Did You Miss These Penny Stocks?
There’s no doubt that there are plenty of penny stocks to watch this month. One of the biggest problems is choosing whether to go with the parabolic, one-day movers or search for swing trades. No matter which you choose, hopefully, you’ve had some success in the stock market. But I’m sure there were a few stocks under $5 you missed. There are thousands of companies to choose from and plenty of trends to consider. One week we see EV penny stocks flying, the next its blue gas stocks.
This week, I think we’re still trying to figure out where the stock market’s headed. A choppy morning session has the broader markets locked in place for now and buyers and sellers are in heavy contention early on. Needless to say, it doesn’t mean that all penny stocks are heading lower. In fact, that’s one of the great things about these cheap stocks.
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Just because broad market or sectors are trading lower, we can typically find several stocks under $5 making bullish moves. Taking this into consideration, here’s a quick list of penny stocks that you might’ve missed this month. Will they be on your list before October?
Penny Stocks To Watch #1: Freeman Gold Corp.
Time of market uncertainty tends to benefit precious metals. Furthermore, during times of positive momentum in the metals & mining sector, junior miners tend to show strength. Freeman Gold Corp. (CSE: FMAN Stock Report) (OTC: FMANF), for instance, has climbed roughly 19% since last Wednesday. Meanwhile, we see the S&P SPY ETF has dropped 5%, which is a considerable drop for the ETF.
In the case of Freeman, the company focuses on acquiring viable projects with potential for development. The company already began its acquisition strategy in Idaho. Freeman recently completed the acquisition of the parent company of Lower 48 Resources Ltd. and indirectly Lower 48 Resources LLC. The significance of that is Lower 48 just acquired the right to acquire the Lemhi Gold Project located in Lemhi County, Idaho, USA.
As far as this project is concerned, it could stand to rival some of its market-leading peers. Lemhi has over 355 holes drilled in the deposit area. Furthermore, the historical data suggests the potential for gold discovery in the area. According to the company, the Lemhi Gold Project has the potential to develop a 1.5 to 2M ounce plus resource. Furthermore, the focus on derisking the property took a whole new meaning and brought in Yaman Gold as a 5% shareholder of the company. Specifically, this was completed after Freeman purchased the backing rights from Yamana via an all-stock transaction. Read more on Freeman Gold Corp.
Penny Stocks To Watch #2: Axovant Gene Therapies Ltd.
Axovant Gene Therapies Ltd. (AXGT Stock Report) is one of the companies we began looking at last week. We specifically discussed the AXGT stock forecast based on recent analyst estimates. This quarter, Guggenheim, SVB Leerink, Cantor Fitzgerald, and Chardan Capital all reiterated their ratings on the stock. However, Guggenheim revised its “Buy” to “Market Perform”. Furthermore, the firms gave price targets ranging from $11 to $23.
What’s more was that attention began focusing on Axovant following an update on its strategy development with Viralgen, a gene therapy manufacturing company. Axovant now has access to manufacturing resources for its AAV-based gene therapy programs, AXO-AAV-GM1 for GM1 gangliosidosis and AXO-AAV-GM2 for GM2 gangliosidosis.
Commenting on this development, Gavin Corcoran, M.D. Chief R&D Officer said, “This approach is crucial as we continue to advance our AAV programs where data from the ongoing Phase 1/2 clinical study of AXO-AAV-GM1 is expected in Q4 2020 and we anticipate IND clearance of the AXO-AAV-GM2 IND application before year-end.”
Since making that update, AXGT stock hasn’t slowed one bit. In fact, since we reported on the penny stock, shares have now climbed from $3.36 to $4.64 so far.
Penny Stocks To Watch #3: Evogene Ltd.
Another one of the penny stocks to watch this month was Evogene Ltd. (EVGN Stock Report). We began covering this company at the start of September after EVGN stock was on the move in August. The company’s latest round of earnings acted as the initial catalyst for that move. Continuing on in September, Evogene announced a definitive agreement with ARK Investment Management, LLC and Alpha Capital Anstalt in connection with a registered direct offering of $10 million.
The company has also announced positive pre-clinical results in a study of its BMC128. Evogene found that alone and in combination with immune checkpoint inhibitors, BMC128 showed “significant improved” anti-tumor activity in mice. With a clear focus on oncology stocks after Gilead’s $21 billion acquisition of Immunomedics, EVGN has remained bullish this month. It’s also worth mentioning that Evogene is coming fresh off of the investor presentation circuit after last week’s H.C. Wainwright Virtual Conference. One of the important things to note about Evogene specifically is that it is involved in a number of collaborations with other companies acting as subsidiaries. Several have active clinical trial programs to note.
For instance, Biomica, an immuno-oncology company, is currently expecting additional pre-clinical studies this year of its BMC128, a treatment for tumor volume reduction. Earlier this month, Biomica reported positive pre-clinical results in its immuno-oncology program giving way to a proof-of-concept first-in-man study next year.
Penny Stocks To Watch #4: AcelRX Pharmaceuticals Inc.
AcelRX Pharmaceuticals Inc. (ACRX Stock Report) is another one of the penny stocks on the move this month. We touched on this penny stock over the weekend, highlighting the recent surge of volume that ACRX stock has seen. While there hasn’t been any news so far this week, momentum continues building off of last week’s catalyst. The company announced that its drug, DSUVIA, was added to the Department of Defense’s Joint Deployment Formulary. This is the core list of pharma products designed for deploying military units across all branches.
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Vince Angotti, Chief Executive Officer at AcelRx Pharmaceuticals comments on this development as well. He said, “DSUVIA’s advancement within the military coupled with recently published data showing how DSUVIA enhances recovery times in the post-operative setting supports the increasing momentum for DSUVIA use and allows more healthcare practitioners to experience DSUVIA’s unique pharmacokinetic characteristics.”
Over the last week, ACRX stock has managed to climb from $1.12 last Monday to highs of $1.77 so far this week. Something else to note is that this is the first time in over a year that shares have managed to break and hold above the 200 Day Moving Average. When you talk about strong levels of support and resistance, longer moving averages come into the picture. In this case, the technical move is something to note considering the historic nature of the move. The biggest question now is will the trend continue?