Penny Stocks To Watch
When it comes to finding the top penny stocks to buy, research is important. During a time where information is so easily accessible, gaining good insight is as simple as a few Google searches. But all too often, novice traders think that penny stocks don’t require as much investigation as blue-chips. But the fact of the matter is that investing in penny stocks can be just as profitable as long-term investing. So, having a strategy is key.
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While it’s easy to simply put thee cheap stocks in a certain bracket more akin to a roulette wheel, I would be willing to bet there are more professional day traders than roulette players out there. The reason why has everything to do with consistency. The ability to hone your skills, identify patterns, and decipher news events can take your trading to the next level.
Top Penny Stocks To Buy [or sell]
Heading into the new week, we’re sure to see our share of big breakouts and bullish catalysts. But it’s what you do with that information that will either make you money or see you missing out. So what’s the focus this week? Well, if you’re reading this and you’re still not back in an office, you’re likely to reach many more COVID-19 headlines. In fact, coronavirus penny stocks have become some of the most talked-about this year; for obvious reasons.
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But where it started as a “biotech only” topic, things have evolved. Now we’re seeing side-effects of the virus bring attention to economic-fueled stocks (I.E. gold penny stocks & energy stocks) as well as consumer stocks like food delivery, streaming, and the like.
The biggest thing to understand right now is that nothing is “too crazy” to speculate on. Again, you need to understand what the speculation is and why people are speculating on it. With this in mind, I’d like to take a look at a few penny stocks to watch right now. But at the end of the day, it will be up to you to decide if they’re top penny stocks to buy or not.
Top Penny Stocks To Buy [or sell]: Yamana Gold
Shares of Yamana Gold stock (AUY Research Report) took off on April 13. The gold penny stock reached highs of $4 during premarket trading. We mentioned that this may be one of the top penny stocks to watch this week. That was in consideration of the recent move that gold prices have made. However, there’s more than just sector volatility to be aware of right now.
On Monday, the company gave a big update. Yamana announced that it entered into a deal with Stifel GMP and Cormark Securities. The deal is to sell 12 million units to the firms in exchange for $120 million. Each unit consists of 1 share of Equinox Gold Inc. owned by Yamana as well as half of 1 warrant of Yamana gold stock at an exercise price of $13.50CAD. If all warrants are exercised, it would result in a total gross proceed of $201 million CAD.
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This deal is set to close around the middle of this week. Meanwhile, the price of gold has also helped things along too. As of Monday’s premarket trading, gold futures remained above $1,745.
Top Penny Stocks To Buy [or sell]: Biocept
One of the popular penny stocks to watch over the weekend was Biocept (BIOC Research Report). Shares of the company’s stock took to the sky on Thursday afternoon. The company’s main focus is oncology diagnostics. however, as I said above, coronavirus headlines will likely continue to drive momentum this week. In light of this, Biocept has benefited from quite the “accident” if you want to call it one.
On Thursday, the company announced a new patent in Brazil. While this extended its protection and added to the current patent list, BIOC stock didn’t really breakout at the opening bell. When it did breakout, the market was nearing the close of the week. A quick search on the site showed that it may be getting into testing. However, as we noted, that same page ended up coming back with a simple 404 error just after a short time had passed. Was it “fake news” or maybe a simple hack?
Whatever it was at the time became a huge catalyst for a late-afternoon breakout. More light was shed on it after the company released a late-evening PR. Come to find out, it was actually a mistake that worked in the penny stock’s favor. The company even cited, “In preparation to offer COVID-19 testing, an unapproved version of a test website page was inadvertently posted to the Company’s website by a third-party website consultant.” In any case, the company is set to begin coronavirus testing this week.
Top Penny Stocks To Buy [or sell]:Can-Fite Biopharma
Another one of the coronavirus penny stocks that’s been mentioned is Can-Fite Biopharma (CANF Research Report). Initially considered by investors for its anti-inflammatory treatments, the company has recently gotten attention for its work with COVID-19. A few weeks back the company gained interest after it was revealed Can-Fite was beginning a study for a treatment for COVID-19. This was not an announcement from the company but rather information on ClinicalTrials . gov.
This week we see CANF stock jumping once again. This comes after some big news. The company received approval from the Institutional Review Board at Rabin Medical Center to begin a pilot clinical study. This will be a study of its Piclidenoson for the treatment of moderate-to-severe symptoms in COVID-19 infected patients.
According to the company, 40 hospitalized COVID-19 infected patients will be given treatment for up to 4 weeks. “Piclidenoson’s anti-viral, anti-inflammatory, and anti-rheumatic properties combined with its excellent safety profile make it a strong candidate for the potential treatment of coronavirus,” stated Can-Fite CEO Dr. Pnina Fishman.
Top Penny Stocks To Buy [or sell]: MFA Financial
MFA Financial (MFA Research Report) has been on the list of penny stocks to watch since it was trading around $0.96. Fast-forward a few weeks and now we’re seeing MFA back above $2. While this is still a far cry from pre-breakdown levels of $8, it’s a start. The company has been battling back from a hit that the mortgage industry took in late-March.
In a corporate update, the real-estate penny stock discussed several big developments. The first of these was a forbearance agreement. Due to troubles from COVID-19, ran into trouble fulfilling some of its financing arrangements. But since that time, MFA has been able to see its indebtedness under the new arrangements drop to roughly $5.8 billion from $9.5 billion. This came as a result of sales of some of its assets.
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This week, the company gained more attention from that update. This also included a focus on de-levering its portfolio in order to shore up liquidity. This included unwinding all of its $.1 billion of swap hedging transactions. While JMP Securities just downgraded MFA to Market Perform, shares were trading higher to start the week. Will this be on your list of penny stocks to buy or will you avoid it entirely?
