These Penny Stocks Are Moving As Coronavirus Fears Take Hold In March
If you’re looking for penny stocks to buy, you’d better be ready to do your research. The best part about these cheap stocks is that you can buy them in bulk. One share of Amazon may cost thousands. That same money can be used to purchase thousands of shares of a penny stock. The benefit of this is that even a small move in price can mean big gains quickly.
Obviously, simple math suggests that a jump of even $0.50 on a 20,000 share position can equate to a solid return. But are penny stocks worth it? Some would argue that the risk isn’t worth it. However, risk tolerance is one of the biggest deterrents of those interesting in trading penny stocks. For years, this equity class has gotten a bad reputation. But it hasn’t been unwarranted. There’ve been plenty of cases where bad actors took advantage of these low priced stocks. While there are a few bad apples in the bunch, there are hundreds of other penny stocks actually backed by real companies.
If all penny stocks were as bad as some say, it wouldn’t have big names investing. We’re talking about the likes of the Soros Fund or Carl Icahn investing. Some of these big names take interest in the early phase companies that show real promise. At the end of the day, investing in penny stocks is a bet on the future success of a start-up phase company.
Penny Stocks To Watch: IMC International
First, IMC International Mining (IMIMF – Free Report) (IMCX) has managed to weather the storm gold stocks saw last week. Shares of the company maintained a sideways trend and even approached new highs. At the same time, the likes of companies like Barrick Gold (GOLD Stock Report) and Yamana Gold (AUY Stock Report) both consolidated to or near 2020 lows. What has become a big focus for investors is IMC’s latest acquisition deal.
Last month the company announced that it entered a letter of intent to acquire Thane Minerals. Since Thane owns the Cathedral property in Canada, it could present a big opportunity for IMC. Considering the junior mining status of the company, mining assets with true potential are important. That’s not only from a corporate perspective but from an investment one as well.
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The Cathedral property is located in northern British Columbia, which is known for favorable mineralization that warranted countless gold miners to stake claims. Needless to say, Cathedral is in the Quesnel Terrane, a part of B.C. that has been host to past and planned production.
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.
Given the fact that IMC just announced that it’s planning to close on the deal by or before March 15, timing could be important. Also if IMC International is on your penny stocks watch list, the next 11 days could be important. If and when the deal closes, it gives the company immediate exposure to a property in a prolific gold discovery region.
Penny Stocks To Watch: Biocept Inc.
Next, Biocept Inc. (BIOC Stock Report) managed to steady its course after consolidating from previous highs late last month. If you are just “tuning in,” Biocept broke out to highs of $0.789 on February 28. After hitting those highs, BIOC stock pulled back to around $0.40. What was a catalyst to this drop?
Take a look at the company’s newsfeed and you’ll see it announced a $9.2 million offering priced at $0.40 & planned to close by March 4. This is a necessary “evil” for public companies. In fact, most if not all pubco’s are public to utilize the markets to raise funds. In this case, “at the market” was not defined well.
That’s considering the stock traded near $0.80 one trading day prior. In any case, shares are now trading consistently above $0.40 and the company is lush with a few million in cash. In light of the closing date, this may have been a catalyst on its own to signal a positive for the market.
Penny Stocks To Watch: AIM ImmunoTech
AIM ImmunoTech (AIM Stock Report) is another one of the popular penny stocks to watch this year. It was caught up in the initial hype of coronavirus stocks. However, one of the key differences between AIM stock and others is that it actually has a treatment that can be applied to coronavirus. That’s according to the company, of course.
Its Ampligen product may provide similar effects against COVID-19 as it did on SARS. Additionally, the company signed a deal with ChinaGoAbroad to facilitate entry of the drug into China. The goal is to use it against early cases o COVID-19.
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AIM CEO Thomas K. Equals explained, “Ampligen achieved a 100% survival rate, as compared to 100% mortality in the untreated control animals, in SARS animal experiments after the outbreak in 2003. In these experiments, Ampligen was administered to mice prior to and shortly after infection. The Company believes that Ampligen may provide similarly effective prophylaxis against COVID-19, as both coronaviruses are extremely similar in key regulatory RNA sequences essential for coronaviral replication.”
Penny Stocks To Watch: Can-Fite Biopharma
Finally, Can-Fite Biopharma (CANF Stock Report) has could out as one of the penny stocks to watch this month. Earlier this week CANF stock began slowly curling up amid its latest updates. At the end of February, the company reported that it had expanded its collaboration with Univo Pharmaceuticals for testing the effects of CBD against liver cancer. The deal sees Can-Fite providing $200k for R&D.
This week, however, the company reported another update that has continued to resonate with the market. Can-Fite announced that it filed a drug and safety update showing positive safety results from Phase 2 and 3 studies of its Piclidenoson and Namodenoson.
Dr. Michael Silverman, M.D., Can-Fite’s Medical Director, commented, “These latest data are particularly robust, as we have achieved over 50% enrollment in both of our Phase III studies for Piclidenoson, as well as having completed two Phase II trials for Namodenoson.”
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.