Are These The Best Penny Stocks To Buy Right Now?
After another week of exuberance, broader sector stocks have pulled back on Monday. But that hasn’t stopped certain penny stocks from soaring. In fact, this week we’re already seeing big moves being made by a select list of penny stocks right now. The coronavirus has certainly helped things too.
If you remember, last week we saw a strong finale to the week after a report showed Gilead’s (GILD Stock Report) drug, remdesivir showed early promise against COVID-19. In light of certain events surrounding that report, some question the validity of the findings. But with so much hinging on a cure for coronavirus, any “good news” can act as a potential catalyst for the market in its fragile state.
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This week, we’ve seen a drop in oil prices. So as far as oil and gas penny stocks are concerned, those may not be on penny stocks watch lists at the moment. However, with stimulus money hitting the market, gold has come into focus. So it may not be a bad idea to have some gold penny stocks on the radar right now.
Nevertheless, as we’ve said plenty of times in the past when it comes to penny stocks to buy, always do your research. And if you’re new to penny stocks, it doesn’t hurt to learn the basics first. With this in mind, let’s take a look at some of the names making moves early this week. Will they be the best penny stocks to buy right now?
Best Penny Stocks To Buy [or avoid] #1: NovaBay Pharma
Biotechnology penny stocks are likely to be a big focus for the time being. While many healthcare stocks tend to warrant attention for novel products, COVID-19 has shifted that attention a bit. NovaBay Pharma (NBY Stock Report) was one of the penny stocks to watch in March after a big finding on the company’s website.
At the time, NovaBay had listed that one of its units was selling KN95 masks. During times where personal protective products are in high demand, this revelation was enough to excite the market. Of course, since then traders have moved onto other coronavirus penny stocks. But in light of this, NBY stock remained on watch lists for “what’s next”. Fast-forward to this week and we see exactly what’s next.
The company signed an agreement to distribute COVID-19 antibody rapid point-of-care tests to U.S. healthcare professionals. NovaBay signed a deal with Shenzhen Microprofit Biotech Co., Ltd. to become the exclusive U.S. distributor of a test. Not only did this turn heads but it had triggered a move to highs of $1.70 before the market opened on April 20th. Will this momentum continue throughout the week?
Best Penny Stocks To Buy [or avoid] #2: Biocept Inc.
This is one of the penny stocks we talked about over the weekend. Biocept Inc. (BIOC Stock Report) was initially the beneficiary of a rumor that turned out to be true. In fact, because of a “mistake,” some traders actually caught a glimpse, early. That’s right, on April 9th, screenshots of what appeared to be a page on the company’s website began circulating. These showed Biocept apparently set to offer COVID-19 testing. That page was taken down as the web address lead to a “404 Error” page shortly after. But this was officially confirmed in an aftermarket news release by the company.
Biocept said, “an unapproved version of a test website page was inadvertently posted to the Company’s website by a third-party website consultant.” But however you cut it, the “cat was out of the bag”. Moving forward, this week, Biocept has remained one of the penny stocks to watch after its latest update. The company launched a line of molecular assay kits for detecting certain mutations baed on its “Target Selector” technology.
“The launch of FFPE capabilities represents a major opportunity for our Target Selector™ kits, given the significant market for tissue testing for mutations in solid tumors and the rapid growth in the liquid biopsy segment,” said Michael Nall, President and CEO of Biocept. While this isn’t related to coronavirus, per se, it demonstrates that company’s continued focus and progress on its core business as well. Will that be enough to keep this recent momentum going through the rest of the month?
Best Penny Stocks To Buy [or avoid] #3: Aytu Bioscience
Another one of the penny stocks to watch recently is Aytu Bioscience (AYTU Stock Report). The company has been a focus for a while now as its coronavirus test kit launch has taken shape. This week the company announced that it secured a global license with Cedars-Sinai for potential coronavirus treatment.
Specifically, the company aims to develop and commercialize the Healight Platform Technology. It was discovered and developed by scientists at Cedars-Sinai. This medical device technology platform is being studied as a potential first-in-class treatment for coronavirus and other respiratory infections.
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Aytu is engaging with the research team at Cedars-Sinai and the FDA to determine an expedited regulatory process. This is to potentially enable near-term use of the technology as a coronavirus intervention for critically ill intubated patients. Over the last few months, AYTU stock has climbed as high as $2.99 on COVID-19-related news. Will this latest development be the next catalyst for the penny stock?
Best Penny Stocks To Buy [or avoid] #4: Genius Brands
Genius Brands (GNUS Stock Report) doesn’t have a coronavirus vaccine, it doesn’t sell protective products, but what it does focus on is entertainment. The company is a global kids media company developing, producing, marketing and licensing branded children’s entertainment properties. This morning, Genius Brands came out with big news of its own. Again, nothing to do with coronavirus.
The company announced today the spring 2021 premiere of its new children’s animated series, Stan Lee’s Superhero Kindergarten, starring Arnold Schwarzenegger, on Amazon Prime (AMZN Stock Report). Amazon Prime joins Alibaba Group’s (BABA Stock Report) which will launch the series in China on its video streaming platform for kids, Youku.
Genius Brands’ Chairman & CEO Andy Heyward stated: “With Amazon Prime in the U.S. and Alibaba in China , we are very excited to launch on these two premiere platforms in the two largest territories in the world.”
