Best Penny Stocks To Watch For Coronavirus?
The markets have been in turmoil over the course of this week due to the spread of the coronavirus epidemic. There are widespread fears that, due to the spread of the virus, economic activities might be hampered across the world.
Hence, a selloff has been happening in the stock market. Plenty of stocks have tanked in recent days. However, even amidst the carnage, some penny stocks have managed to actually record gains and emerged as viable options for investors. Here is a quick look at 3 penny stocks that could be worth tracking at this point.
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Coronavirus Penny Stocks to Watch: IMC International Mining
Looking at the gold sector, you’ll see a very different view compared to earlier this week. While gold prices reached new 7-year highs of $1,691.70, they’ve retreated aggressively. But if you look at gold prices one week ago, not much has changed as far as price is concerned.
Something that is a concern, however, is that there are many gold stocks feeling the pressure from coronavirus concerns. So why would IMC International Mining (IMCX – Free Report)(IMIMF) be on a list of penny stocks to watch?
The simple reason is that the junior gold stock has weathered the storm. Look at most junior miners, larger gold stocks, etc. most have seen big consolidation this week. For IMC International, that hasn’t been the case. It’s actually held the same trend as it has over the last 10 trading days. While sideways trading might not be as impressive as a monster breakout, it’s worth noting the sector stocks that aren’t falling. IMC is one of just a handful right now.
What’s happened with the company that might be garnering closer attention? One word: acquisition. IMC International recently signed a letter of intent to acquire a company that owns the Cathedral property in northern British Columbia. Based on the fact that the Golden Triangle is just to the northwest of this area, it could be a strong target for the company. Specifically, Cathedral is in the Quesnel Terrane which has been host to significant gold mineralization. Given the circumstances in the gold sector along with corporate progress, IMC International could be one of a handful of junior gold stocks to watch right now.
Coronavirus Penny Stocks to Watch: iBio
One of the penny stocks to have recorded significant gains this week is that of Ibio Inc (IBIO Free Report). The stock soared by as much as 50% on Tuesday without any material news about the company.
However, it should be noted that iBio is working on a coronavirus vaccine. This week, the panic about the virus has peaked significantly. More cases have been discovered, and hence, it is no surprise that the stock rallied so strongly yesterday.
Eventually, IBIO stock ended up rallying by as much as 159%. As the panic continues with regards to coronavirus, it is a stock that could be in focus among investors. Moreover, IBIO stock is up even higher during the pre-market session. Since the start of the year, the penny stock has climbed by as much as 854.5%.
Coronavirus Penny Stocks to Watch: OpGen
Investors could also consider having a look at OpGen (OPGN Free Report), which soared by as much as 37% on Thursday due to the rising coronavirus fears. Earlier on in January, it emerged that OpGen’s merger partner’s subsidiary Curetis GmbH was going to collaborate with the Chinese firm BGI Group.
This was for a coronavirus testing service meant for Europe. Now that cases have been reported in Italy, the company’s products could be a focus. That could be the reason behind the rally in OPGN stock right now.
“This collaboration highlights the importance of rapid testing technologies in tracking the evolution of and containing global outbreaks. We congratulate Curetis on their collaboration and commend them and BGI Group for their swift action to assist in the surveillance and identification of yet another infectious disease with cases across the globe,” said Evan Jones, Chairman & CEO of OpGen.
Disclaimer: 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). Full disclaimer here.