Coronavirus Concerns Have Triggered Momentum In These Penny Stocks
Last night U.S. President Trump discussed next steps for the coronavirus. This included a travel ban as well as another reminder to keep your hands clean (among other things). As a result, the market has dropped even lower on Thursday. Just to give you an idea of how low the market is: In 2018, the SPDR S&P ETF (SPY-Free Report) opened the year (on Jan. 2, 2018) at $267.84. The current price for the same ETF right now is below $261.
Now, this isn’t an article geared toward fear-mongering or anything like that. But if you were looking for a reason to be watching the market, right now is probably one of those times. But that’s not to say it’s time to go all-in.
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The point I’m making is that the market is still offering volatile opportunities and to be honest, penny stocks are one of the few places in the market that continue to see daily wins. If this is a trader’s market, then small-cap stocks are definitely a focus for many. Here’s a list of penny stocks to watch on Thursday.
Penny Stocks To Watch: IMC International Mining
IMC International Mining (IMIMF – Stock Report)(IMCX) is one of the few gold stocks to watch right now that isn’t falling. Gold has always been looked at as a safe haven. But the problem lately is that quite a few gold stocks have dropped with the broader market. However, there are some junior gold stocks, like IMC International, that are bucking the trend.
In fact, since the start of the year, shares of IMC are up 88%. That can’t be said for the S&P nor can it be said for the price of gold; -20% and +6%. Given this factor alone, IMC International is likely one of the few gold stocks to watch across the entire sector right now. But why is the market still bullish on IMC?
Well, it could have something to do with the company’s latest updates. First, IMC reported that it would be looking to acquire Thane Minerals. It owns the Cathedral Property in northern British Columbia. Via the acquisition, the company would gain immediate access to the property, which is in the Quesnel Terrane.
This matters because Quesnel hosts past and planned production. Not only this but a follow-up press release showed that IMC expects to close on this acquisition this month. Given the timing and unique position in the gold sector, IMC International could be one of the top gold penny stocks to have on a list right now.
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: Chembio
You can’t have a list of coronavirus penny stocks without some biotech in the mix. Chembio Diagnostics (CEMI-Free Report) hasn’t fared well at all this year. But this week, it might have figured out a way to excite the market at least in the short term.
On Thursday, Chembio and LumiraDx announced a COVID-19 strategic partnership. Through the partnership, the companies will develop point-of-care diagnostic tests for the detection of the COVID-19 virus and IgM and IgG antibodies. This will be on both the LumiraDx and Chembio DPP platforms. What’s more is that today, Chembio also reports earnings.
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The company’s management team will discuss the strategic partnership during the conference call previously scheduled to review financial results for the fourth quarter and full-year 2019. But keep in mind that even with this coronavirus news, Chembio has a history of lackluster results, which is what lead to the overall decline in the first place. Will this latest development help switch its course and turn things around for the company?
Penny Stocks To Watch: Mallinckrodt PLC
Finally, Mallinckrodt PLC (MNK-Free Report) is on the list of coronavirus penny stocks to watch today. The company grabbed the spotlight earlier this month after coming to an agreement in principle on its opioid case. But today, Mallinckrodt is in the spotlight for something else. Can you guess what that is?
This morning, the company reported that it’s evaluating evidence suggesting a potential role for inhaled nitric oxide as a supportive measure to treat coronavirus patients. If this seems familiar, we discussed another company, Novan Inc. (NOVN-Free Report), earlier this week with a similar treatment method.
For Mallinckrodt, however, the company has engaged with the FDA, the National Institutes of Health and the Biomedical Advanced Research and Development Authority on this matter. Currently, Mallinckrodt markets iNO as INOmax® (nitric oxide) gas for inhalation in the U.S. for the treatment of side-effects associated with pulmonary hypertension.
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). Full disclaimer here.