4 Penny Stocks To Watch This Week
The markets were in turmoil this past week as the coronavirus epidemic spread outside China. This raised serious questions about the smooth running of businesses across the world. Many stocks tanked last week, as many investors rushed for the exits. Despite all that, there are some sectors that actually benefited. These coronavirus stocks mainly fell in the category of penny stocks. Several managed to make significant moves as well and continued to do so on Monday.
It isn’t just biotech penny stocks that are getting attention this week either. Unlike last week, safe-have stocks are gaining ground on Monday. Kick-starting the new month, several gold stocks including gold penny stocks have managed to make noticeable swings at the start of the week. Given this, here is a list of penny stocks to watch for the start of March 2020.
Penny Stocks To Watch Right Now: IMC International Mining
First, IMC International Mining (IMIMF – Free Report) (IMCX) has been one of the top gold penny stocks to watch this year. Ever since it started trading in Canada, attention has focused on the company’s asset holdings. Once it began trading on the U.S. exchanges under the symbol IMIMF, awareness of the company expanded further in North America.
What have been the points of interest for the company? Beyond its current asset in Arizona – The Bullard Pass – the company has also focused on expanding its footprint through acquisitions. Given the current price of gold even after pulling back, it has still justified further expansion by some of the largest gold companies, like Barrick Gold (GOLD – Free Report) for instance.
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In any case, earlier in February, the company signed a letter of intent to acquire Thane Minerals; owners of the Cathedral property in British Columbia. This could be a significant deal for IMC as it opens its operations to a prolific area in northern B.C. It further would add new members to its board like Greg Hawkins, who has over 50 years of industry experience.
Penny Stocks To Watch Right Now: Advaxis
Next, Advaxis (ADXS – Free Report) recovered on Friday and gained as much as 4.50% to close at $0.81 a share. This came after hitting a session low of $0.66. Recently, Advaxis presented data from the Phase 1/2 study of its ADXS 403 at that 360 Conference. The data was positive at that and warranted further attention in the market last week.
Dr. Jonathan W. Goldman, Director of Clinical Trials in Thoracic Oncology at UCLA explained, “These data are very encouraging as they preliminarily demonstrate the ability of ADXS-503 to enhance or restore sensitivity to checkpoint inhibitors as we had hypothesized during the design of the study based on preclinical data.” He added, “We will follow the durability of the responses to therapy and look forward to moving into Part C in ADXS-503 later this year, which will enroll patients for first line therapy in combination with pembrolizumab.”
The anti-tumor potential of ADXS-503 could be a big milestone for Advaxis. However, despite this update, shares briefly pulled back last week. However, as you can see, momentum is back in favor of ADXS stock on March 2. Will this signal a new uptrend for the biotech penny stock?
Penny Stocks To Watch Right Now: Paratek Pharmaceuticals
Another penny stock worth tracking at this point is that of Paratek Pharmaceuticals (PRTK – Free Report). It soared by as much as 46% over the last week and ended the week at its highest level in 5 months. The company announced its fourth-quarter results as well. Its losses proved to not be as low as analysts’ estimates.
Its loss per share stood at $0.81 a share, while analysts had an estimated loss of $1.03. The earnings surprise may have been another reason for the strong performance from PRTK stock last week. What’s also important is the relationship to COVID-19. The recent attention that coronavirus penny stocks have received is the latest hype in the market.
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“The recent news with coronavirus only further highlights the urgent need for innovative therapeutics to fight this devastating disease,” said Randy Brenner, Chief Development & Regulatory Officer. “As with influenza, many of the coronavirus fatalities are unfortunately associated with secondary bacterial pneumonia infections, further highlighting the importance of a novel once daily well-tolerated oral and IV antibiotic in the treatment paradigm for pandemic preparedness.”
Penny Stocks To Watch Right now: Zosano Pharma
A few weeks ago we covered some penny stocks that had dropped to historic lows. Zosano Pharma (ZSAN – Free Report) was one of these penny stocks. At the time the company had announced a multi-million dollar capital raise. Just like yesterday’s article about certain coronavirus penny stocks, it’s important to keep things like this in mind. It can present a risk if the money is raised at a discount to market. In this case, the money was raised at a discount. However, something we also explained was this:
The company said it will use the proceeds of the offering for “pre-commercialization activities and for general working capital and corporate purposes.”
While discounted raises aren’t great for retail investors, they do bring needed capital into the company to reach new milestones. That’s essentially the main reason of going public and leveraging the markets. In any case, March could be an important month for Zosano. In a December update, the company said that it expects to receive notification from the FDA confirming whether the submission on its Qtrypta™ migraine treatment was accepted for filing for substantive review in March.
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.