Are These Penny Stocks On Your List Right Now?
Another mixed morning of trading has small-cap stocks in focus once again today. The slew of potentially worse economic data is set to come out later this week. Yet broader markets appear steady at the opening bell. While it’s true that the S&P is down from its Monday close, it didn’t drop as nearly as much as we’ve seen in recent sessions.
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One of the major topics of discussion remains coronavirus related headlines. But this time around it’s not just a story coming from healthcare names. While there are definitely some to choose from, now we’re starting to see penny stocks benefiting from the “side-effects” of the virus. Anything from delivery companies to marijuana businesses are in the running for penny stocks to watch this week.
So, heading into the middle of the week, keep an out for headline momentum. We’re definitely seeing a fair share of it lately. With this in mind, let’s take a look at some penny stock news and see if it’s worth adding a few names to your list of penny stocks this week.
Penny Stocks To Watch: IMC International Mining
Gold has been steadily holding its move from last week and while the American public gets excited about a government stimulus, market analysts are looking forward to something else. The flood of money set to hit the market could bring new momentum into gold stocks. In general, a diluted dollar could cause valuations to shift and considering the current economic climate, a low-rate environment could indicate a bullish tone for gold.
IMC International Mining (IMIMF – Free Report)(IMCX) has managed to follow the current gold trend, however. This is in consideration of other gold stocks seeing some consolidation this week. Something that has continued to drive momentum is IMC’s current acquisition in process. Earlier this month the company signed a definitive agreement to acquire Thane Minerals. Thane’s Cathedral property was applauded by incoming Chairman, Greg Hawkins in the company’s last corporate conference call. Citing the prime location in northern British Columbia’s Quesnel Terrane, the Cathedral project is right between two well-established mines with proven resources.
The company announced that it will host another conference call next week to discuss more details of the recently announced acquisition. Something to keep in mind is that if gold is truly ramping up for another move following stimulus disbursements, then junior gold stocks could be the ones to watch. The reason being, junior gold stocks tend to outperform majors during times where gold prices are skyrocketing. Will that soon be the case for gold?
Penny Stocks To Watch: Trinity Biotech
Shares of Trinity Biotech (TRIB – Free Report) shot up this morning as the market saw a surge of interest in coronavirus stocks. Before the market open, Trinity reported its fourth quarter and fiscal 2019 financial results. These included several key highlights.
Trinity posted revenues of more than $21 million for the quarter. In addition, the company is also developing several treatments for human use. Trinity is working on development of its ELISA Test for detecting antibodies to viruses that cause COVID-19 in human blood. This rapid-test is expected to see development completed within the next two months.
However, a few things to keep in mind for the future is that the company expects to hit some hurdles. “We are extremely conscious of the need for the Company to reach a cash flow breakeven position. With that in mind, we have made two decisions that, whilst negatively affecting future revenues, will have a positive impact on our profitability and cash flows. Firstly, we have exited the HIV point-of-care market in the USA. For a number of years, this market has been declining as the funding for federal testing programmes has contracted, to such an extent that it no longer made economic sense for us to continue serving this market,” said Ronan O’Caoimh, Chief Executive Officer. So while this move is great on Tuesday, the biggest point of interest will likely focus on the ability to maintain business during these volatile times.
Penny Stocks To Watch: Yamana Gold
Similar to IMC International, Yamana Gold (AUY – Free Report) managed to hold it level of support at the start of the week this week. Shares continued to climb on March 31 as gold prices climbed higher during the morning session. One of the recent hot points for the gold sector as a whole has been planning ahead for any impact from coronavirus.
In light of this, Yamana has reduced some of its operations in Canada to comply with a government order to help stop the spread of the virus. While there are no suspected cases of COVID-19 at any of its operations, Yamana prudently curbed some of its activities. This comes after the company previously reported a partial workforce demobilization in Argentina on March 20. Of course, the company expects to return to full capacity as soon as the restriction is lifted.
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Over the last few weeks, Yamana gold stock has battled back from previous March lows. Around the middle of the month, the majority of the sector pulled back with Yamana hitting lows of $2.23. Since then AUY stock has rebounded as much as 63%. To date, shares are still trading nearly 30% higher compared to roughly 16 days ago.
Penny Stocks to Watch: ThermoGenesis Holdings
If you’re a frequent reader of Penny Stocks, you’ll remember that last Friday evening, ThermoGenesis Holdings (THMO – Free Report) was one that we said could be a name to watch heading into the end of the month. The company previously revealed that it would begin to develop point-of-care tests for COVID-19. On Friday, THMO stock closed at $3.04. Today, the penny stock has reached highs of $4.74 after a big update.
On Tuesday morning, ThermoGenesis announced coronavirus-related news. The company notified the FDA of its intent to distribute its COVID-19 IgM/IgG Antibody Fast Detection Kit. It’s designed to deliver results in less than 10 minutes at the point-of-care. Chris Xu , Ph.D, Chief Executive Officer of ThermoGenesis, commented, “The Company has been in discussions with healthcare distributors, healthcare institutions, medical practitioners and government agencies, and is working quickly to bring the COVID-19 Test Kits to the U.S. professional medical community.”
Right now the company is going through the final validation process for these tests. Once this process is complete, ThermoGenesis said it will notify the FDA. Considering that testing is a huge focus, this news comes with good timing. Can these headlines help push THMO stock higher into the new month ahead?
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.
