Are These 3 Penny Stocks On Your Watch List Right Now?
Once again we’re greeted with a volatile week of trading. Futures pointed to a massive sell-off last night. This morning, however, the Federal Reserve made moves to further backstop potential economic fallouts from the coronavirus. While the U.S. government remains at odds in a new partisan approach to attempting to pass a coronavirus bill, the broader markets have wavered in the wake of more uncertainty.
But that doesn’t mean there aren’t new opportunities to make money with penny stocks right now. If there’s one thing that these low priced equities do well it’s performing well during volatile times. In fact, it’s one of the major attractions of these stocks. When was the last time you heard about penny stocks that attracted hundreds of traders because they went up 1%? Probably never.
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These small-cap and micro-cap stocks are well-known for their ability to break out big in a short period of time. For the ones that manage to climb for extended periods of time, they usually go down in history as some of the best penny stocks. We highlighted several of these in our new book, which you can get by simply subscribing, using the sign-up box on our website. Nevertheless, the focus right now is to be able to put together a strong list of penny stock to watch right now.
Penny Stocks To Watch This Week #1: IMC International Mining
First, IMC International Mining (IMIMF Stock Report)(IMCX) continues to gain momentum this month. One of the hardest things to do lately is to find trending gold stocks to watch. Among the very few, IMC has managed to hold a strong trend throughout the entire month of March while most other gold stocks have dropped like rocks. What has IMC done that has its investors staying the course?
Over the last 45 days, the company has worked to finalize a new property acquisition. Through the buyout of Thane Minerals, IMC aims to acquire the Cathedral property. This is in a region of British Columbia known as the Quesnel Terrane. It boasts mineral deposits that suggest a high potential for gold discovery. Obviously, when it comes to junior gold stocks, valuable assets are key. Whether to build out, license, or prepare for further acquisition, location is very important.
There will be a conference call held today (March 23) with incoming Chairman, Greg Hawkins, and GoldStocks.com. The call is to discuss the recently announced acquisition of Thane Minerals Inc. and to provide an overview of the company’s developments and direction. It’s likely a more important introductory call for interested parties as it could shed more light on what IMC is doing right now to attract a more bullish shareholder base compared to other gold stocks. IMC is also our very first, “Company In Focus” and we’ve put together a full report discussing several key components of the company and why it may be one to watch right now. For a full report, click here.
Penny Stocks To Watch: Ritter Pharmaceuticals
Ritter Pharmaceuticals (RTTR Stock Report) is no stranger to big moves. In late-February, we started discussing the topic of Ritter becoming one of the coronavirus penny stocks to watch This was after the company announced a definitive agreement to merge with Qualigen Inc.
This will see Ritter change the name of the company to Qualigen or something similar. In the article “Want To Buy Penny Stocks? 4 Names To Know Right Now” we highlighted Ritter’s focus on a strategic deal. Not only did it complete a strategic deal but it officially made RTTR a COVID-19 stock. Qualigen has a portfolio of nanotech therapies for treating cancer and infectious diseases. Assuming we can count coronavirus in the infectious disease category, it makes sense why RTTR stock has taken off.
Qualigen’s website shows a strong focus on cancer treatments. But as you will remember from stocks like Heat Biologics (HTBX Stock Report), immune therapy could be a big key to a coronavirus vaccine. While no other news was released, it will be interesting to see what comes next from this new deal. Since Qualigen’s flagship product is its FastPack® point-of-care immunoassay system, the company could have benefited from the recent surge of interest in COVID-19 testing. In any case, RTTR stock is back on the move as the topic of testing floods headlines this week.
Penny tocks To Watch: Kinross Gold
Finally, Kinross Gold (KGC Stock Report) is on the list of gold penny stocks to watch. Unlike IMC International, Kinross suffered a blow from the downturn in gold stocks earlier this month. However, this week, shares seem to have started a reversal for the time being. After closing its Friday session at $3.61, Kinross gold stock jumped back to highs of $4.15 on March 23. This not only came as gold prices rebounded but Kinross also made a new announcement.
On March 19, the market caught wind of the company imposing a lockdown on its Russia Kupol Mine. This was due to a suspected coronavirus case at the location. While the mine continues to operate on schedule, its ore output will not be shipped. This was another preventative measure taken by Kinross. Earlier this month the company shut down its Toronto office for a period after a worker tested positive for COVID-19. The closure wasn’t permanent but a precaution that further saw the company undertake deep cleaning efforts so the business wouldn’t be interrupted.
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Meanwhile, Kinross as reported that the virus hasn’t impacted production or product shipments at certain locations. Obviously right now, the price of gold has seen more volatility and companies within the sector want to preserve as much working capital as possible. I’m sure the decrease in oil prices hasn’t hurt gold company overhead costs. What will be interesting to see are the production figures and revenue numbers for the next quarter. As of now, Kinross remains one of the most active gold stocks to watch on March 23.
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.
