top penny stocks to watch right now

Will These Names Be On Your List Of Penny Stocks To Watch This Week?

The stock market continued to climb last week and many penny stocks followed. During more recent weeks, we’ve seen dramatic measures being taking by the U.S. government and Federal Reserve. Mainly the Fed has solidified programs to put a backstop against a potential economic meltdown of catastrophic proportions thanks to COVID-19. But while the Fed’s latest moves haven’t directly lifted markets, the side-effect certainly have been noticed.

[Special Report] The Biggest Market Opportunity Of 2020: Coronavirus

In fact, even Goldman Sachs analysts said that these policies “precluded the prospect of a complete economic collapse.” So where does this leave penny stocks? Well, the interesting part is that for the most part, these cheap stocks will do what they do regardless of the broader market. However, when it comes to certain industries like oil and gas, there may be a few exceptions. Needless to say, market trends don’t hurt your chances of finding top penny stocks to buy.

But it’s important to understand the scope of what’s happening in order to react accordingly. I’ll use the oil and gas penny stock example. Since there are so many industry reports scheduled each week, it may be important to note these dates. If there are build numbers coming out “soon” then understand that whatever the current trend is, might change when those new figures come out.

So it would be wise to enter and exit trades accordingly. This is just one example. But the main point here is to do your research and understand the “playing field” that is the stock market today. With this in mind, let’s take a look at a few penny stocks to watch this coming week.

Penny Stocks To Watch: Algernon Pharmaceuticals

top penny stocks to trade Algernon Pharmaceuticals (AGNPF) (AGN)

First on this list of penny stocks, Algernon Pharmaceuticals (AGNPF – Free Report) (CSE:AGN) has been one of the top penny stocks to watch this year. The company announced back in March that it would focus its lead drug for compassionate use for coronavirus.

The company’s NP-120 (Ifenprodil) was initially developed by Sanofi in the 1990s in the French and Japanese markets. It was used for the treatment of circulatory disorders. Fast-forward to today and Algernon may have found a new option to repurpose the drug and make it viable for COVID-19 treatment.

Just last week the company reported that the U.S. FDA gave positive feedback regarding the Company’s plans to conduct a phase 2 COVID-19 clinical trial involving Ifenprodil. The company stated that “based on the feedback, the Company plans to submit, as soon as possible, an Investigational New Drug Application to the FDA, to conduct a Phase 2 clinical trial with Ifenprodil.”

[Read More] 3 Best Penny Stocks To Watch After Latest Coronavirus Update; 1 To Avoid

Since this is the first time Ifenprodil has been presented to the FDA in a formal process and “their response was very encouraging” according to Christopher J. Moreau CEO of Algernon. Since the beginning of April, Algernon has seen a jump of as much as 119.5% after hitting highs of $0.371. After some consolidation, will Algernon Pharmaceuticals be on a list of penny stocks to watch considering these latest developments with the company?

Penny Stocks To Watch: Biocept Inc.

penny stocks to watch Biocept BIOC

Biocept Inc. (BIOC – Free Report) has been one of the more speculative coronavirus penny stocks to watch this year. The initial focus of the company is actually molecular oncology diagnostics. But a recent foray into COVID-19 was music to the ears of those speculating. Specifically, the company verified a COVID-19 molecular diagnostic test. It also confirmed plans to begin accepting physician-ordered testing requests for processing starting on April 15, 2020.

“While we continue to focus primarily on providing actionable results for patients diagnosed with cancer, we are pleased to support our clients and public health efforts by expanding our offerings to include COVID-19 testing. I am very thankful to our laboratory team for stepping up and quickly validating COVID-19 testing, in addition to the vital work we do each day for patients diagnosed with cancer.”

said Mike Nall, Biocept Chief Executive Officer

Will BIOC stock be one to watch this week? While there was no further updates last week besides another round of financing, shares of BIOC stock took off late-Friday afternoon. The company announced a raise of $10.3 million at $0.46/ share. So could this latest BIOC move have stemmed from recent attention by the media on testing? Or is there more to this story right now? Leave a comment and let us know what you think.

