Are These 3 Penny Stocks On Your List Right Now?
Penny stocks are part of the conversation a lot more frequently these days. Could it be based on the general market’s volatility and a new taste for big stock swings? These have been unprecedented times in the market recently.
It’s not uncommon to see the Dow swing wildly up or down 1,000+ points in a single day. I would say for the typical investor to not get used to such volatility in the broader markets. But for those looking at small-cap and micro-cap stocks, this is a daily occurrence.
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This is the wild side of the stock market. Typically, it’s also the one that sees the most skepticism. But based on the idea that many of the top companies are now trading in penny stock territory, more traders are gaining exposure to the wonderful world of penny stocks. So, if this is your first exposure to cheap stocks, welcome!
Today we’ve seen quite the mix of active penny stocks to trade. Many of these have since faded off from morning highs, but that doesn’t mean the day’s over. Let’s take a look at a list of penny stocks to watch heading into the Thursday session.
Penny Stocks To Trade [or fade]: BOQI Medical Inc.
Shares of BOQI Medical Inc. (BIMI) caught some afternoon momentum on Thursday. Some of you may remember this company last October. In that article, we talked about BOQI when it was known as NF Energy and was in the midst of a transition into Chinese pharmaceuticals. Since that time, we’ve continued to follow along and watch massive breakouts come and go. This time around, BOQI’s recent move comes quietly without any apparent news today.
One thing to keep in mind, in this case, is the company’s focus on coronavirus. What headlines have come out to suggest a bullish stance for coronavirus penny stocks? A report from Business Insider today suggests that the U.S. could be ill-prepared for a potential outbreak. In fact, the headline of the article is, “The US is well on the way to having a coronavirus outbreak worse than China, or even Italy.”
Last week we followed BOQI as it reported a $19 million medical device purchase agreement with Shandong Forward Medical Group. But given the fact that there were no headlines or filings, the jury’s out on what a potential catalyst could be for the latest surge in BIMI stock. At the very least it could be one of the speculative penny stocks to watch right now.
Penny Stocks To Trade [or fade]: OpGen
Another one of the coronavirus penny stocks on the list, OpGen (OPGN) was brought up in conversation again on new coronavirus headlines. The company was featured in an article earlier this month. The topic of the article was on coronavirus testing. Specifically citing OpGen’s CEO, the article pointed out that developing new kinds of tests is “going to take time.” But the ultimate goal is to make them faster and cheaper.
The company has been in the news recently following anticipation of a deal with Curetis. Via this deal, the two companies will combine. As of March 23, 2020, more than 99% of votes cast support approval of the business combination transaction. OpGen anticipates receiving formal approval of the transaction at the upcoming Special Meeting on March 30. As previously announced, on March 10, 2020, Curetis N.V. shareholders voted to approve the transaction, making the approval of OpGen’s shareholders the last major hurdle to closing the planned business combination.
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Evan Jones, Chairman, and CEO of OpGen explained, “Together, we anticipate progressing development across our combined proprietary product portfolio. We will strive to integrate our commercial forces and R&D teams to further strengthen our position as one of the leaders in the antimicrobial resistance detection space and to contribute in the fight against the COVID-19 pandemic.” So, given the current situation, this could be a well-timed article that apparently has received a bit more attention in light up the latest coronavirus figures.
Penny Stocks To Trade [or fade]: Hexo Corp.
Finally, Hexo Corp. (HEXO) has been one of the more quiet marijuana penny stocks to watch lately. It really didn’t see a big move on Wednesday like others in the sector did. But that doesn’t change the fact that volume has built up. On Thursday shares of HEXO stock rallied to highs of above $1 for the first time since March 6th.
This not only came with the sector surge but also as the company gave a vital business update. On March 24 Hexo reported that it remains operational during the coronavirus shutdown. Ontario and Quebec deemed it an essential workplace. Given our role in supplying medical cannabis to patients and in the adult-use cannabis supply chain, our operations in Ontario and Quebec are to be maintained and our business is considered an essential workplace,” said Sebastien St-Louis, CEO, and co-founder of HEXO. “We are working to continue to ensure a steady supply of medical cannabis and consumer packaged goods. I am extremely grateful for our dedicated employees.”
There are obviously other impacts being assessed because of the pandemic. But for the most part, HEXO is one of the few businesses, in general, to be able to conduct brick and mortar business right now. However, given the late-breaking move this week, could HEXO stock be one of the pot stocks to watch for a continuing trend into the weekend? Leave a comment below and let us know what you think about the latest cannabis sector move.