6 Penny Stocks To Watch This Month; 2 With Big News On March 3rd
After a battle last week, penny stocks and blue-chip stocks alike are trading higher to start the month. March 2020 has started things off on a positive note. Considering that there was a huge sell-off marking the market’s worst week since 2009 last week, this is a sigh of relief right now for many traders. But if you’ve been a frequent reader of PennyStocks.com, last week was pretty impressive. We saw some of the biggest breakouts of the year thanks to coronavirus stocks.
And as much as some may talk bad about penny stocks, some of the biggest movers started as penny stocks. This week we aren’t’ writing about some of them because they’ve left the penny stock range behind. But like we always say, there are always more names to know. While March has begun on a bright note, it’s important to keep your goals and strategy in mind. During times like these, emotions can definitely tempt you. FOMO will likely be a big teaser too.
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With volatile markets come bigger risk. Similarly, with bigger risk comes the potential for a big reward too. Now that this disclaimer is out there, let’s focus on what’s happening in the market. Coronavirus penny stocks are still hot this week. While a number of names have cooled off, others have begun to heat up. Let’s take a look at some penny stocks to watch heading into the month that have seen momentum up recently. Two have just reported big news on March 3, 2020.
Penny Stocks To Trade [or watch]: IMC International Mining Inc. *NEWS UPDATE*
This is one of the frequently discussed penny stocks that has continued pushing higher this year. At the start of 2020, IMC International Mining (IMIMF – Free Report) (IMCX) traded under $0.30CAD and at the time its Canadian listing was the only thing to watch. Later on, in January, shares began trading in the US, also under $0.30USD. Needless to say, both markets have seen a strong jump in price and volume this year so far. Both have also managed to reach highs of $0.50 on their respective exchanges.
What may be important to note here is that it was one of only a few gold penny stocks that didn’t get crushed last week. It didn’t skyrocket either but given the circumstances, IMC held its own. What are some things people are looking at with this junior gold company?
- Recent Acquisition News
- New Team Members Coming On Board
With an acquisition as the initial driver, IMC has targeted a company called Thane Minerals and its Cathedral property. Something important to note is that there are phases to acquisitions. The early, letter of intent phase generally attracts attention, while other phases relating to a more concrete deal tend to act as an additional catalyst, historically.
*UPDATE* IMC International Mining Corp. just announced (3/3/2020) it expects the acquisition to close “on or before March 15“. This could be a very important date to keep in mind if IMC International is on your penny stocks to watch list.
Just look at any of the big mining acquisitions over the past 2 years. For now, IMC is in the “intent” phase but based on lack of price decline amid a sector drop, it could be a good sign for the company’s current base. Case in point, there wasn’t any huge sell-off. Does that suggest stronger confidence from the market?
Penny Stocks To Trade [or watch]: CHF Solutions
Last week CHF Solutions (CHFS – Free Report) started to rebound a bit. This came after a huge sell-off in January and sideways trading for weeks. That rebound continued into this week has the healthcare penny stock shot up higher to $0.674 on Monday. What started the move came after the company’s last update on February 26. While CHFS stock didn’t jump the day of the announcement for whatever reason, it did over the following days.
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So, what did the company report? CHF announced FDA 510(k) clearance in the US for its Aquadex SmarFlow console. It’s for use in adult and pediatric patients weighing 20kg or more. The console’s used as a solution for fluid overload typically seen when there’s a failure of the heart, kidney, or liver, or by a high-salt diet.
“FDA clearance for pediatric patients is a significant milestone for the company and the result of strong execution from our team,” said John Erb, chairman, and CEO of CHF Solutions. So while there’s real FOMO going on with biotechs and finding the next coronavirus penny stocks to buy, CHFS has developed something with viable potential and more applicable to more than just a speculative take on a respiratory disease.
Penny Stocks To Trade [or watch]: Inovio Pharmaceuticals *NEWS UPDATE*
One of the actual coronavirus penny stocks to watch has been Inovio Pharmaceuticals (INO – Free Report). I say “actual” because the company is “actually” reporting news directly related to addressing coronavirus cases. In fact, this week the company reported that by the end of the year the company could deliver 1 million doses of coronavirus vaccine. Joseph Kim also explained that the company does need help scaling, according to Reuters.
As discussed last week Innovio’s vaccine contains DNA with the genetic code of coronavirus. It was also able to design it within hours of learning the generic sequence in January. Additionally, Inovio is working with the Wistar Institute in Philadelphia and two other companies to develop a solution. It expects to begin human testing in a few months.