Penny Stocks To Watch: Eros International

penny stocks to watch Eros International Plc (EROS)

Eros International (EROS – Free Report) was one of the more popular penny stocks to watch last year. But early in 2020, shares of EROS stock began to tumble. That drop didn’t end until it reached new 52-week lows of $1.10 last month. While most of the market experienced a sharp decline earlier this year, Eros fell after announcing a large capital raise of $50 million in late-January. Pair that with bad earnings and it was the perfect storm for a sell-off.

But, fast-forward to this month and EROS stock has climbed from $1.60 to as high as $3.47 on Friday. That 116% move developed as the company grew its distribution footprint starting with Apple TV in the U.S. The company’s ‘Eros Now Select’ offers Bollywood movies, short-form content, and original content as well. But what happened on April 17th is what has struct a chord with investors.

Eros reported that it will combine with STX Entertainment creating a global entertainment powerhouse. STX Entertainment is a global media company specializing in the production, marketing, and distribution of talent-driven motion picture, television and multimedia content. According to the company, it’s the first major entertainment and media company to be launched at this scale in Hollywood in more than twenty years. To date, the company has released 34 films grossing over $1.5B in global box office receipts, including such leading titles as Hustlers, Bad Moms and The Upside.

That late-afternoon update saw EROS stock fly during power hour. Even after the market closed, shares continued trading higher. The biggest question heading into the week is will this momentum carry through? Many times we’ll see a late afternoon move but then momentum can fizzle especially after a weekend break. Will that be the case for EROS stock?

Penny Stocks To Watch: BioCryst Pharmaceuticals

penny stocks to watch BioCryst Pharmaceuticals Inc. (BCRX)

Shares of BioCryst Pharmaceuticals (BCRX – Free Report) continued higher on Friday hitting new highs for April. If you’ve read our articles over the last few weeks, BCRX stock has been one to watch. On April 1, the penny stock traded around $1.90. Since then, we’ve see BCRX stock jump to highs of $3.36 at the end of last week. What has acted as a catalyst for BCRX?

Coronavirus has helped put a spotlight on BioCryst. Earlier this month the company announced that it began its clinical trial with its treatment, galidesivir in COVID-19 patients. The trial is being funded by the National Institute of Allergy and Infectious Diseases. According to BioCryst’s Chief Medical Officer Dr. William Sheridan, “Galidesivir has been safe and well-tolerated in Phase 1 studies, and, as a potent broad-spectrum antiviral medicine, we are hopeful that we will see a benefit in patients with COVID-19.”

Read More

Some of the afternoon market chatter on Friday pointed out activity in the options market. At a very simple level, buying calls or buying puts is a bet that a stock will go in one direction or another. The strike price is the level you believe that stock will be at or above/below by a certain expiration date. On Friday, BCRX option volume was heavily weighted on the “Call” side for the soonest expiration of May 15. Does this suggest anything other than speculation? You decide, but it’s also worth noting that the penny stock continued trading into the after-hours session on April 17th.

top penny stocks to buy right now
penny stocks disclaimer Algernon Pharmaceuticals (AGN)(AGNPF)

Click for full disclaimer


Sign up for our FREE Newsletter and get:

  • The Beginner’s Handbook For Trading Penny Stocks
  • Penny Stock Alerts And Ideas
  • Learn To Trade Penny Stocks
  • Free Access to The Fastest Growing Highest Rated Trading Chatroom
Privacy Policy

Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | news@pennystocks.com

Leave a Reply

Your email address will not be published.

You May Also Like

4 Penny Stocks To Buy Under $1 Right Now; Are They Worth It?

Are These Stocks Under $1 Actually Worth Your Time?

Top Penny Stocks To Trade Right Now? 1 Up Over 100% This Week

These Penny Stocks Are Hot Right Now; Will It Last? If you’re…