In The Wake Of Big Weekend Events, Are These Penny Stocks Worth Your Tim?
Penny stocks aren’t your usual class of stock. They involve lots of speculation, plenty of hype, and the occasional rumor. When you can find the best penny stocks to buy, however, they can become names to know for weeks and even months. You’ll see that on this list of penny stocks, some of the names were big winners earlier this year. They have continued to offer interim breakouts.
Unless you’ve been living under a rock for the last 3 days, you already have some idea of what’s going on in the world. The coronavirus is still at large, SpaceX just made history, and nationwide riots are likely to continue for the time being.
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No matter what your personal opinion is on these events, the fact remains, investors are finding ways to capitalize on related stocks. Considering that penny stocks already have built-in speculation, it doesn’t take much for traders to eyeball certain sectors.
Given the breadth of the recent global events, there’s a lot to discuss. Remember, some headlines can trigger lasting breakouts while others might be more short-lived. With this in mind, will these be the best penny stocks to buy right now or should you avoid them at all costs?
Best Penny Stocks To Buy [or avoid]: MicroVision Inc.
MicroVision Inc. (MVIS Free Report) has been one of the penny stocks to watch for months now. April 14th was the first time we started following the company this year. At the time the company announced that it would be looking for “strategic alternatives” to build shareholder value. Fast-forward a few weeks and MVIS stock was in the middle of a speculative firestorm centered around buyout rumors and speculation related to its technology platform. There hasn’t been much in the way of major headlines from the company.
However, over the last few days, it would seem MVIS stock has managed to find some footing as it hasn’t dipped below $0.80 since May 14th. On Monday, the penny stock started to rally again. This comes after MicroVision’s last update regarding compliance with NASDAQ.
The company received a letter from Nasdaq on May 26th confirming that as of May 22, 2020 the company has regained compliance with Nasdaq’s market value listing requirement. This week, shares reached $1 for the first time since May 22nd. However, this has been a threshold of relative resistance for the last few weeks. Will MVIS stock manage to break and hold above this level for good after the latest round of momentum this week?
Best Penny Stocks To Buy [or avoid]: Aphria Inc.
Notwithstanding the surge of interest in fringe industries like mushroom stocks, marijuana penny stocks have established themselves with footing in the major markets. It might have taken a few years but what was once thought of as a fad, has now secured real momentum in the public markets. Aphria Inc. (APHA Stock Report) has been on the move for the last few weeks. Overall, APHA stock has upheld a relatively bullish trend since it hit 52-week lows of $1.95 in March.
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Late last month and early this month, shares tested the 200 day moving average but have yet to break and hold above it. In fact, over the last 18 months, this technical level has remained a steady resistance point on the marijuana penny stock’s chart. The current source of attention on APHA (and Aurora Cannabis) come from aan analyst note following Canopy Growth’s sell-off last week. Cantor Fitzgerald analyst Pablo Zuanic wrote, “We think WEED’s March quarter problems were company-specific.”
The analyst said he favors Aphria and Aurora. The two companies had “the industry’s higher B2B recreational sales in the March quarter,” he wrote. Aurora is well ahead of peers in domestic medical sales too, said the note. Furthermore, Aphria stock is set to begin trading on the NASDAQ later this month. No other changes will be made as far as its symbol is concerned. It won’t impact its primary listing on the TSX either. Will APHA stock break above its 200-day resistance in light of these developments?
Best Penny Stocks To Buy [or avoid]: T2 Biosystems, Inc.
Earlier this year we picked up on some developments that trigger a move in T2 Biosystems, Inc. (TTOO Stock Report). At the time, shares were trading around $0.50 and T2 just started tweeting about COVID-19 data. This eventually blossomed into the company’s focus a treatment. T2 Biosystems, Inc. is developing a SARS-CoV-2 test, to run on the Company’s proprietary T2Dx Instrument platform. T2 said it anticipates shipping the first tests to U.S. customers for clinical use as early as the end of June. This was revealed in the company’s 8K filing from May 22.
Furthermore, TTOO stock has been on the move recently following another Tweet from the comapny. This time it began after a May 26th updated citing its molecular test. “We are adding a SARS-CoV-2 molecular test to our T2Dx® platform. At the end of June, we aim to offer the T2SARS-CoV-2™ Panel, enabling clinicians to ID COVID-19 infections, and secondary infections that can lead to sepsis.”
With a lot of speculation on the outcome it will see this month, investors have started taking note of any new progress form the company. Keep in mind that T2 said it has the resources to manufacture up to 100,000 tests per month. With certain funding and support, it estimates that it could “potentially ramp to approximately 1,000,000 tests per month”. I guess we’re all waiting to see what comes of its previously set “June” goal. For now, TTOO stock jumped to highs of $0.947 on Monday to start June off on a high note. Since March, shares have climbed more than 80%.
