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Will These Penny Stocks Be On Your Buy List This Week?

When you think about penny stocks, you probably rarely think that they’d amount to much more than a quick flip. But this year, as many have already learned, people are investing in penny stocks for real potential. Some may call it a long shot and others may say it’s an easy way to buy into a start-up. No matter your definition of a penny stock, chances are that you know there’s higher risk involved. And if you’re just getting started with penny stocks, check out our 60+ page book with the basics.

The risk and volatility are where we see those big gains that these cheap stocks are known for. Right now we’re actually seeing one of the biggest opportunities for penny stocks in history. Not only do we find multi-triple digit breakouts daily but we also see penny stocks soaring to levels of $20, $30, and even $40+ within a matter of weeks or even days. No other time in history, that I can remember, has this been as frequent as we’ve seen recently. One of the biggest contributing factors: coronavirus.

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Not only has this virus lead to increased innovation in the market, but it has also lead to huge opportunities for investors. No other investor has seen as many opportunities as those looking for penny stocks to buy. I’ll show you some of these low-priced stocks that have soared recently and could deserve some extra attention. But at the end of the day, you’ll need to decide if they’re the best penny stocks to buy or if you should move onto the next one.

Penny Stocks to Buy [or avoid]: Sonnet Biopharmaceuticals

Shares of Sonnet Biopharmaceuticals (SONN Research Report) reached new 52-week lows at the end of the week last week. The company recently completed a merger and at the time, traded as high as $8.99. But, since then (April 1) shares have been on a rapid decline. As of last Thursday, SONN had officially become a penny stock after reaching lows of $4.61. While this is toward the higher end of the definition of penny stocks, it gave us a chance to see this company and take a closer look. On Monday, shares of SONN stock closed just shy of $4.95.

Sonnet is an oncology-focused biotechnology company with a proprietary platform for innovating biologic drugs of single or bispecific action. But it, of course, has found itself in the middle of the coronavirus frenzy. On April 13, it was revealed that New York think tank, Altru Institute has organized the Altru Global Virus Project. It produced its first summary report on Princeton based company, Sonnet BioTherapeutics. The target was the company’s technology that may be highly applicable to the treatment of viruses.

According to Tom Malcom, PhD, CEO of biotech start-up Iron Hills Bioengineering, “The team at Sonnet has developed a unique platform that leverages several favorable biological properties of human serum Albumin. They have invented and developed an ingenious approach that converts endogenous albumin into a drug-loaded and/or immune stimulatory Trojan Horse that is taken up by unknowing cancer cells, leading to their destruction.”

penny stocks to buy Sonnet Biotherapeutics Holdgins (SONN)

Penny Stocks to Buy [or avoid]: MEI Pharma

MEI Pharma (MEIP Research Report) is another company getting put on the list of penny stocks to buy (or avoid) right now. Shares of MEIP stock have been trading relatively sidewise for weeks. This came after an initial jump from 52-week lows of $0.72 in late March. At that time, MEI had received Fast Track Designation from the U.S.FDA for its ME-401 to treat patients with follicular lymphoma.

As we’ve seen with many cancer drug companies, the applications can extend to virus treatment as well. However, in the case of MEI, the consistent focus has been on its oncology platform. This week MEI and Kyowa Kirin announced that they will co-develop and co-promote ME-401 in the U.S. MEI will receive $100 million in an upfront cash payment and could receive up to an additional $582.5 million based on milestones.

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“This global partnership with Kyowa Kirin is a key step to achieving our goal of broadly developing and commercializing ME-401, optimizing the opportunity to benefit patients across multiple B-cell malignancies inside and outside the U.S., and also building value for our shareholders,” said David M. Urso, J.D., chief operating officer & general counsel of MEI Pharma.

penny stocks to buy MEI Pharma (MEIP)

Penny Stocks to Buy [or avoid]: CHF Solutions

Similar to MEIP, CHF Solutions (CHFS Research Report) has been in a tight trading pattern for several weeks. On Monday, the penny stock closed just over $0.40. But as the week progresses, it could be one of the penny stocks to watch. This comes after its latest COVID-19 update.

On April 14, the company announced that physicians on the frontlines of treating patients with COVID-19 have used its Aquadex therapy for patients who need fluid removal between dialysis treatments. This is used as alternative therapy when dialysis machines or trained dialysis personnel are not available.  In addition, the company said that patients hemodynamically unstable and fluid overloaded, who may not be able to tolerate dialysis but still need fluid removal, are being treated with the Aquadex therapy.  Following this news, shares have jumped back above $0.50 on above-average volume. Will it be enough to see this penny stock finally break out of its channel trend?

“As we continue to learn about this novel virus, it is important that we listen to the dedicated medical professionals treating patients on the front line. We are pleased that Aquadex therapy can help critical care patients during this pandemic,” said John Erb, CEO of CHF Solutions. “As previously announced, we have increased production to meet anticipated demand and ensure that physicians, nurses and the clinical staff have the solutions they need to treat patients impacted with COVID-19.”

penny stocks to buy CHF Solutions (CHFS)

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