top penny stocks to watch this week

Are You Watching These 4 Penny Stocks Right Now?

Many traders who buy penny stocks for a living tend to hate the weekend. That’s because the market’s closed. But it doesn’t have to be all bad either. Consider this a time to pause, reflect on the week, and look at the trends of the last few days.

Furthermore, it doesn’t hurt to look at what everyone’s talking about at the end of the week either. The reason being is that many of the bigger trends we see at the end of one week, typically to carry over to the early part of the next, to some extent.

This week we saw mostly all penny stocks wake up in volume. Thanks to a big surge resulting from EV penny stocks causing a frenzy of momentum, small-caps are back in focus. If you missed some of this week and don’t know what I’m talking about, that’s ok. Most of September was a bit bland. Sure, there were a few nice, big winners. But the momentum was short-lived and very inconsistent.

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This week, SPI Energy or maybe Elon Musk might’ve changed that. Battery Day was Tesla’s long-awaited event where Musk revealed grand plans for the EV company and quite possibly the industry as a whole. One day later, SPI Energy announced that it would be getting into the EV space and the rest was history. Everything from energy penny stocks and EV stocks to technology penny stocks and many others skyrocketed this week.

Penny Stocks To Watch

Similar to what we saw resulting from the big move in KODK stock, traders are once again hungry for more. Keep in mind, however, that the goal is to make money. So if you’re in a highly volatile trade, it might be prudent to treat it as what it is: a trade. In light of this, let’s take a look at a few penny stocks that have recently been in a new uptrend.

  1. Sunesis Pharmaceuticals Inc. (NASDAQ: SNSS)
  2. Zosano Pharma Corporation (NASDAQ: ZSAN)
  3. Urban One Inc. (NASDAQ: UONE) (NASDAQ: UONEK)
  4. Broadway Financial Corporation (NASDAQ: BYFC)

Penny Stocks To Watch: Sunesis Pharmaceuticals, Inc.

Sunesis Pharmaceuticals, Inc. (SNSS Stock Report) seems to have only just begun to experience a slight uptrend. It has been one of the biotech penny stocks to watch recently. At the beginning of the month, the company effected a 1-for-10 reverse stock split. This ultimately took it from the depths of the penny stocks under 20 cents to over $1. Many companies will do this in order to remain compliant with the exchanges. In any case, shares dipped during the last week, right until Friday. That’s when we first began seeing a nice pop in the penny stock.

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Most of Friday’s session was uneventful right until the afternoon began. This is when information started circulating with regard to one of the company’s partners, DOT Therapeutics-1. Specifically, DOT received orphan drug designation for its treatment of malignant glioma.*

Back in a March 10th PR, Dayton Misfeldt, interim CEO of Sunesis, stated along with the company’s Q4 earnings report: “We are also building value in our product pipeline through partnerships. In December, we partnered vosaroxin with Denovo Biopharma and TAK-580 with DOT Therapeutics-1 to advance these programs to the market.”

The company hasn’t reported or confirmed this information as of yet. However, it has started circulating among traders.

penny stocks to watch over the weekend Sunesis Pharmaceuticals Inc. (SNSS stock chart)

Penny Stocks To Watch: Zosano Pharma Corporation

Zosano Pharma Corporation (ZSAN Stock Report) has continuously climbed during the last 2 quarters. In fact, from April 1st to Friday’s close ZSAN stock is up 209%. In addition, for those technical traders, you’ll also notice a few things on the stock chart. First, ZSAN has seen the 50-day moving average act as a strong level of support so far.

Furthermore, at the end of August, there was a Golden Cross formation confirmed on the chart. For those who aren’t familiar with this, a “Golden Cross” formation is thought of as a bullish formation and triggers when the 50-day moving average crosses up and over the 200-day moving average. It’s not always a guarantee that a stock will skyrocket. However, it has been a nice “heads up” for technical traders. In this case, ZSAN stock has jumped strongly since then.

