3 Penny Stocks To Watch On Friday
We’re at the end of another month and penny stocks are still surging. This week, the big breakout experienced by Kodak seemed to spark a rebirth in small-cap and micro-cap stocks. Now we’re seeing traders frothing at the mouth for the next big breakout opportunity. Some search for low float stocks, others search for stocks in certain sectors, while others will simply track down news to get their catalyst rush. Whatever it is, the fact remains penny stocks are back on the radar for a lot of traders.
Word to the wise, please keep your plan in mind and don’t let the fear of missing out cloud your judgment. Where is some of the attention focused right now? Much of the excitement in the stock market today is stemming from more developments in the COVID sector. I know it’s not an officially defined industry. After covering countless coronavirus penny stocks for months, I think it’s safe to say there’s a stand-alone sector at the very least.
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With this in mind, there are several penny stocks to watch after President Trump’s comments on Thursday afternoon. If you’re just catching up on the latest news, Thursday in the press conference, he said, “If you’ve had the virus if you donate it would be a terrific thing. We really need donations of the plasma. To those that have had the virus: You’ve gotten through it, and I guess that means you have something very special there.”
Penny Stocks To Watch: Sonnet Biotherapeutics
We covered Sonnet Biotherapeutics (SONN Stock Report) briefly in April. But for the most part, SONN stock hasn’t been a jaw-dropper during the months that followed. It’s actually been in a very slow and steady slide. So why is it even in the conversation today? If you remember back in April, SONN stock exploded to highs of over $16. This was after Altru Institute highlighted a research report mentioning Sonnet. As I said, since then the stock has been in a slow drip lower.
That is, until the end of July. In fact, shares of SONN stock hit a new 52-week low on July 30th. It bounced by the end of the day on unusually higher volume. First thing’s first if you’re just stumbling upon SONN stock: what does the company do? Sonnet is an oncology-focused biotechnology company with a proprietary platform for innovating biologic drugs of single or bispecific action. The company’s FHAB™ (Fully Human Albumin Binding) technology utilizes a fully human single chain antibody fragment that binds to and “hitch-hikes” on human serum albumin for transport to target tissues.
This week, traders have classified SONN as a “plasma stock”. After the latest commentary from President Trump, it looks like sentiment has picked up. SONN is also among the “low float penny stocks” to watch. Kodak fell into that category as well as many other stocks. The thing to note is that these tend to be extremely volatile. While the “ride” up can be exciting, with penny stocks jumping quickly, the drop down can come just as swiftly. SONN stock gapped up as high as $7.40 during premarket trading on Friday. Will it maintain this trajectory heading into the weekend?
Penny Stocks To Watch: Sesen Bio Inc.
Sesen Bio Inc. (SESN Stock Report) has been on the move for the last few weeks. In fact, since July 15th, SESN stock has climbed from around $0.68 to highs of $1.13 this week. That momentum kicked up even more on Friday after Sesen’s latest announcement.
The company announced that it entered into an exclusive licensing agreement with Qilu Pharmaceutical. The deal is for the manufacture, development, and commercialization of Vicineum for the treatment of BCG-unresponsive non-muscle-invasive bladder cancer and other types of cancer in China, Hong Kong, Macau, and Taiwan.
Sesen is to receive $12 million upfront. There’s also some $23 million in potential regulatory and tech transfer milestone payments it could be entitled to. It’s also eligible to receive royalties on net sales in China. “As a leader in the Chinese pharmaceutical industry, we believe there is no better company than Qilu suited to support the expansion of our development and commercialization efforts for Vicineum,” said Dr. Thomas Cannell, president and chief executive officer of Sesen Bio.
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SESN stock has jumped as high as $1.42 during premarket hours on Friday. The biggest thing to note is that Over the last few years, $1.50 has been a point of resistance on the chart. Will that be the case again today or do you think new highs are coming for SESN stock?
Penny Stocks To Watch: Transenterix Inc.
We talked about Transenterix Inc. (TRXC Stock Report) earlier this week. The company was building momentum after announcing that Maastricht University Medical Center+ entered into an agreement to lease and utilize a Senhance® Surgical System. The company said it was the first hospital acquiring a Senhance and using it in pediatric minimally invasive surgery.
We also noted that earlier this month, Empery Asset Management and CVI Investments reported stakes in the company. When larger funds begin to establish positions in certain penny stocks, the market tends to take notice. On Friday, TRXC stock has continued higher. During premarket trading, shares broke above the 50-day moving average. Why’s this significant? Since the end of June, this has been a level of resistance on the chart. In addition to that, aside from a few weeks in June, the 50DMA has been a resistance level for months.
TransEnterix is a medical device company engaged in the development and commercialization of a robotic-assisted surgical system. It offers the Senhance Surgical Robotic System, which offers robotic surgery for laparoscopic abdominal and pelvic surgery, as well as limited thoracic operations excluding cardiac and vascular surgery, and the SurgiBot System which refers to the single-port robotically enhanced the laparoscopic surgical platform.