3 Penny Stocks Gapping Up Today
Are you looking for penny stocks to buy today? If you’re like most, premarket hours are some of the most important. This is where we see stocks gapping up, gapping down, or simply beginning to see activity for the day. Not all penny stocks trade during premarket hours. However, the ones that do can give a glimpse into the market for that day.
Are a majority of tech stocks trending? What was the catalyst for that? Are a majority of healthcare stocks trending? How about a catalyst there too? While activity in the market is key to identifying opportunities, there are other factors that play a role. One of these is identifying trends. Unless you’re scalping penny stocks, above-average volume isn’t the only thing to factor into your trading strategy. There are, of course, myriad methods to use. You could rely on technical analysis and identify trends.
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There are also fundamental factors to look into if you’re a swing trader seeking out a company to put money in for a multi-day period of time. Then, obviously, if you’re going to invest in penny stocks, there are a lot of other things to look into. This week has been a wild one for sure. Volatility is at a fever pitch and that means it’s important to keep your head on a swivel. With that in mind, here’s a short list of penny stocks gapping up on Friday.
Penny Stocks To Watch: Westport Fuel Systems
Westport Fuel Systems (WPRT Stock Report) is one of the penny stocks gapping up on Friday. The company hasn’t reported any news on September 18th, however, this week the energy sector has been experiencing much stronger momentum than in weeks past. Earlier this week the company announced an agreement to sell the assets of its wholly-owned subsidiary Rohan BRC Gas Equipment to Minda Emer Technologies. The company also said plans to integrate its other products with Minda Emer Technologies. The goal is to localize manufacturing for the market in India market through the joint venture, “where possible.”
David M. Johnson, Chief Executive Officer of Westport Fuel Systems, “The combination of Westport Fuel Systems’ technologies and products with UNO MINDA’s local expertise and relationships strongly positions us to compete and grow in India . Building on our decade-long and successful partnership with UNO MINDA, we are very pleased to take this next step with them to serve this strategically important market.”
On Thursday afternoon, WPRT stock closed the session at $1.62 without much fanfare. However, Friday morning shares have jumped during premarket to highs of $2.29. WPRT stock has been consolidating for weeks ever since reaching August highs of $2.34.
Penny Stocks To Watch: Immutep Ltd.
Immutep Ltd. (IMMP Stock Report) is another one of the penny stocks gapping up today. Shares are on the move after the company announced positive interim data from a recent phase 2 study. This study focused on its eftilagimod alpha combined with Keytruda in patients with 2nd line head and neck cancer or non-small cell lung cancer.
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The interim results showed improving results. According to Immutep, 41.7% of patients showed a “Partial Response” to the combination therapy of eftilagimod alpha and avelumab (previously 33%).
Prof Salah-Eddin Al-Batran , INSIGHT-004 trial investigator and Director of IKF said, “It is encouraging to see the range of patients with different solid cancers that are responding to the combination of efti and avelumab, including PD-L1-negative cervical cancer, squamous anal cell carcinoma and mesothelioma. These tumors are not typically responsive to immune checkpoint therapy and warrant further investigation.”
The company presented this data at the ESMO Virtual Congress on Thursday. During premarket trading on Friday, IMMP stock gapped up to highs of $2.18. This is 36.3% higher than its September 17th close.
Penny Stocks To Watch: Abeona Therapeutics Ltd.
Shares of Abeona Therapeutics Ltd. (ABEO Stock Report) jumped 15% during Friday’s premarket session. During the last few weeks, ABEO stock has been under stronger selling pressure. However, this week, Abeona has begun gaining a bit of ground after its latest update. On Friday the company received new analyst coverage. B. Riley started Abeona at a Buy. The firm also gave the company a $5 price target.
Abeona focuses on gene therapies and plasma-based products. One of the triggers to the August sell-off came after one of the company’s larger shareholder reported an insider sale. SCO Capital Partners reported via FORM 4 that it had sold shares last month. Obviously, insider sentiment can carry significant weight. In this case, traders took it in a negative light. Albeit a small piece of SCO’s overall position, it was a sale all the same. Shares dropped from nearly $3 to recent lows of $1.87.
The latest analyst upgrade seems to have come as a boost to the market on Friday. ABEO stock has continued trading higher during premarket hours. Will this mark a turnaround for the penny stock? The company most recently entered into license and inventory purchase deals for ABO-202 with Taysha Gene Therapies. This is the company’s adeno-associated virus gene therapy for CLN1 disease. Taysha will pay Abeona $7 million, made up of a $3 million upfront license fee and $4 million inventory purchase price. Furthermore, Abeona is entitled to receive up to $56 million upon certain milestones.