best penny stocks to watch right now

These Penny Stocks Are Trading Higher After Big Updates

If there’s one thing we’ve learned from penny stocks is that catalysts can trigger big moves. You might assume that I’m referring to breakout moves. But catalysts can also work against a stock too. Bad trial results, failed product launches, discounted financing deals, etc. These can all have a negative impact on the market. However, we aren’t looking at penny stocks with bad news. In fact, several of the companies you’ll read about have just announced significant updates.

You should also keep in mind that headlines aren’t the only thing you should pay attention to when it comes to penny stocks. Actually reading the press release or filing is far more important. Since stocks under $5 are already volatile, headlines can give a big boost. But in some cases, the headlines don’t give the full story. For instance, a penny stock that I’ll leave nameless, put out news suggestive of “FDA Approval”.

But a closer look at the actual specifics of that headline revealed that it was nothing related to what most would consider “FDA Approval”. It simply referred to the FDA not declining the company’s plan to submit a new drug application. In this instance, those who only read the headline got caught in a breakout that ended in a crushing break down. So, keep this in mind when you’re looking for certain penny stocks to buy. Not only should you read the news but also dig through the filings to get the full picture.

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Heading into the week, we’ve already seen several penny stocks jump after recent headlines. The biggest question is will that news remain a lasting catalyst or just a short term trigger?

Best Penny Stocks To Watch: Revive Therapeutics Inc.

Revive Therapeutics

Earlier this quarter, we started discussing Revive Therapeutics Inc. (RVVTF Stock Report) (RVV). The company has a diversified model hinged on biotechnology advancements. Its work on bucillamine has targeted a potential treatment for coronavirus. According to Revive bucillamine has unrealized potential for the treatment of influenza with both proven safety and proven mechanism of action similar to that of something known as NAC, or N-acetylcysteine.

The company is also conducting work on psychedelics. With the mushroom boom continuing to gain momentum, investors have begun searching for emerging names. The current sector is still in its early stages. Based on that, there’s a limited quantity of mushroom penny stocks to watch.

Revive acquired Psilocin Pharma Corp., which has developed a patent-pending formulation and production solutions for the active compound Psilocybin.  The process encompassed with its intellectual property cover methods of production of Psilocybin-based formulations. 

In light of this, the company’s most recent update has captured attention this month. Revive announced an expansion to the sponsored research partnership agreement entered with the University of Wisconsin-Madison. Revive aims to evaluate novel formulations of psilocybin. It also plans on a Phase 1 clinical study investigating the therapeutic application of psilocybin for an undisclosed addiction use disorder. Will this be on your list of mushroom stocks to watch this month?

Best Penny Stocks To Watch: Genius Brands

penny stocks to watch Genius Brands International Inc. (GNUS)

Genius Brands (GNUS Stock Report) has been on our list of penny stocks to watch for a while now. The company doesn’t have anything to do with coronavirus directly but it might have benefited a bit from the “stuck at home” situation. Genius Brands International is a content and brand management company. Most notably, the company provides children-friendly content on a number of viewing platforms.

GNUS stock has been explosive during the second quarter of the year. Shares rose from $0.33 to highs of over $11 within the matter of a few weeks. The speculative move was fueled by a mix of company news and trader euphoria. After announcing a financing deal, the penny stock ended up dropping back in penny stock range.

This week GNUS stock is back in the spotlight. This comes after its latest headline suggested interest from the one and only Arnold Schwarzenegger. Specifically, Schwarzenegger elected to receive warrants to purchase shares of GNUS stock as an advance against his profit participation in the show. He’s starring in and co-producing the new animated children’s series, Stan Lee’s Superhero Kindergarten.

[Read More] Are Penny Stocks Worth It? 3 Names To Watch Now

Following this news, the company followed with another corporate update to discuss things in a bit more detail on a higher-level view. “Between Amazon Prime as our U.S. broadcaster, and Alibaba as our Chinese broadcaster, we have secured the two most important platforms in the two most valuable territories in the world,” the company said. Will this trigger another move for GNUS stock or is another slide to come?

Best Penny Stocks To Watch: Electrameccanica Vehicles Corp. Ltd. 

penny stocks to watch Electrameccanica Vehicles Corp. Ltd. (SOLO Stock)

Electrameccanica Vehicles Corp. Ltd. (SOLO Stock Report) is a relatively new penny stock to watch. It’s grown in popularity over the last few weeks ahead of the much-anticipated Nikola IPO. Electrameccanica designs and manufactures electric vehicles.

The level of attention being brought to this niche has surged recently. In light of the NKLA stock IPO and the Tesla stock price breaking above $1,000 for the first time ever, Electric Vehicle stocks are gaining attention.

Late last week, the company announced that it officially closed a $20 million financing deal. When it first reported it was raising the funds, SOLO stock was trading as high as $3. Considering the financing was done at $2, this wasn’t taken well by investors. However, this has become another focus over the weekend. The simple reason why, also has something to do with the SOLO stock price as of last week.

Specifically, SOLO closed the week at $1.70. Keeping in mind the $2 financing price, it might be a notable event to note. The company anticipates that the net proceeds from the offering will be used for “sales and marketing expenditures, capital expenditures, further product development, operational expenditures and for general corporate and working capital purposes”.

Best Penny Stocks To Watch: Digital Ally

penny stocks on robinhood Digital Ally (DGLY)

Finally, one of the penny stocks that we talked about over the weekend and throughout June, Digital Ally (DGLY Stock Report) came out roaring on Monday. The company sells body cams. While it had a small stint as a coronavirus stock aiming to distribute sanitizer, it’s main business model has become a topic of discussion.

The reason behind it has everything to do with the latest bout of riots and police scrutiny. Obviously, if you read or watch the news you know the latest developments over the weekend in Atlanta. But what else is important to keep in mind is that states are beginning to put legislation in place, some which include the use of body cams on a large scale. For a company like Digital Ally, that might be “kind of important”.

“I’ve been on record numerous times, in support of body cameras. The NYSTPBA is not against body cameras. We are actually with the repeal of 50-a. We actually welcome them even more because I think it will help matters of investigation,” said Thomas Mungeer in an interview over the weekend.

[Read More] Are These On Your List Of Penny Stocks Right Now? 1 Up 285% In June

He is the President of the New York State Troopers Police Benevolent Association. This also comes after the company’s body cams were spotted in a news story coming out of Kansas City. Specifically, this was a report citing Kansas City securing over $2 million for bodycams for its police.

penny stocks to watch right now
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