3 Penny Stocks To Watch This Week
The constant search for the best penny stocks to buy may lead you down many different paths. You could end up searching for different headline catalysts and you might also find yourself studying technical chart patterns. On the other hand, why not use both? As you’ll see in this list of penny stocks to watch, many have headlines that have become bullish catalysts. But at the same time, technical levels of support and resistance have upheld.
It’s good to also note that besides company headlines, market headlines can help you focus on certain sectors of interest. For example, if the oil and gas industry isn’t doing well but the gold and mining industry is, then the path of least resistance might be the latter.
This might actually be something we are seeing in the stock market today. What’s more, is that certain market and company catalysts may have more of a “half-life” than others. What I mean here is that if a company announced minor news but fell into a trending category, you might expect the penny stock to run a day or maybe two.
Penny Stocks To Watch
An example of this would be something like a headline that had the word “coronavirus” in it but didn’t necessarily reveal a game-changing contribution to the cause. I’ve seen headlines like “ABCDE Company Applauds Efforts To Help Those Impacted By Coronavirus.” Since the topic is so heavily searched, it isn’t unlikely that some might trade penny stocks no matter the headline as long as it has trigger words in it. Obviously, once you actually read the information, you see it was more fluff than anything. However, the initial breakout likely saw early traders profit.
On the other hand, you may run into companies like Applied DNA (APDN Analyst Ratings), which was one of the companies we’d been covering since early February. Since then, the company has constantly upgraded on each phase of the progress of developing a coronavirus diagnostic kit. With each new update came more insight for investors. In response to that, we’ve watched, first-hand how the jump wasn’t short-lived but has lasted for months now. In fact, since early February, shares have jumped from around $4 to premarket highs of over $8 on April 15.
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So heading into the second half of the week, make sure you pay attention to everything from headlines to technical indicators. If you’re just getting into chart reading, we’ve got our free e-book available for download to our subscribers too (click here). With this in mind, let’s take a look at some penny stocks to watch right now.
IMC International Mining (IMIMF)
Market Cap: 16.19M
Current Price: $0.595
IMC International Mining Corp (IMIMF Stock Report) (IMCX) is engaged in the business of acquiring, exploring and evaluating natural resource properties in British Columbia and Arizona, USA. The company’s most recent acquisition of Thane Minerals and its Cathedral Property. On several corporate conference calls, both CEO Brian Thurston and Chairman Greg Hawkins explained the potential of this property. Specifically, its location is between two proven mining sites. Not only that but Cathedral is essentially a virgin property that has demonstrated similar mineralogical potential as the other two established mines.
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The other proven claims have been worked on by some of the biggest names in the mining industry. This includes Royal Gold (RGLD) via a streaming deal with Centerra. For reference, Cathedral is between the Mt. Milligan and Kemess mines. The Centerra-owned Mt Milligan copper-gold porphyry deposit contains a combined Measured and Indicated Mineral Resource of 243.9 million tons at 0.134% Cu and 0.226 grams per ton of gold, containing 717.7 million pounds of copper and 1,769,000 ounces of gold. Kemess produced roughly 3 million ounces of gold and 700 million pounds of copper over the life of the mine.
Rider: It is noted that the results of nearby or adjacent properties are not necessarily indicative of the potential of the Cathedral property and should not be understood or interpreted to mean that similar results will be obtained from the Cathedral property.
On Wednesday, the company announced that Jeffrey Reeder, B.Sc., P.Geo., has been appointed to the Company’s Technical Advisory Board. Aside from a long history of mining achievements, his expertise within this region specifically could be a big asset. Reeder has hands-on experience working at Mt. Milligan and South Kemess. Since the beginning of the month, IMC International stock has climbed over 75%.
Penny Stocks To Watch: China Pharmaceuticals (CPHI)
Market Cap: $19.61M
Current Price: $0.77
China Pharmaceuticals (CPHI Stock Report) has skyrocketed during premarket trading. While the current price is around $0.77, it has already reached highs of $1.08. This comes after reporting coronavirus headlines on April 15. A subsidiary of China Pharmaceuticals, Hainan Helpson Pharmaceutical & Biotechnology launched mask production lines.
One of the biggest points of focus beside testing & vaccines has been medical supplies. Face masks are one of the most sought after. According to the company, masks are produced in cGMP certified pharmaceutical manufacturing facilities to ensure safety and health. What will be interesting is to see how many masks and to what scope the company will address the growing demand for masks. In many cases, as you’ll see with the next company, announcements will mention specific figures and delivery milestones. For now it seems that China Pharmaceuticals has put out the headline and now we wait and see how big this could be for the company.
With many countries seeing a “flattening of the curve,” is this headline late to the party? In any case, it has triggered a surge of interest during the early session on Wednesday and could be one of the top penny stocks to watch on Wednesday.
Penny Stocks To Watch: Aytu BioScience (AYTU)
Market Cap: $123.11M
Current Price: $1.67
This was one of the trending names during Tuesday’s late-afternoon session. Aytu BioScience (AYTU Stock Report) markets a portfolio of prescription products addressing large therapeutic markets. Most recently it has focused on supplying COVID-19 testing kits to the U.S. market. As a result, the company has received attention for more than just the investing community.
A number of news outlets have also covered the company’s progress. In its latest update, the company announced that it sold or allocated its initial 100,000 tests and is still waiting on delivery of the next 500,000 tests. This is something we kind of already understood from previous updates. However, what is a new development is the company saying that it increased the size of a third purchase order. According to Aytu, that order is for 1 million tests.
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“The company has been working on multiple fronts to distribute the initial shipment of COVID-19 IgG/IgM Rapid Tests while coordinating the incoming supply of our next shipment of 500,000 tests. Further, we have been informed the manufacturer has accepted another purchase order, which was increased to one million tests. With the 500,000 tests now awaiting clearance, we’ll be in a position to fulfill the pending orders very soon,” said Josh Disbrow , Chief Executive Officer of Aytu BioScience. Over the last two days, shares have climbed from $1.33 on Tuesday morning to highs of $1.78 during premarket trading on Wednesday.
