Top Penny Stocks To Watch Before The Weekend
Even as the week comes to a finale, the stock market, and penny stocks in general, are seeing more volatility. If the trend is your friend, which direction is it heading? Most are calling this a trader’s market which makes a lot of sense right now. The market’s down 2k points one day and up 1,100 the next without many fundamental changes. So what should you do if you want to trade stocks?
[Learn More] Beginner’s Guide To Trading Penny Stocks in 2020
I’m no advisor but it appears that anyone in the market right now is taking things a day at a time. While Friday the 13th hasn’t seen many curses on the market after the bloody week we’ve had, the downturn in stocks might make it hard to find true opportunities. That is, unless you’re looking at penny stocks.
Almost every day we see at least a few penny stocks make a big move. Today has been no different even with the way the market is trading. With this in mind, let’s take a look at a list of penny stocks that have managed to pick up steam on Friday the 13th.
Penny Stocks To Watch: IMC International Mining
With safe-haven stocks gaining interest lately, the junior gold discovery and mining companies have benefited. But while many of these are sliding this week, IMC International Mining (IMIMF – Stock Report)(IMCX) has stayed the course. In fact, on Thursday, shares broke out to test its 52-week highs of $0.50CAD. Keep in mind that this is while the broader gold sector has declined.
What could be a driving force for IMC International? It may have something to do with its pending acquisition deal. The company announced that it would look to purchase Thane Minerals and, in turn, its Cathedral property also revealing that by the middle of this month, it aims to do so.
Based on the fact that Cathedral is located in an area (Quesnel Terrane) with the potential for gold discovery, it’s likely that market sentiment remains high. Based just southeast of the famous Golden Triangle, Quesnel hosts past and planned production. Since the start of the year, IMC stock has managed to rally by as much as 100%.
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: Ocular Therapeutix
Another one of the penny stocks making noise on Friday the 13th is Ocular Therapeutix (OCUL-Free Report). The stock has been fighting a strong downtrend for most of the month. But on Friday, shares rallied to highs of $5.29. This comes as Ocular reported its Q4 and 2019 financial results earlier this week.
The company reported net product revenue of its corticosteroid, DEXTENZA, in the fourth quarter ended December 31, 2019, of $1.6 million. This is significantly higher than the $0.3 million reported in the third quarter ended September 30, 2019. DEXTENZA was commercially launched in July 2019 and received its J-code in October of the same year, So it makes sense as to why sales jumped over 430% for Q4. Despite missing the street’s view, OCUL stock has managed to pick up the pace as the company aims for a banner 2020.
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“We are equally excited on the product development side by interim results from our two Phase 1 programs: in our OTX-TIC program, signals support the possibility for a product that could have both the magnitude and duration of effect to become a standard of care in the treatment of elevated IOP; and, most encouragingly, in our OTX-TKI program, we have seen a signal of biologic effect, observing a reduction in sub-retinal and intra-retinal fluid in some patients with wet AMD. Both of these early programs have the potential to shift current treatment paradigms,” said President and CEO, Anthony Mattessich.
Penny Stocks To Watch: Globus Maritime Ltd
Finally, Globus Maritime Ltd (GLBS-Free Report) saw some of its highest share volumes ever on Friday. The shipping penny stock was halted multiple times as shares broke above $1 for the second time this month. On March 4, GLBS stock popped to highs of $1.22 after the company benefited from new coronavirus data.
At the end of this week, it seems that a similar situation has unfolded. In addition to that, Globus has also released a new update. The company announced that a note holder entered into a waiver regarding the Note. This essentially waives the obligation to repay the Note on the existing maturity date of March 13, 2020. It also relieves the company from having to repay the Note until March 13, 2021. The Company currently owes an aggregate of $2,486,069 in principal and accrued interest pursuant to the Note.
This news paired with the current market optimism for some logistics stocks has helped boost sentiment for Globus stock. While shares have been in a steep decline most of the year, intermittent spikes like this are what keep traders coming back for day trades with the stock. The biggest question now is can this trading momentum continue next week? Last time the stock saw a spike like this, it ended up sliding back during the days to follow.
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.