A few weeks ago the company presented at the Cantor Virtual Global Healthcare Conference, which sparked some extra attention on the company. The main focus recently has been on Zosano’s Qtrypta. It’s a microneedle patch being developed for migraine treatment. Qtrypta was also in focus as a potential use in COVID-19. Zosano wrote on its website that “Zosano is eager to rise to the challenge of responding to the COVID crisis by collaborating with vaccine developers to provide the first microneedle vaccine for at home application.”

So as excitement builds around treatment platform, ZSAN stock remains a focus for investors. Furthermore, earlier this month the company raised “a few million” dollars that could help expand on its Qtrypta development.

“We intend to use net proceeds from this offering for pre-commercialization activities for Qtrypta and for general working capital and corporate purposes,” said the company in a filing.

penny stocks to watch over the weekend Zosano Pharma Corporation (ZSAN stock chart)

Penny Stocks To Watch: Urban One Inc.

Shares of Urban One Inc. (UONE Stock Report) (UONEK) have been off and on the penny stocks to watch list for months now. Initially, UONE stock took off flying in a KODK-type move in June. This followed the build-up of social unrest in light of recent sociopolitical events across the country. Needless to say, there was strong support for companies focused on a number of different communities across the country. We discussed the company in our article, “Penny Stock Urban One Inc. Jumps 1,735% In 2 Days; How?

There’s been a growing initiative to support businesses owned and/or in support of the African-American community. Urban One’s mission is “to be the most trusted source in the African-American community that informs, entertains and inspires” an audience by providing “culturally relevant integrated content through our radio, television, and digital platforms.

While this news has triggered significant momentum in UONE stock, the company hasn’t announced much recently. The last update from Urban One came last month. The company announced a $25 million raise “At The Market”. Needless to say, the company has focused on successfully building its business. Urban One’s founder Cathy Hughs is deeply rooted in the communications industry. Going from radio to TV, her experience has lead her to build Urban One and its affiliated brands.

“We are the largest distributor of urban content in the country. For more than 35 years, Urban One has been the leading voice speaking to Black America.”

Urban One Inc.

Shares began the Friday session under $4 and finished after-hours above $8. Shares of UONEK jumped from under $0.90 to over $1.75. So it will be interesting to see how the market reacts Monday morning. Considering the low float nature of this stock, UONE and UONEK could become highly volatile penny stocks to watch.

penny stocks to watch over the weekend Urban One Inc. (UONE stock chart)

Penny Stocks To Watch: Broadway Financial Corporation

Heading into the weekend, we saw a surge of interest in these companies in light of recent events in Kentucky. This also included shares of other companies we’ve discussed like Broadway Financial Corporation (BYFC Stock Report). Broadway caught a surge of interest following a move by Bank of America (BAC Stock Report). This past week, Bank of America announced the issuance of a $2 billion Equality Progress Sustainability Bond. It’s designed to “advance racial equality, economic opportunity, and environmental sustainability,” and it’s the first offering of its kind in the financial services industry.

“We believe this offering will inspire other issuers and mobilize additional capital to address these critical issues,” said Bank of America.

Late last month, Broadway came out with a big update. The company announced that it entered into a transformational Merger of Equals agreement with CFBanc Corporation. The company said this would effectively create the largest Black-led Minority Depository Institution in the nation. Furthermore, it would equate to more than $1 billion in combined assets under management. It would also equate to approximately $850 million in total depository institution assets (as of June 30, 2020 ).

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Since then, things have been quiet. However, the recent surge in momentum is noticable in the market. We’ll have to see if any further updates come about over the weekend and monitor BYFC stock come Monday morning.

penny stocks to watch over the weekend Broadway Financial Corporation (BYFC stock chart)

End Notes:

Sunesis FDA: https://www.accessdata.fda. gov/scripts/opdlisting/oopd/detailedIndex.cfm?cfgridkey=20207683

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