Penny Stocks To Watch During The Short Week
Penny stocks are known for their big swings in price and the potential to profit quickly. This week is a short week due to the holiday weekend so these cheap stock may be best suited for such a time. Now, it’s also important to remember that with this volatility comes higher risk. Not every trade is going to work out and managing your downside risk is very important. Some may argue that it’s just as important to making that profit. In any case, the current state of the market has allowed traders to take full advantage of big swings in price.
While there are still many avoiding penny stocks entirely, there are others who’ve started to warm up to the idea. Maybe it has something to do with the fact that some higher-priced stocks are now penny stocks? Exposure to this world of high momentum trading has grown. Real estate stocks and even energy stocks that once traded above $5 are now trading well below that threshold. Needless to say, it’s added to the daily liquidity of micro-cap stocks in general.
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During times like this – market uncertainty – some sectors come to mind. One of which has been gold. In fact, the price of gold just reached new 7-year highs this week. On Monday, the precious metal’s price reached highs of $1,742 triggering a surge in certain gold penny stocks. Aside from that, the coronavirus has also triggered interest in certain biotech penny stocks as well. No matter the case, if you find a momentum trend in a certain sector, it may be worth watching closely. In light of this, here’s a list of penny stocks to watch before the end of the week.
Penny Stocks To Watch: IMC International Mining
This afternoon IMC International Mining (IMIMF-Free Report) (CSE:IMCX) will be hosting its second corporate conference call. The main focus will be on very recent and historic milestones for the company. The initial excitement surrounding the company stemmed from a pending acquisition announced in late-February. This is when IMC signed a letter of intent to acquire Thane Minerals and its Cathedral Property in British Columbia. Over the month to follow, IMC signed a definitive agreement as well as formally closed on the acquisition last week.
This week, the company announced that it has engaged CME Consultants Inc. to conduct exploration and prospecting on the Company’s Thane Property including the Cathedral Prospect. On top of this, CME is currently undertaking an analytical geochemical program for IMC. This consists of verifying geochemical results as well as assaying for the first time, certain rock, soil and silt samples taken from the Thane Property. Considering the timing of the rising gold price as well as these latest milestones, there could be a lot to digest on the upcoming conference call.
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Over the last week or so, IMC International has seen shares soar and market momentum surge. At the start of April, shares of IMIMF were trading around $0.34. Since then, the junior gold exploration stock has reached new, all-time highs of $0.55. Considering the upcoming call and latest developments, it could be one of the top penny stocks to watch right now.
Penny Stocks To Watch: Borr Drilling Ltd
Shares of Borr Drilling Ltd (BORR-Free Report) traded higher for the second day in a row on Tuesday. BORR stock reached highs of $2.15 during the early afternoon session. This move came as several energy penny stocks traded higher this week. According to the most recent rating by BTIG, on April 1, the current rating is at Neutral for the penny stock. While there hasn’t been any new updates from the company, Borr could be the beneficiary of a sector-wide move.
The U.S. is now the center of the coronavirus pandemic with the highest number of cases around the world. Energy shares climbed early this week on hopes of Saudi and Russian support of oil cuts later this week. The company is a drilling contractor that owns and operates jack-up rigs providing drilling services to the oil and gas exploration and production industry. The company operates a fleet of 16 jack-up drilling rigs with most of its activities carried out through Norway.
From a technical perspective, BORR stock has approached its 50 day moving average (yellow line). The question now is will it act as a stronger level of resistance or will sector momentum push this penny stock higher, still?
Penny Stocks To Watch: Agenus Inc.
Agenus Inc. (AGEN-Free Report) saw its stock rally during the middle of the day on Tuesday. Despite a short week, AGEN stock jumped after releasing big news just after the lunch hour came to a close. What did Agenus report?
On Tuesday afternoon, the company announced that the FDA granted the company Fast Track designation for investigation of its balstilimab to treat cervical cancer. Now, if you’re been following coronavirus stocks, you might have assumed such a biotech stock might have COVID-19 news. Surprisingly so, this update is related to something much different. Could this mean the coronavirus stock has come to an end and mean it’s back to business with breakout biotech stocks? In my opinion, not quite yet. But all the same, it’s interesting to see some non-coronavirus related headline momentum this week.
We are pleased to have now been granted Fast Track designation by FDA for both balstilimab as a monotherapy and in combination with zalifrelimab (anti-CTLA-4) in recognition of the high unmet medical need in second line cervical cancer,” said Dr. Anna Wijatyk , Head of Clinical Development, Agenus. “The Fast Track designation confers important benefits, including the potential eligibility for a Priority Review, and we are excited to work with the FDA to quickly advance novel agents for women who suffer from metastatic cervical cancer.”
Penny Stocks To Watch: Youngevity International
Youngevity International (YGYI-Free Report) has been an interesting penny stock to watch as the overall trend has been very bearish. While hopes have been high for some that the company would figure out its position among coronavirus names, it just continued to slide. But on April 7, that dramatically changed.
Youngevity made an announcement that essentially helped its stock recover back to levels not seen since January. The company reported that its subsidiary, Khrysos Industries, began producing hand sanitizer. According to the update, it was granted a licensee by the FDA to begin producing hand sanitizer in its Orlando, FL facility.
If YGYI sounds familiar, that’s most likely because prior to coronavirus excitement the company was working toward lifestyle brand development for coffee and hemp. You can add hand sanitizer to the list now but will this latest update be enough to see the trend continue through the rest of the short week?
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.
