coronavirus penny stocks to watch march 2020

3 COVID Penny Stocks To Watch After Latest News

It’s earnings season and the markets are likely set for more volatility. Throw on more coronavirus cases and there could be an interesting scenario right now. The long and short of it is that penny stocks have seen quite the trickledown effect this year from broader market events. Maybe not so much the impact from earnings but COVID has definitely played a big role.

Some of the top penny stocks to watch this year had some hand in coronavirus. Whether it comes as a shock or not, COVID news seems to have become an even bigger catalyst in many cases, as the year’s rolled on. It might have something to do with later stages in trials, new fast track & emergency use designations or simply showing a positive effect on the virus. But no matter what, headlines mentioning “COVID” or “coronavirus” tend to turn heads.

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“What we were seeing in Wuhan — six months ago, five months ago — now we are there,” Lilian Abbo, with the Jackson Health System said during a press conference hosted by the Miami-Dade County mayor. Given the fact that there’s a chance for a second wave “someday” and flu season is quickly approaching, coronavirus penny stocks could be on the radar for the foreseeable future in 2020. Are any of these names on your list this week?

Coronavirus Penny Stocks To Watch: IMV Inc.

There’s something new we’re seeing as a trend among penny stocks. It’s catching many traders by surprise. I’m talking about stocks under $5 that usually have lighter levels of daily volume exploding out of nowhere. Yesterday we saw Equillium stock do just that. Today it appears that IMV Inc. (IMV Stock Report) is the next to follow this trend. For the most part, IMV stock trades less than 200,000 shares per day. Furthermore, over the last few months, the biotech penny stock hasn’t been overly volatile to speak of. After reaching 52 week lows of $1.35, it made a steady climb back above its 50- and 200-day moving averages. The $3 level has been home for IMV since late May.

On May 21 the company announced positive preclinical results demonstrating robust immunogenic and antibody responses from the majority of peptide epitopes. Based on that data, IMV selected multiple peptide epitopes to be formulated within its DPX platform. The goal was to form a vaccine candidate against the novel coronavirus, DPX-COVID-19. It also set “summer 2020” to begin a Phase 1 study.

This week, IMV stock is red hot. The company gave an update on the progress of its COVID-19 vaccine program. Specifically, preclinical studies showed the capacity of DPX-COVID-19 to induce strong immunogenicity. This included binding on target to the spike protein and viral neutralization. IMV also completed the current good manufacturing practice formulation and manufacturing process development for DPX-COVID-19, and
multiple batches have been successfully produced at IMV. It also received an agreement with Health Canada on Phase 1 clinical study design protocol which includes older patients of 56 years and above.

coronavirus penny stocks to watch IMV Inc. (IMV stock chart)

Penny Stocks To Watch: T2 Biosystems

 Earlier this year, T2 Biosystems Inc. (TTOO Stock Report) became a more frequently discussed company amid all of the exciting things happening in health care and biotech. Since then, we’ve seen shares explode from around $0.50 to highs of $1.95 on June 10. At the start of June, anticipation was building around the expected first shipment of the company’s SARS-CoV-2 test.

[Read More] 4 Penny Stocks On Robinhood & WeBull To Watch Under $4

Furthermore, on June 30th, T2 reported the U.S. launch of the T2SARS-CoV-2™ Panel. The Panel runs on T2’s FDA-cleared T2Dx® Instrument, which is a fully-automated, random access system capable of performing seven tests simultaneously. Obviously TTOO stock saw a pop on that news. Over the last few weeks, however, shares gravitated back to the 200-Day moving average as they have done so in the past.

This week, T2 revealed something new for July. The company said that on July 1, it submitted a EUA request to the FDA for the T2SARS-CoV-2™ Panel. While you probably won’t find that in any July PR’s, the information was posted in a July 14th 8K. Given that this wasn’t put in a formal release, will this single line of info in a filing be something traders look to as a potential catalyst?

coronavirus penny stocks to watch T2 Biosystems (TTOO stock chart)

Penny Stocks To Watch: Rigel Pharmaceuticals

Rigel Pharmaceuticals (RIGL Stock Report) was one of the penny stocks we reported on during Monday’s premarket session. The company’s first FDA approved product is TAVALISSE® (fostamatinib disodium hexahydrate) tablets. It is an oral spleen tyrosine kinase (SYK) inhibitor for the treatment of adult patients with chronic immune thrombocytopenia.

This week was already off to a running start after traders began circulating new info. This was with regard to a clinical study. The title: “A High Content Screen for Mucin-1-Reducing Compounds Identifies Fostamatinib as a Candidate for Rapid Repurposing for Acute Lung Injury during the COVID-19 pandemic.”

Here’s where we saw a surge of premarket momentum spark a Monday rally. On July 14th, however, that looks to have continued. Rigel announced the initiation of an investigator-sponsored trial being conducted by Imperial College London. The trial will evaluate the efficacy of fostamatinib for the treatment of COVID-19 pneumonia. The penny stock reached highs of $2.48 on Monday. During Tuesday’s premarket session, RIGL stock hit an early high of $3.60.

Raul Rodriguez, Rigel’s president and CEO commented, “Severe COVID-19 pneumonia can lead to acute respiratory distress syndrome, or ARDS, which can often be fatal. Given encouraging data from pre-clinical models of fostamatinib, we believe there is potential for SYK inhibition to help treat the severity of the disease for these patients and to prevent ARDS.”

coronavirus penny stocks to watch Rigel Pharmaceuticals (RIGL stock chart)

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