best penny stocks to watch now

Speculation & News Are Driving Momentum For These Penny Stocks

If there’s one thing we’ve learned from penny stocks it’s that speculation can make for exciting times. While these cheap stocks are already volatile and high risk, events like the novel coronavirus or COVID-19 up the ante. During mid to late-January, we first saw signs of speculative trading based on the Wuhan flu. That has since compounded and it would seem that coronavirus stocks are a household name.

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But some of these stocks have jumped big simply due to a minor relationship to something dealing with the virus. Whether it’s a facemask or over-the-counter medicine to reduce coughing, we’ve seen speculation drive prices of many penny stocks higher this quarter. While it’s a great benefit if you catch the ride early, it can become increasingly risky to even tough certain stocks.

However, at this point in the lifecycle, some companies are beginning to release news specific to coronavirus. Other companies have even come out to say “Hey, we don’t know why our stock’s trading like this but here’s our business model so decide on your own.” In either case, one thing holds true: do your research! Speculation is great but understanding that it can end at any minute is the difference between someone trading a stock and someone falling in love with the idea of “what could be.”

At the end of the day, your goal is to make money with penny stocks. With this in mind, here are a few more penny stocks rallying on coronavirus news. Will they become the best penny stocks to buy right now?

Penny Stocks To Buy [or avoid]: Novan Inc.

penny stocks to watch Novan (NOVN)

Shares of Novan Inc. (NOVN-Free Report) soared higher this week. On Friday, the coronavirus penny stock reached highs of $0.4664 during the morning session. While several notable funds have invested in the company, it’s the retail market that has helped drive momentum further. Of note, Sabby Management recently reported a 7.54% stake in the company. This firm has been investing in a number of small-cap biotechnology penny stocks recently. Also keep in mind that the latest rally in NOVN stock comes as the company is actively raising money.

Typically, we see a pullback or noticeable dip in share prices during fundraising. But in this case it seems that Novan has weathered the storm quite well. This is an ongoing thing for the company as Novan looks to boost R&D. Right now, the company has been focusing on diseases that affect the immune system. While its pipeline includes treatments like STDs and Dermatological treatments, immune treatment-related companies have been getting a lot of attention by those looking at coronavirus stocks.

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Now, is Novan a company actually focusing on COVID-19 treatments? According to its website, no. But what I will say is that it also has other treatments in active phase trials that could be monitored closely after the coronavirus craze settles down.

Penny Stocks To Buy [or avoid]: IFresh Inc.

best penny stocks to buy iFresh Inc. (IFMK)

What’s a good speculation article without some actual speculation? iFresh Inc. (IFMK-Free Report) is moving during Friday’s session. It’s actually been on the move for a few days now. It began seemingly out of nowhere. However, let’s dig in and see if there’s some kind of “spec-take” here. What does iFresh do? The company is an Asian American grocery supermarket chain and online grocer on the east coast of U.S. with nine retail supermarkets.

There’s been no news since February when iFresh reported the grand opening of a new store in Miami. What could be the coronavirus speculation right now? Well, with more people assumed to be staying home, what do you need to live? Groceries, staples, internet, etc. iFresh operates an online shopping and delivery option. Where many are told to avoid congregating in large groups especially in high-density areas like Miami and New York, iFresh could present options to avoid this while also getting what customers need.

This could be a big stretch. But given the fact that coronavirus fears have picked up a lot more this week, it’s in line with the move IFMK stock has made. Regardless, the company is in the mix with Amazon, UberEats, and the like. The difference is that it could be more of a “pure-play” as the others also have businesses outside of delivery, alone.

Penny Stocks To Buy [or avoid]: Tocagen Inc.

penny stocks to buy Tocagen (TOCA)

Though it isn’t an official coronavirus penny stock, Tocagen Inc. (TOCA-Free Report) has been climbing recently after its last update. The company reported an earnings beat this month along with a more streamlined balance sheet at the end of the year.

The company was able to decrease R&D expenses, general & administrative expenses, as well as realize a lower net loss. This was all compared to the same period the year before. While the penny stock dipped after the initial update, TOCA stock managed to climb back ever since.

[Read More] Top Coronavirus Penny Stocks To Watch Right Now

“Following our extensive review of strategic alternatives, we are excited about the recently announced merger between Tocagen and Forte Biosciences. The proposed merger will create a dermatology company with established clinical proof of concept for their lead asset and an anticipated cash runway to reach a data readout in mid-2021 for its planned randomized Phase 2 trial in patients with atopic dermatitis,” said Marty J. Duvall, Chief Executive Officer of Tocagen. Shares reached highs of $2.37 on Friday, further extending gains from the start of the year.

If you’ve been following the coverage on, you know the initial jump came after Tocagen first announced merger plans in February. While we’ve watched the company since December of last year, the biggest move has come this quarter.

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