Are These 3 Penny Stocks On Your List Right Now?
Today marks the end of the week and a volatile one at that. Big-spending on supporting the coronavirus’s potential economic impact. While the latest focus has been on testing, we’re also seeing more and more progress with potential treatment. Though we’re still likely a ways away from a true vaccine, preventative measures are now becoming evident. Friday has already seen early momentum pick up for several coronavirus penny stocks.
These aren’t just drug-related names as many might assume. We’re starting to see ancillary service providers benefit from the latest rounds of economic shutdowns. Things like delivery companies and even 3D printers focusing on making masks that are low on supply for hospital workers. We’ve also seen alcohol manufacturers band together to make more hand sanitizer using alcohol waste from operations.
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What’s more, we have seen traders take notice of low priced stocks. Not like they weren’t already but when you have a number of stocks that aren’t typically known as penny stocks, actually become penny stocks, it tends to become an eye-opener. The sector that did this the best so far this week was the REIT sector. Countless companies dropped like a rock and found long-term investors begin chasing stocks trading below $1 at times. So what comes next? More, that’s what and we’ve got several penny stocks to watch heading into the end of the week
Penny Stocks To Trade [or ignore] #1: Aytu Bioscience
Aytu Bioscience (AYTU Stock Report) has been one of the top penny stocks to watch in March 2020. After dropping to new 52-week lows of $0.34 on March 9, shares immediately bounced to new 52-week highs the next day. This push to $2.99 highs came as the company announced an exclusive distribution agreement for COVID-19 tests. Specifically, the company will obtain the right to commercialize a clinically validated and commercially used test licensed from L.B. Resources.
After pulling back to lows of $0.80 during the following days, AYTU stock has been back on the rise ever since. This week saw more of a pullback than anything, from highs of $2.22. But on Friday, the penny stock managed to pull back north. This came as a new round of data came out about increasing coronavirus cases. In New York alone, the Governor has defined it as America’s Epicenter.
In an interview this morning on CNBC, Vice President Pence expressed his growing concern over these additional cases. Furthermore, in the President’s message on Thursday, he explained that the U.S. has reported the highest number of cases as a direct result of more testing. So, as attention remains on testing efforts, it’s no wonder why Aytu has managed to rally once again. Will it last for more than one day this time around?
Penny Stocks To Trade [or ignore] #2: Top Ships
Next, Top Ships (TOPS Stock Report) has been one o the most active penny stocks to watch this month. But that doesn’t necessarily mean it was one of the best penny stocks to trade. Despite the fact that TOPS stock has traded millions of shares per day, the price dipped down to new 52-week lows. However, since that time, TOPS stock has managed to recover by more than 100% on Friday.
Not only Top Ships but other international shippers are seeing increased volatility. In the case of TOPS, the aggressive move comes after a recent piece of news reported by the company. Earlier this week Top Ships announced that its previously announced sale of the M/T Eco Palm Desert was concluded. The vessel was delivered to its new owner, an unaffiliated third party, and the respective loans for which the vessel was collateral for were fully prepaid.
The fact that the market for TOPS stock has traded more than 50 million shares can be a head-turner on Friday and possibly over the weekend. But as we’ve come to know, TOPS is incredibly volatile so one day it can be up big, the next it could be back down. So if it’s one of the names on your list of penny stocks, make sure you understand this trend in TOPS.
Penny Stocks To Trade [or ignore] #3: CHF Solutions
Shares of CHF Solutions (CHFS Stock Report) have also taken off on Friday. It’s been on the list of penny stocks to watch this week after its latest update. As I discussed above, coronavirus penny stocks range from testing to treatment and everything in between. In the case of CHF, it’s leaning more toward treatment.
On March 25, the company announced the use of its Aquadex therapy in the treatment of patients infected with the coronavirus COVID-19. Critically ill patients in New York City and the state of Georgia, who have been infected with COVID-19, have been treated for volume overload using the Aquadex system. CHF Solutions expects increased demand for this ultrafiltration therapy as the rate of affected patients that are infected with COVID-19 is expected to increase.
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John Erb, CEO of CHF Solutions said, “We have increased production of our new Aquadex SmartFlow™ system to meet expected demand and ensure that physicians, nurses and the clinical staff have the solutions they need to treat patients impacted with COVID-19.”