Are These On Your List Of Penny Stocks To Buy This Week?
Have you made your list of penny stocks this week? If you haven’t and are just getting things started, you’ve got your work cut out. There’ve been a lot of discussions over the weekend on what to focus on this week. Then we have a huge uncertainty when you start factoring in the recent death of Ruth Bader Ginsburg.
Her now vacant seat in the Supreme Court of the United States is up for grabs. It’s now a center of political tension. What’s more, is that we have no idea who’s in the running nor what their potential election could mean for the stock market. Needless to say, that is likely something that we’ll find out more about this week. Some of the other headwinds this week could include rumors of a second impeachment of the U.S. President.
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This weekend House Speaker Nancy Pelosi said she wouldn’t rule out impeaching President Donald Trump or Attorney General William Barr. That is if the Senate tries to push through a Supreme Court nomination during a lame-duck session if Joe Biden wins the November election. If one thing’s certain it’s that this week could be another volatile one in the markets. Keeping this in mind, will these names be on your list of penny stocks to buy or avoid at the top of the week?
Penny Stocks To Buy [or avoid]: Trevena, Inc.
Trevena, Inc. (TRVN Stock Report) is on this list of penny stocks after a strong finish to last week. TRVN stock managed to reach 1-month highs of $2.67 following several investor conference presentations last week. That circuit continues this week as well. Trevena presents at the Oppenheimer Fall Healthcare Life Sciences & MedTech Summit one September 23rd.
Trevena has been no stranger to attention this year. We’ve followed this company since June 2nd after Trevena began collaborating with Imperial College London. THe collab would see them evaluate the treatment potential of TRV027 for acute lung injury in COVID patients. However, the most recent focus has been on the company’s non-COVID pipeline.
Starting late last month, Trevena began reporting key milestones from its OLINVYK injection for pain management. The company confirmed FDA approval for the treatment.
the company confirmed FDA approval for another treatment candidate. This time it was for its OLINVYK injection for pain management. Furthermore, 2 publications highlighted data showing an improved respiratory safety profile for OLINVYK compared to IV morphine.
“These two publications add to the comprehensive safety database of peer-reviewed published literature for OLINVYK,” said Mark Demitrack, M.D., SVP, and Chief Medical Officer of Trevena. In addition, last week analysts at Guggenheim initiated coverage on Trevena. The firm gave a Buy rating and announced a price target of $5. After Friday’s surge, is TRVN stock on the buy or sell side of the list?
Penny Stocks To Buy [or avoid]: Sonnet BioTherapeutics Holdings, Inc.
Sonnet BioTherapeutics Holdings, Inc. (SONN Stock Report) is another one of the penny stocks surging late in Friday’s afternoon session. In fact, shares continued pushing higher well-after the closing bell. During after-market trading, SONN stock ended up reaching a high of $2.81. The initial spark triggered around 2 PM EST at which time the market started to see strong buying volume in the stock.
There weren’t any news headlines nor were there any filings to speak of. What we do know is that earlier this month Sonnet reported positive preclinical safety data for its SON-1010 for oncology applications. The company said further that it was on track to submit an IND by 2021. Prior to that and one of the outstanding items in recent weeks is the LOI Sonnet signed in early August. The company executed a letter of intent to negotiate an agreement to license its SON-081 and SON-080 assets. This was with New Life Therapeutics Pte. Ltd. of Singapore. No further updates had been released after this LOI so far.
The licensed territory would include Singapore, Malaysia, Indonesia, Thailand, The Philippines, Cambodia, Brunei, Vietnam, Myanmar and Lao PDR. If there’s a definitive agreement, New Life Therapeutics will be responsible for conducting a Phase Ib/IIa pilot-scale efficacy study with SON-081 in diabetic peripheral neuropathy. That’s expected to begin during the first half of 2021.
Other than that, recent analyst action suggest a bullish stance on SONN stock. Chardan Capital boosted its price target from $7 to $8. The firm also holds a Buy rating on the stock.
Penny Stocks To Buy [or avoid]: iBio Inc.
iBio Inc. (IBIO Stock Report) has been one of the penny stocks to watch recently. Over the last few weeks, the penny stock has mounted a bit of a recovery following a period of consolidation. In fact, since September 4th, IBIO stock has managed to bounce back as much as 62%. Similar to SONN stock, IBIO also surged in post-market trading on Friday. During the after market session, the penny stock managed to briefly reach a high of $2.59, further extending its 2-week rebound.
We’ve reported on iBio for months, now. It’s seen its share of big moves in both directions. However, after pulling back from its 2020 high of $7.45, the penny stock has worked to find some sort of footing. It appears that over the last few weeks, an area of potential support sits around the $1.60-$1.70 range. It will be interesting to see if this 2 week trend continues into the week ahead. One thing we do know is that IBIO has found itself wrapped into the list of coronavirus penny stocks to watch this year.
Earlier this month iBio announced that it selected IBIO-201, its LicKM™-ubunit vaccine, as its leading candidate for the prevention of SARS-CoV-2 infection. The company has other candidates like its IBIO-200, however, the company determined that IBIO-201 produced a better result than IBIO-200.
“We plan to conduct more focused studies on each of IBIO-200 and IBIO-201, with the goal of advancing IBIO-201 to toxicology studies ahead of planned clinical development,” explained CEO Tom Isett in a September 9th PR.
Penny Stocks To Buy [or avoid]: Gevo Inc.
Gevo Inc. (GEVO Stock Report)’s slogan is “Fueling the Future”. The company’s main focus is on renewable fuels. Of course, one of the hot sectors of the stock market today is exactly this. Gevo’s product line specifically targets decarbonization of the process to give each of its biofuels, chemicals, and co-products the lowest carbon life-cycle assessment possible. While volume has picked up in the stock, price has been very volatile over the last month.
If you remember back in late-August, GEVO stock initially spiked after the company announced a binding Renewable Hydrocarbons Purchase and Sale Agreement with Trafigura Trading LLC. The deal would see Trafigura taking delivery of 25MPGY of renewable hydrocarbons starting in 2023. What’s more, is that this deal brought Gevo to over $1.5B of revenue in long term contracts when added to the other contracts we have in place.
Fast-forward a few weeks and we’ve seen consolidation in the penny stock. Shares pulled in from highs of $2.18 to lows last week of around $0.79. This is also a major moving average; the 50 day moving average. The level acted as support an we can see that GEVO stock started to bounce off of this level at the end of the week last week.
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We’ve been following Gevo’s progress since the start of July. The most recent trend has become more evident with an uptick in overall market activity. In light of this, will GEVO stock continue rebounding this week or will we see the 50DMA tested once again?