than that, there hasn’t been any news released by the company since November of last year. Like iBio, shares of CPHI stock began climbing aggressively during power hour on Wednesday.
This came as reports materialized suggesting a true epidemic situation. German has now confirmed cases as well as Brazil. As the markets try to digest this latest round of updates, COVID-19 stocks could be a key focus.
Penny Stocks To Watch: Yamana Gold
Finally, another gold company, Yamana Gold (AUY – Free Report) saw its shares rebound on Wednesday. Shares of the penny stock have been flying for the better part of the last few months. Thanks to the rising price of gold alone, sector stocks have benefited.
With Yamana, specifically, the company has been reporting fundamental progress as well. The company said this week that it agreed to sell a portfolio of royalty interests and the contingent payment to be received upon declaration of commercial production. This is at its Deep Carbonates Project at the Gualcamayo gold mine. Yamana sold these to Guerrero Ventures for $65 million.
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But also, we can’t forget that beyond being a “safe haven” sector, Yamana has also focused on expansion for the future. “Yamana has always taken a long-term strategic perspective,” said Henry Marsden, Senior Vice President of Exploration at Yamana. “We believe that investing in a generative exploration program today will secure our future tomorrow. We have strong prospects in mine-friendly jurisdictions that we know well, and we are confident that they will become a cornerstone of Yamana’s next generation of mines.”
Will biotech and gold stocks be the key focus for Thursday’s morning session amid recent coronavirus concerns?
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). Full disclaimer here.