Global Cases Just Surpassed 100k & Oil Prices Just Crumbled; Are These Penny Stocks On Your Watch List?
Over the weekend and last night (3/8/2020), growing concerns over the coronavirus reached a new level and added fuel to the fire that included a huge bombshell in the oil sector! Futures ripped lower last night signaling a lot of uncertainty in the market. But that doesn’t mean there won’t be an opportunity today. In fact, because of this, there should be several key sectors to focus on, and bring home the bacon.
Markets are no better today than they were 1 week ago and those following penny stocks are likely happy. Why say this? Well, when you can find a trend and hold onto it, the search for breakout penny stocks can be that much easier. Obviously, with any kind of hype stock in the early days – like bitcoin, cannabis, and even cutting edge biotech – dramatic swings are expected. But it is those swings that produce the big gains people know and love.
So what’s the point? Each year there seems to be something that excites the market. When it’s on a global scale, it seems like everyone wants a piece of the action. No matter how you feel about the topic of penny stocks, you can’t argue the fact that when it comes to the coronavirus, most of the momentum is in stocks trading under $5. But it’s also important to know which sectors to track.
Of course, the biotechnology sector will have companies trying to treat the virus. Other sectors like tech may offer alternatives for employers to give employees a “work from home” option to mitigate travel risk. Then, you also can’t forget traditional safe-haven sectors like gold either.
Now, there’s likely going to be other “random” penny stocks along the way. But, for the most part, these sectors have been consistently performing during growing concern surrounding the coronavirus.
Penny Stocks To Watch: IMC International Mining
It’s no secret that junior gold stocks tend to perform better than large-cap gold stocks during gold rallies. The lower price and increased sector momentum make for a unique combination. But it’s also important to pay attention to what some of these juniors are doing to justify the momentum beyond the fact that “gold’s going up”. Lately, you can find gold stocks trending higher but report very little news; some without updates since last year. In this case, it could be hard to justify longer-term potential as the stock’s move could depend heavily on the price of gold alone.
More On IMC International Mining
- IMC International Mining Corp. Announces Thane Minerals Inc. Property Acquisition & Addition of Chairman, Greg Hawkins
- IMC International Mining Corp. Completes Private Placement & Announces Appointment of New Chief Financial Officer
- IMC International Mining Corp. Announces Listing on Frankfurt Stock Exchange & Proposed Closing Date Of Previously Announced Acquisition
However, junior gold stocks like IMC International Mining (IMIMF-Free Report)(IMCX) have done more than just ride the wave of gold. Over the last few months, the company has focused on enhancing its current group of mining assets. Moreover, a recent update could be a timeclock on its next potential catalyst. Earlier this month the company announced that it plans to close on its latest gold project acquisition by March 15 – that’s next week. Given the location of this proposed acquisition target, it could open new opportunities for IMC International.
The acquisition target, Thane Minerals owns the Cathedral Project in northern British Columbia. Not only is this region known for prolific gold discovery, but the micro-terrane (Quesnel Terrane) has also been host to significant 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.
Penny Stocks to Watch: Guardion Health Sciences
Earlier this month, Guardion Health Sciences (GHSI-Free Report) topped the list of coronavirus penny stocks to watch. It came after the company announced that it developed a formulation to provide immuno-support and anti-inflammatory benefits targeting the upper respiratory tract. Preliminarily labeled acuMMUNE it is the first product to be introduced by Guardion under its NutriGuard label.
This week saw GHSI stock trade higher not only based on the spread of coronavirus but also on another key update. Guardion reported that it received $3.5 million from the exercise of warrants. These warrants were exercised at a price of $0.342 per share and proceeds will be used to further develop and commercialize its products. This comes on the heels of Guardion’s last announcement that it was selected by a Malaysian company to develop an immune- supportive formula for their consumer base.
Michael Favish, CEO of Guardion Health Sciences, stated: “We are pleased to partner with Ho Wah Genting Berhad for the development of a product specifically designed to boost the immune system capability, i.e. type 1 interferon response, to RNA viruses.”
Penny Stocks To Watch: Enzo Biochem
Shares of Enzo Biochem (ENZ-Free Report) haven’t performed the best since the start of the 4th quarter last year. So, why is it on a list of penny stocks to watch? Well, as we’ve talked about in the past, sometimes the 52-week extremes can give a “heads up” to start watching for reversal signs. While there’s no guarantee of a sustained reversal in a stock’s trend, it could make way for a short term bounce. Enzo Biochem seems to have demonstrated something similar so far.
The penny stock hit new 52-week lows last Friday and has since slowly crept up. On March 6, however, shares of ENZ stock broke out during premarket trading to highs of $3.87. After being beaten down for months, what could have sparked this reversal? Let me tell you what the company does and see if you can come up with an answer before reading their news. Enzo, among other things, focuses on providing lab testing services.
If that didn’t give it away, here’s one word: coronavirus. The company announced that it will begin accepting specimens for COVID-19 testing next week. The test used by Enzo is a molecular test that determines the presence of viral RNA in respiratory specimens. Since this is essentially the first line of defense (identifying), testing service stocks have started to gain some attention. Enzo, being one of them, seems to have gained interest in the market on Friday. Will this continue into the rest of the month?
Penny Stocks To Watch: OPKO Health
Similar to Enzo, OPKO Health (OPK-Free Report) specializes in a number of things. One of these is laboratory testing. Through its BioReference Laboratories, it’s one of the nation’s largest full-service clinical labs. Late yesterday (March 5) the company announced that it will offer a test for COVID-19. Specifically, BioReference will provide expanded access to a COVID-19 testing across the United States.
“COVID-19 testing is imperative in aiding front-line healthcare professionals and public health authorities to identify infected patients more quickly, limit the spread of infection and promote earlier diagnosis and treatment.”Jon R. Cohen, M.D., Executive Chairman of BioReference
In addition to simply providing test kits, OPKO’s BioReference has collaborated with the U.S. Centers for Disease Control and Prevention. It has also collaborated with the World Health Organization and other public health agencies to help identify and develop diagnostic tests for emerging infectious diseases.
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). Click Here For Full Disclaimer.