*UPDATE* On March 3, 2020 Inovio reported that it plans to begin human clinical trials of its coronavirus vaccine in April and “soon thereafter in China and South Korea.”
As one of the companies we’ve tracked since before the start of the coronavirus craze, INO stock has managed to climb significantly. In fact, back in December was when we first started to discuss it a bit more consistently. This was when the company’s VGX-3100 vaccine was getting attention. It’s meant to stimulate a patient’s immune system to tackle pre-cancerous lesions. Fast-forward to March and it’s begun to apply its pipeline to addressing COVID-19.
Penny Stocks To Trade [or watch]: KemPharm
One of the other penny stocks to watch after the March 2 close was KemPharm Inc. (KMPH – Free Report). It’s been one of the more active penny stocks to watch lately. But, unfortunately, the stock has seen this action while getting beaten down. Monday, however, KMPH stock saw a breath of fresh air. Not only was this during market hours but also after-market too.
KemPharm announced that it submitted its KP415 NDA to the FDA to treat ADHD. Travis C. Mickle, Ph.D., President, and CEO of KemPharm said, “We believe the data package submitted with the NDA supports our conclusion that KP415 is effective in treating ADHD, has an onset of action at 30 minutes, has a duration of effect of 13 hours, and avoids unnecessary spikes in d-MPH concentrations that may be associated with adverse events. We also believe that the serdexmethylphenidate component of KP415 may have lower abuse potential than relevant d-MPH comparators.”
Thanks to this news, KMPH stock continued to trade higher after the market closed. At one point, shares reached highs of $0.42. Considering this news hasn’t really been traded on besides a few after-hours trades, it could be something to keep in mind this week.
Penny Stocks To Trade [or watch]: BioCryst Pharmaceuticals Inc.
BioCryst Pharmaceuticals Inc. (BCRX – Free Report) continued its extension in gains on Monday. As one of the top-performing penny stocks of the 4th quarter last year, BCRX stock gained new attention after coronavirus stocks gained in popularity. We originally dove in to the fine details of this penny stock in November. At the time it traded under $2 and at the time, the company was focusing on advancing its pipeline of treatments. It was also when BioCryst raised some $55 million.
This month the company presents data at the American Academy of Allergy, Asthma & Immunology Annual Meeting. “There is tremendous enthusiasm from both patients and physicians for the potential of oral, once-daily berotralstat, and we look forward to sharing the latest new analyses that highlight the excellent outcomes patients had in our APeX-2 trial,” said Dr. William Sheridan, chief medical officer of BioCryst.
Also, keep in mind that BioCryst reports earnings this week. March 5 before the market open will be the date & time with 4th quarter & full-year results. This comes a few weeks after the company reported that the FDA accepted and filed Biocryst’s New Drug Application for BCX7535 to treat hereditary angioedema attacks. Essentially, this disease promotes severe swelling in the limbs, face, intestinal tract, and airway.
“Patients and their physicians tell us they have been waiting for a once daily oral therapy to prevent attacks, and the acceptance of our submission, with a PDUFA date this year, means their wait is nearly over.”Jon Stonehouse, Chief Executive Officer of BioCryst
Penny Stocks To Trade [or watch]: BioPharmX
Finally, BioPharmX (BPMX – Free Report) saw a surge in trading during the late afternoon session on March 2. If this seems familiar, that’s because it is. We started looking closer att BioPharmX back in December (article here). At the time it was trading around $0.36. But since then things have clearly changed.
Most recently the company made a very material announcement that could change the face of things. BioPharmX reported that it would merge with Timber Pharmaceuticals. Under the terms of the deal, Timber has agreed to secure “not less than $20 million of financing” for the company. The next move will be a name change to Timber Pharmaceuticals and its officers & directors will take the helm of BioPharmX.
John Koconis, chief executive officer of Timber said, “This merger also expands our resources and expertise to build momentum in our development programs targeting new therapies for underserved patient populations living with some of the most serious conditions in medical dermatology.”
But something to note is that there was a big move in the penny stock on March 2. None of Timber’s pipeline treatments have any relation to upper respiratory disease. In fact, it’s treatments focus on dermatological applications. Needless to say, BioPharmX will hold a special meeting of shareholders on March 24 to discuss a number of topics including the merger, among other things. The image below is small, click to expand and you’ll see the full roster of topics:
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.