Are These On Your List Of Penny Stocks To Watch Right Now?
No matter your stance on penny stocks, having a good list is never a bad idea. It helps you cut through the noise of the rest of the market because you’ve done your research. Well, I should say, I assume that you’ve done your research to find those stocks to watch. It doesn’t always have something to do with fundamentals either. So don’t feel wrong in adding penny stocks to your list that don’t have big updates. There are plenty of traders who look for penny stocks to buy simply based on technical trends.
What I will say is if certain penny stocks are on the move, I would want to see if there’s a true reason why. Most of the time, there is. Ultimately it tends to have something to do with an update or pending update. Regardless of the fact, if you are trading penny stocks based on technicals, it’s important to stay true to your strategy.
The goal is to make money, not hold a bag. I know it’s easier said than done in some cases. Just look at what has happened with stocks like Eastman Kodak Company (KODK Stock Report). When we highlighted the company yesterday, KODK stock had jumped from under $3 to over $9. What’s more is that even today, during premarket trading, shares have surpassed $18.
Someone could have bought this at its recent highest high of $9 and still secured nearly 100%. However, with such a volatile stock, your trading strategy is important to keep in mind. Do all penny stock break out this big? No, but when some of them do, managing your position size and risk are key to profiting big or carrying a loss. With this in mind let’s take a look at some penny stocks trending higher on Wednesday.
Penny Stocks To Watch: Genetic Technologies
Genetic Technologies (GENE Stock Report) was a company we talked about a few weeks ago. It was when the company said it aims to produce, at scale, a COVID test that could predict whether a person is at risk of severe COVID-19 if infected. Genetic reported that it completed the design and request for the initial production of the SNP (Single Nucleotide Polymorphism) panel. That allows for the processing of the polygenic risk test portion of the COVID-19 Severity Risk Test. Furthermore, the company ordered this from Thermo Fisher Scientific and confirmed with major manufacturers that the COVID-19 Severity Risk Test is capable of being rolled out on a large scale.
That saw the stock rally to highs of more than $10 from an opening price of $2.77. However, later that week, the company announced that it was raising $5.1 million at a discount to the July 15th closing price. We saw shares slide to lows of $3.77 on July 29th. However, the latest development from Genetic Technologies has sparked some extra interest in the penny stock.
On Wednesday, GENE stock spiked after the company reported its Quarterly Activities Report for the period ending June 30, 2020. To see the full details of this, check out the July 29th 6-K filing. The update saw shares spike to highs of $5.25 during premarket hours, then slip to around $4. While this is still higher than its July 28th close, it will be important to keep in mind that GENE stock is already showing high levels of volatility.
Penny Stocks To Watch: Regulus Therapeutics Inc.
Regulus Therapeutics Inc. (RGLS Stock Report) is another one of the trending penny stocks to watch on Wednesday. Shares spiked up during premarket hours to highs of $1.11 before dipping to around $0.90. The jump came after Regulus made a new update. The company announced that the U.S. FDA has granted Orphan Drug Designation to its RGLS4326 for the treatment of patients with ADPKD. This mutation is a leading cause of end-stage renal disease.
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“We are pleased RGLS4326 has been granted Orphan Drug Designation by FDA,” said Jay Hagan, CEO of Regulus. “This is an important milestone for our APDKD program and our efforts to address the significant unmet medical needs with this disease.”
RGLS stock has been on the move ever since mid-March. That was when the stock was trading below $0.50. During the last few months, shares have jumped as high as $1.05 and since June, daily average volume has increased. On Wednesday, the penny stock had nearly surpassed its second highest trading volume day of the year by the opening bell. Considering this momentum right now, will RGLS stock be able to sustain this latest trend?
Penny Stocks To Watch: IZEA Worldwide Inc.
If you’ve followed our coverage on coronavirus penny stocks, IZEA Worldwide Inc. (IZEA Stock Report) may be familiar to you. It was one of the companies we started covering back in May just as stay at home orders were in full swing. Since then, we’ve seen IZEA stock jump from around $0.31 to highs of over $3 and back down to level of around $1.15.
During this entire move, IZEA can be seen using the 50 Day Moving Average as a support level. While volatility played a huge role in June, now that things have settled down, investors are starting to see some normalized trading activity. This week, IZEA stock is gaining some attention after its latest update.
On Wednesday the company announced that it secured a new contract with a “leading entertainment company, a division of a Fortune 100 corporation”. Though the specifics of this company weren’t disclosed, IZEA said that the contract was a 6 figure deal representing the largest award IZEA has received from the specific customer.
In addition to this contract, IZEA was awarded a separate multi-national influencer marketing initiative by a Fortune 500 manufacturing company on the same day. IZEA will be executing a campaign in Europe and Asia for the customer, promoting athletic wear. IZEA has a long history with this client. According to the company this campaign marks the first multi-national initiative IZEA will be executing on their behalf.