best penny stocks to watch today

These Penny Stocks Have Been Heading Higher This Week

When it comes to penny stocks to buy, the typical path of making money is to buy low and sell high. Unlike higher-priced stocks, stocks trading under $4 can move much more quickly. So while some people will look for new and other event-driven catalysts, other traders looking for market momentum.

[Read More] The Biggest Market Opportunity Of 2020: Coronavirus

As we’ve seen this week, there’ve been a number of momentum-fueled penny stocks that broke out big. Yet, when you look for any corporate update, you likely wouldn’t find it. Biotech penny stocks and energy penny stocks have been among these big movers. In my view, it’s got a lot to do with speculation surrounding coronavirus and the push for a turnaround in oil and gas.

Needless to say, when you have waves of big market moves, there’s sure to be investors looking to buy penny stocks instead of blue-chips. But it’s also important to understand that these speculative catalysts can come to an end just a quickly as they formed. So if some of these names are on your list of penny stocks to watch, keep that in mind. With this in mind, here are a few names to know before next week.

Penny Stocks To Watch Under $4: Medigus Ltd.

Shares of Medigus Ltd (MDGS Stock Report) haven’t been incredibly active since mid-March. But there’s no denying the price recovery over the last few weeks. Since March 18th, shares of MDGS have climbed from $0.83 to highs of $1.48. Meanwhile, average trading volume didn’t trade above 31,000 shares in a day. In fact, some days the stock didn’t trade more than 1,000 shares.

So why is Medigus one of the penny stocks to watch? During premarket hours on Friday, Medigus announced the signing of a binding letter of intent with Polyrizon Ltd.. It’s a private company engaged in developing biological gels for the purpose of protecting patients against biological threats.

Before offering a biological gel, Medigus focused on medical devices. The key product of the company is the MUSE (Medigus Ultrasonic Surgical Endostapler) system is a single-use device for the incisionless treatment of GERD (gastroesophageal reflux disease). So keep in mind that this deal is still a very early stage deal in my opinion.

Its a letter of intent that includes a “COVID-19” headline for a protective gel. The biggest focus has been on vaccines but protective items have started to grab attention. Furthermore, given the fact that the penny stock hasn’t traded much before this announcement is something else to consider as well. What’s more, is that the lower float of MDGS stock may have also lent a hand to the recent surge in price and momentum on Friday. Can this continue for the rest of the month?

penny stocks to watch Medigus Ltd (MDGS)

Penny Stocks To Watch Under $4: Oasis Petroleum Inc.

Shares of Oasis Petroleum Inc. (OAS Stock Report) jumped big on Thursday. The penny stock ran from $0.493 to highs of $0.72 before closing at $0.67. During premarket hours on Friday, OAS stock climbed back above $1 for the first time since early March. Since the start of the week OAS stock has climbed by more than 300% with Friday’s premarket highs.

This year, oil and gas stocks were hit hard thanks to COVID-19. Higher supply, lower demand and a lack of storage facilities haven’t helped either. But a recent surge across the industry started to materialize earlier this week. OAS stock has become part of this surge. But it’s also important to understand that while there is a lot of excitement in the sector, Oasis, specifically hasn’t released anything new that would justify such a big move.

When it comes to sector hype moves, they can be short-lived or a big more long-term depending on what comes next. “With such a rapid decline in fracking already visible, very little activity will be happening in the oil basins during the remainder of the second quarter of 2020,” said Artem Abramov, head of shale research at Rystad Energy.

So sentiment may be high right now and there could be short-term gains to take advantage of. But the outlook may simply suggest market volatility like we’ve seen with other sectors that have broken out big and then, ultimately consolidated. Will this be the case for oil and gas penny stocks?

penny stocks to watch Oasis Petroleum (OAS)

Penny Stocks To Watch Under $4: Akers Biosciences Inc.

Shares of Akers Biosciences Inc. (AKER Stock Report) saw a bit of rounding out on Wednesday and Thursday this week. After reaching highs of nearly $9 this month, the penny stock pulled back to lows of $3.17 last week. Over the past two days, AKER stock has maintained a generally consistent level of support around $3.35. On Friday morning shares have started to gain some momentum.

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While there wasn’t much news to speak of on April 24, there have been a few previous events that could suggest a catalyst. Earlier this month the company announced that its collaboration with Premas Biotech has successfully completed a second milestone. This was the successful expression of the three coronavirus antigens, Spike (S), Envelope (E), and Membrane (M).

They were selected for their vaccine candidate and the antigens have been expressed using the D-CryptTM platform at Premas Biotech. Premas is now moving forward with purification and post-expression processing, which we believe should lead to a scaling up of the antigens.

While no official timeline was given, the recent excitement from the last few Presidential briefings has put more attention on companies like Akers. Given the fact that there were no announcements so far this week, will the possibility of “simple speculation” continue driving momentum?

penny stocks to watch Akers Biosciences (AKER)

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