Making A List Of Penny Stocks Right Now?
If you’ve ever made a list of penny stocks before, you know it takes work and time. While some traders will seek out momentum stocks for their lists, others will put a more fundamental focus on things. It’s also not a bad idea to keep an eye on the broader markets. Understand the macro and micro-trends that are fueling the stock market today.
Making a long story short, we just experienced the shortest bear market in history. Unless you’ve been asleep this whole time, stocks sold off to some of their lowest levels in the last 4 years. Some of them still haven’t managed to recover. However, the broader markets, with “a little help” from quantitative easing, have not only recovered, but they’re also approaching new all-time highs.
Now, it’s also important to note that the tech-heavy NASDAQ already etched new historic levels earlier this quarter. We’ve taken a look at the S&P in comparison, which came within the slimmest of margins from retesting its 2020 high (pre-COVID). If that happens, it would have taken the market less than 5 months to go from the bear market “crisis mode” to a new record bull market.
Obviously there’s a lot of factors to account for and only time will tell what the future holds as to the ramifications of all this QE. Besides the fact, however, a case can be made that this year’s “typical trader” is looking for volatility. In that case, there’s no wonder why penny stocks have taken a brighter spotlight. With this in mind, are any of these names on your list of penny stocks right now?
Penny Stocks To Trade [or fade]: Onconova Therapeutics Inc.
One of the companies you’ll frequently find on a list of penny stocks lately is Onconova Therapeutics Inc. (ONTX Stock Report). We first saw this in early December and last month we picked back up on Onvonova’s progress. That was when the company had announced the e-publication in the international hematological malignancy journal Leukemia Research.
These were with regard to results from a Phase 1 company-sponsored study. It was of its oral rigosertib in combination with standard dose azacitidine. The target group included patients diagnosed with either higher-risk myelodysplastic syndrome or acute myeloid leukemia.
Aside from some COVID-related news at the end of July, the company also followed up on a previous announcement from earlier this year. Onconova reported that the required number of survival events for the pivotal Phase 3 INSPIRE has been reached. The company said that it anticipates announcing top-line data by the end of the third quarter of 2020.
This has, of course, boosted short term sentiment. One thing to note right now, however is that Onconova has earnings due this week. Wednesday afternoon the company will also host an earnings call to discuss its results after the closing bell. Given a higher risk scenario around earnings, in general, is ONTX on your list of penny stocks to trade or fade right now?
Penny Stocks To Trade [or fade]: Ocean Power Technologies Inc.
Shares of Ocean Power Technologies Inc. (OPTT Stock Report) were trading higher during the afternoon session on Tuesday. There weren’t any immediate headlines to reference. However, attention did begin focusing on the penny stock after a Tweet earlier in the morning. Ocean Power gave an update on its PowerBuoy product.
Ocean Power focuses on renewable wave-energy technology. It’s engaged in developing systems that generate electricity by harnessing the renewable energy of ocean waves. It offers the PowerBuoy technology which integrates with hydrodynamics, electronics, energy conversion, and computer control systems to extract the natural energy in ocean waves.
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Keep in mind that OPTT stock has a volatile history. So if this is on your list of penny stocks right now, be well-aware of that factor. A Tweet alone seems to have been a catalyst so far. However, with a broader focus on renewable energy sources, could OPTT stock have benefited from a bit of speculation as well? We’ll have to see if this trend can sustain the rest of this week or if it will fade away by Friday.
Penny Stocks To Trade [or fade]: Remark Holdings
Remark Holdings (MARK Stock Report) was another late-breaking name on this list of penny stocks to watch. Shares have been in a steady uptrend for the better part of the last few weeks. MARK stock price had dropped toward the end of June but after steadying in July, this month shares have climbed from around $1.40 to highs this week of $1.98 so far. Earnings speculation could be one of the key factors sparking this recent momentum in August. The company reports results on Friday.
Also helping build momentum has been a focus on recent deals the company has worked to fulfill. Last week the company announced a deal to install its AI-powered Bio-Safety Thermal Kits to Zero Bond. It’s a members-only urban lodge and social work place in New York City.
The company also announced a deal to install Remark AI Thermal Kits at The Meadows School. It’s a private pre K-12 school in Las Vegas. The company said its installation will be the first in a United States school system for Remark AI. Considering how long MARK stock has been on our list of penny stocks to watch, this story has unfolded in front of us almost in real time.
Ever since April 28 when the company gained media attention for its thermal imaging, MARK stock has been on the move. We’ve watched it rally as high as $3.56 and after pulling back, it seems that shares are back in an uptrend heading into earnings week. Will this “re-mark” the start of its next big move or are shares set to slide after earnings? Let us know your thoughts in the comments section below.