Were These Penny Stocks On Your List Today?
The market’s closed but that doesn’t mean you should stop looking for the best penny stocks today. The reason being is that sometimes late afternoon momentum can dictate the pace of the upcoming Monday session. Do all penny stocks with afternoon breakouts open higher the next session, no. But that doesn’t negate the fact that unusual trading activity late in the day deserves some attention.
Now, I’m sure over the weekend, you’ll do plenty of research. Charting is just one piece of that. However, when you see unusual volume or high volume penny stocks, they tend to grab some additional focus. On this list of penny stocks, the late afternoon surges weren’t accompanied by any news or corporate filings. Yet all penny stocks on this list traded aggressively higher before the closing bell.
Meanwhile, the broader markets appear to have fizzled out. The S&P closed lower and the Dow basically closed flat from its opening bell. Continued weakness in tech and energy was partially to blame. Shares of major companies like Apple, Amazon, and Exxon all closed lower on Friday.
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However, as we’ve continued to say, what the broader markets do doesn’t necessarily dictate the pace of penny stocks. In light of that, here were some of the best penny stocks to watch today during the afternoon session. It’s important to consider that just because these took off late in the day, there’s no guarantee on Monday morning. Needless to say, this quick list of penny stocks could be something to look at over the weekend.
Best Penny Stocks To Watch: Mustang Bio
Mustang Bio Inc. (MBIO Stock Report) has been a company we’ve discussed passively over the last few months. It was founded by Fortress Biotech (FBIO Stock Report), which has gained a lot of attention this year. However, unlike FBIO, MBIO stock traded mostly sideways for the last few months. However, this week shares started to gain a little steam. Much of that momentum came to a head, on Friday.
Shares of MBIO stock jumped from $3.11 at the open to highs of $3.46 before closing the week at $3.42. Like I said above, there weren’t any news headlines from the company nor any filings. However, Fortress Bio and its related companies were all trading higher. The most recent developments focus on upcoming investor conferences.
Starting next Monday, Mustang will begin a 2-week conference run. It kicks off with H.C. Wainwright’s Global Investment Conference. Next Wednesday, the company hosts fireside chats at the Cantor Global Healthcare Conference. Then Mustang rounds everything out with Oppenheimer’s Fall Healthcare Life Sciences & MedTech Summit on September 21st.
With a packed few weeks ahead, it seems as though sentiment is becoming more upbeat. Friday, MBIO stock experienced its biggest 1-day move since July. The penny stock also saw one of its highest, single-day trading volumes since mid-August. Earlier this month Mustang announced that the FDA granted Orphan Drug Designation to its MB-107. This is Mustang’s lentiviral gene therapy for the treatment of X-linked severe combined immunodeficiency. The company plans to initiate a multi-center Phase 2 trial in the 4th quarter for MB-107.
Best Penny Stocks To Watch: Hancock Jaffee Laboratories
Early this quarter, we started to follow developments from Hancock Jaffe Laboratories (HJLI Stock Report) as it had regained compliance with Nasdaq. The company was also generating attention from a proposed merger announced in June. Hancock inked a non-binding letter of intent to merge with Catheter Precision, Inc. It’s a private medical device company focused on cardiovascular diseases, including heart arrhythmias.
We talked about this company earlier this week as well. On Wednesday HJLI stock jumped over 40% during the session saw a small move Thursday, then moved higher today. In fact, since Wednesday’s update, HJLI stock has managed to climb as much as 61%. Furthermore, shares moved higher during the aftermarket session.
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Last month, Hancock Jaffe announced that it has enrolled the first two patients for its first-in-human CoreoGraft study. This is the company’s bovine-tissue-based off-the-shelf conduit intended for use in coronary artery bypass surgery. Interim results are said to be available 30, 90, 180, and 365 days post-surgery. Robert Berman, Hancock Jaffe’s CEO said in that corresponding update, “We have several upcoming milestones to be excited about including the beginning of our first-in-human trial for the CoreoGraft, the conclusion of our first-in-human trial for the VenoValve, and preparations for the VenoValve U.S. pivotal trial.”
Best Penny Stocks To Watch: Salem Media Group Inc.
Another “late-bloomer” on Friday was Salem Media Group Inc. (SALM Stock Report). The past 6 weeks haven’t been much to talk about for SALM stock. In fact, during that period, shares dropped from highs of $2.46 to lows of $0.85. Much of this downturn stemmed from the company’s EPS miss. However, Salem did manage to beat sales estimates for the quarter albeit by a narrow margin.
The first half of Friday’s session was business as usual right until 3PM EST. This is when SALM stock began its surge. Shares reached a high of $1.35 before closing the week at $1.275. It’s important to note, however that there’s been nothing but bad news recently. Furthermore, no news and a move like this could simply just be evidence of a late afternoon technical move and nothing more. Will the momentum continue into next week is the question right now.
Heading into the thick of election season, Salem Media could be a focal point, however. Back in July, the company announced that President Donald Trump appointed Salem Radio Network host Dr. Sebastian Gorka to the National Security Education Board. Dr. Gorka was an advisor to the Trump campaign in 2016, and joined the White House in early 2017 as a strategic advisor on national security. He joined the Salem Radio Network in January 2019, as host of “America First”.
Honorable Mention: Cassava Sciences Inc.
Cassava Sciences Inc. (SAVA Stock Report) was one of the penny stocks to watch at the start of the week. We noted that the company is conducting a comprehensive analysis of the clinical results of its Phase 2b study. This includes evaluating the effects of PTI-125 on cognition.
In its August business update, Remi Barbier, President & CEO, said, “Our Phase 2b study was well-conducted, but we believe the analysis of results is a re-do. This effort is on-going. I believe the outcome of our Phase 2b study will be better understood after final clinical results are announced in September 2020.”
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Cassava is an honorable mention for one simple reason. All the company announced on Friday was that it would host a conference call Monday before the open. That could mean a lot of things. It could also be a huge situation to weigh risk and reward. Remember, when it comes to biotech penny stocks, the slightest bit of positive or negative data can trigger a big move. So SAVA stock could be a high-risk scenario heading into next week. All the same, it was one of the late-afternoon penny stock movers on Friday.
*UPDATED*
On Monday Sept. 14th, Cassava announced sumifilam significantly improved an entire panel of validated biomarkers of disease in patients with Alzheimer’s disease.
