3 Penny Stocks To Watch This Week
Are penny stocks something you think of when you hear the words “investing strategy”? It’s something that I’m sure has crossed your mind from time to time. These low-priced stocks have a much higher risk than their blue-chip counterparts.
The other side of that is, penny stock traders also tend to realize much greater rewards in a short timeframe if their theses are correct. Therein lies the balance. As traders, it’s your job to find ways to make money with stocks and do so consistently. Anyone can get lucky but for full-time traders, luck takes a back seat to proven strategies that work time and time again.
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This week, we’ve already started to see major headlines push broader markets a bit closer to new all-time highs. Over the weekend there was a bit of uncertainty over things like the U.S. / China trade talks. The two global super powers were set to meet and discuss the Phase 1 trade deal.
Penny Stocks To Watch This Week
However, this meeting was pushed back. Sources from Bloomberg and CNBC said that these discussions are delayed indefinitely. That doesn’t seem to have had a negative impact on Monday morning. For the most part, major U.S. markets are pointing to a strong start to the week.
One of the bigger questions right now is what comes next? Investors are obviously (for now) shrugging off most geopolitical headlines. Furthermore, the U.S. election season is set to go into full effect soon. The Presidential election is now less than 3 months out and a general consensus typically leans toward volatility taking hold in the market.
Will that be the case in 2020? Needless to say, regardless of what most of the blue-chip stocks are doing right now, penny stocks remain a focus for plenty of traders. With this in mind, here are a few penny stocks gaining attention at the start of the week.
Penny Stocks To Watch: Abeona Therapeutics Inc.
Shares of Abeona Therapeutics Inc. (ABEO Stock Report) started the week off with a gap up during premarket trading on Monday morning. The company announced entry into license and inventory purchase agreements for its ABO-202. This is the company’s adeno-associated virus gene therapy for CLN1 disease also known as infantile Batten disease. The agreements grant Taysha worldwide exclusive rights to intellectual property developed by scientists at the University of North Carolina at Chapel Hill and Abeona, and Abeona know-how relating to the research, development, and manufacture of ABO-202.
Taysha will make initial cash payments to Abeona of $7 million. Abeona is also eligible to receive up to $56 million from Taysha upon the achievement of certain milestones. Topping it all off there are “high single-digit royalties” on net sales of Taysha’s CLN1 product baked in as well.
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This news comes on the heals of Abeona’s earnings results about a week ago. The company reported a year over year EPS increase from ($0.49) last year to ($0.14) in Q2 2020. João Siffert, M.D., Chief Executive Officer of Abeona said, “During the past several months, Abeona has delivered on our goals in clinical development, manufacturing, and regulatory affairs toward bringing urgently needed treatments to patients with RDEB and MPS III. Notably, new patients have been treated in our RDEB and MPS IIIA clinical programs, and we expect additional patient enrollment across our clinical programs in the coming weeks.”
Penny Stocks To Watch: TRACON Pharmaceuticals Inc.
TRACON Pharmaceuticals Inc. (TCON Stock Report) was on the radar for August. At the start of the month the company reported its second-quarter earnings. While TRACON beat on EPS with a loss of $0.70 compared to $0.73 estimates, there was a bigger story to focus on. That was management’s discussion on recent progress in the quarter.
This included the filing of the pivotal ENVASARC protocol with the U.S. FDA as part of an Investigational New Drug application. The application cross-references the open envafolimab IND maintained by TRACON’s corporate partners 3D Medicines and Alphamab Oncology.
In light of this, August 17th was a follow up to this and a catalyst behind this week’s momentum. TRACON announced the clearance of the pivotal ENVASARC protocol. Furthermore, it looks like the company gave a bit more specifics on the exact timing of its enrollment in the trial. TRACON expects to initiate enrollment in the ENVASARC trial at 25 sites in the U.S. in the fourth quarter of 2020. Envafolimab is currently dosing in a Phase 2 registration trial as a single agent in MSI-H/dMMR advanced solid tumor patients. It’s also a Phase 3 registration trial in combination with gemcitabine and oxaliplatin in advanced biliary tract cancer patients in China.
Penny Stocks To Watch: BIO-key International, Inc.
BIO-key International, Inc. (BKYI Stock Report) is back on the watch list again after another “key” update. The company has been a focus amid the discussion on reopening and the “back to school” debates. Just last week, BKYI stock surged early in the week as a lead-up to its Q2 results. The company posted revenue of just over $300k and reported a loss per share of $0.08. It also showed a cash position of roughly $18 million.
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This week, shares are starting to creep up again during premarket trading on Monday. The company announced that Reading Area Community College, University of Mount Olive, and East Georgia State College chose to integrate BIO-key’s products. Specifically, they’ll use the PortalGuard identity and access management solution along with the Campus.app digital education portal. The pairing will provide students with secure and user-friendly single-sign-on, password enablement, and reset capabilities linked with a digital campus portal solution.
BIO-key and Campus have partnered to deliver flexible security and user-access solutions to higher education institutions. According to the company, this combined solution “is particularly attractive to institutions seeking to provide secure student access despite the unique location challenges posed by the pandemic”.
Keep in mind that BKYI hasn’t been one of the penny stocks to hold a longer-term trend. During the year, shares have spiked, that’s true. But gains weren’t able to sustain for a period of time longer than a few days. In light of this recent development, will the same be true going into the week or will BKYI finally begin establishing a clear trend?
