Penny Stocks To Watch After Recent Developments
Whether you’re watching penny stocks or blue-chips, the coronavirus is having its way with markets this month. New totals show global cases have reached more than 732,000 with the death toll reaching nearly 35,000. Currently, U.S. cases account for roughly 143,000 with at least 2,513 deaths so far. But with this concern comes new opportunities.
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Like it or not, during times of economic and social strain, some of the biggest innovations can be created. Right now, we’ve seen a surge in biotech innovation focusing on a remedy and potential vaccine for COVID-19. On top of that, companies abound with new means of business development during times where entire cities are on lockdown.
Not only that but there are even businesses changing their model entirely in order to participate in this global initiative. Earlier today we reported on one company, SuperCom Ltd (SPCB) that tweaked its structure to apply it to coronavirus quarantine compliance. While the subject itself was a bit touchy, the market reaction was clear.
Shares of SPCB stock raced to highs of nearly $2 on the news. So, case in point, it’s important to look for current trends in the market to help find some of the best opportunities. You also would do yourself a solid by thinking outside the box as well. For instance, those who speculated on delivery company stocks were able to catch some of the uptrends from names like Blue Apron (APRN) and GrubHub (GRUB). These companies benefited from the idea that since people are home right now, they’re likely to order more delivery.
That’s especially true since most restaurants aren’t allowed to host a dine-in option. Regardless, this is just to the point of thinking outside the box. Right now, we’ve got plenty of penny stocks to watch. Will they become the best penny stocks to buy? That will be something to decide for yourself.
Penny Stocks To Watch: Titan Medical
Over the last week or so, the market for Titan Medical (TMDI) has seen trading volumes reach above-average levels. This began last week after the company announced a $1.2 million offering. According to the press release, the company offered this at a purchase price of $0.17 per share. At the time that was released, the offering price was around its actual retail trading price of shares traded in the market.
The use of proceeds, aside from working capital, includes “resuming the development of its single-port robotic surgical system, instruments and accessories.” This financing closed on Friday marking a potentially important time for the company, which is now flush with over $1 million to proceed with its developments.
Following that update, Titan announced that it had also increased its global IP portfolio to 49 issued patents and 86 patent applications. These included granting and filing of applications for its robotic surgery technologies. “The expansion of our global intellectual property portfolio further strengthens Titan’s position as a leader in innovative user-focused and ergonomically friendly single-port robotic surgery technology. The granting of these patents combined with previously issued patents help position Titan as a pioneer in robotic surgery technologies,” commented David McNally, President, and CEO of Titan Medical.
Penny Stocks To Watch: Plus Therapeutics
One of the penny stocks on the early morning watch list on Monday was Plus Therapeutics (PSTV). To be honest, it may have been one of the questionable penny stocks to watch early on based on how much it gapped up in the morning. At the end of the week last week, PSTV stock closed at $1.44. But by the opening bell, shares were already trading around $2.16.
While it’s good to be cautious, it’s also important to see why stocks are rallying and if that catalyst could have staying power. I’ve seen too many traders get caught up in the hype only to see their “buy at the open” turn into a huge loss by the closing bell.
However, in the case of Plus Therapeutics, this news was something that continues to impress the market this week. Not only did the penny stock hold gains, it managed to reach highs of $2.70 during the normal market session. Plus announced a definitive agreement to license a number of rare cancer drug product candidates from a radiotherapeutic company called NanoTx Therapeutics. The lead drug asset is being developed for recurrent glioblastoma, a rare, incurable, and fatal disease.
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“With RNL, we aim to precisely deliver a safe and effective dose of radiation directly to the tumor, bypassing the blood brain barrier, that is approximately 30 times greater than that currently being given to these patients using external beam radiation,” said Dr. Gregory Stein, Senior Vice President of Clinical Development at Plus Therapeutics.
Penny Stocks To Watch: Nordic Amer Tankers Ltd.
If you read PennyStocks earlier this morning, you’re up to speed on the trend in shipping stocks. Both TOPS and SHIP were on the move, early. Nordic Amer Tankers (NAT) joins that list as well. The company operates crude oil tankers. In spite of the current trend for oil prices, Nordic Amer stock has managed to climb higher on Monday. At one point, shares reached highs of $5.
But this isn’t just a random move for Nordic. The shipping stock has been climbing since early last week. At the time, shares traded around $2.40. Since then, NAT stock has jumped by more than 100% as of Monday’s high. Last week, the only major news came as the company made new board appointments as well as saw several insiders purchasing shares of the company’s stock. Whether or not this is the main source of the recent move or not, it’s also worth noting right now.
Keep in mind that when it comes to shipping stocks in particular, they tend to move together. So if NAT is on your list of penny stocks, be aware that a downturn or new continuation in the sector as a whole could translate to the next move for stocks like this.
Penny Stocks To Watch: Tetraphase Pharmaceuticals
Tetraphase Pharmaceuticals (TTPH) reached new March highs on March 30. After dropping to 52-week lows of $0.56 a few weeks ago, the penny stock has bounced back by as much as 257%. While there hasn’t been much news from the company, the big focus has been on the recent acquisition announcement.
On March 16, AcelRx (ACRX) reported that it entered into a merger agreement with Tetraphase. Through the deal, Tetraphase would be acquired. Furthermore, the two companies also entered into a co-promotion agreement to market and promote XERRAVA. The treatment is for complicated intra-abdominal infections. They will also market and promote DSUVIA for treating acute pain in medical settings.
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“This transaction is an important move forward for Tetraphase and more importantly, for XERAVA and the patients who need this treatment…and believe that together with AcelRx we will be able to more effectively bring new treatments to patients in healthcare institutions,” said Larry Edwards, President and Chief Executive Officer of Tetraphase.
