Does Your Premarket Penny Stocks List Have These On it Today?
Here we are, the beginning of the final quarter of 2020 & penny stocks are red hot. While some might think that market volatility is a sign of weakness, traders look for signs of strength. Where is the money flowing? If we take the year, as a whole, into account, there’s a lot of different and novel things that have grown from coronavirus.
For one, certain technologies have taken a bigger focus among investors. The idea of a “touchless society” has continued to be a topic of discussion. We’ve got virtual learning, app-based food delivery, and, of course, plenty of new trading platforms in use due to COVID lockdowns.
We’ve also got a ton of fiscal stimulus to account for “someday,” which has helped get gold to all-time highs this year. Then, who can forget biotechnology at the center of everything? Reflecting on the last 3 quarters makes you really appreciate all of the innovation that has actually come about in 2020. But we still have 3 months left and a Presidential Election to focus on. What’s trending during October’s premarket session?
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There are several sectors gaining ground with a number of stocks taking off. We’ve seen biotech penny stocks race higher on FDA news, tech stocks breakout on new product deals and mining stocks are also taking flight during premarket hours. Needless to say, it’s looking like today could be full of sector-driven momentum. At the start of October, are these premarket penny stocks to buy now or wait until a trend forms?
Premarket Penny Stocks To Buy [or avoid]: Solid Biosciences Inc.
Solid Biosciences Inc. (SLDB Stock Report) ran into some hurdles last month. The FDA showed caution against certain gene therapies, which put a pause on some companies’ pipeline advancements. Furthermore, in July, the FDA had request additional manufacturing information from Solid Biosciences and to provide direction on the total viral load to be administered per patient in its IGNITE DMD Phase I/II trial of the company’s SGT-001 treatment.
On Thursday, the company reported that the FDA lifted the hold on its clinical trial based on its response to the FDA’s requests. Carl Morris, PhD, Chief Scientific Officer at Solid Biosciences said, “We are working diligently to complete all activities necessary to resume dosing, which we expect to occur in the first quarter of 2021.”
SGT-001 is Solid Biosciences’ gene therapy designed to address genetic causes of Duchenne. The therapy has been granted Rare Pediatric Disease Designation and Fast Track Designation in the United States. It has also been granted Orphan Drug Designations in both the United States and European Union.
Following this news, SLDB stock took off during premarket hours on Thursday. Shares jumped above most of the recent resistance levels from the last 5 months, before the bell. One of the areas of interest on the chart now, appears to be the $4.80 area that was a point of support and resistance at the end of last year.
Premarket Penny Stocks To Buy [or avoid]: Digital Ally Inc.
Digital Ally Inc. (DGLY Stock Report) was one of the penny stocks to watch ahead of the Presidential Debates earlier this week. One of the topics of discussion for the debate was race relations and “law and order”. While the debate itself didn’t shed too much light on the subject amid bickering candidates, the discussion hasn’t stalled amid the public.
The company has focused on expanding its sales channels this year. Aside from a short stint as a “coronavirus stock”, DGLY continues to stick to its plan for A/V equipment for law enforcement. This morning, shares are off and running in light of Thursday’s latest update. Digital Ally announced that it was awarded a “significant contract” for 100 FirstVu HD body-worn cameras. The contract also called for DVM-800 in-car A/V systems and VuLink automatic activation systems with access to VuVault.com for Fort Eustis Air Force Base.
Stan Ross, CEO of Digital Ally, explained, “Body cameras and in-car video systems are critically important to the safety and security of all concerned and through these tough times we remain committed to serving all military, law enforcement and first responders with this technology.”
We’ve reported on DGLY stock for months now. The most recent trend has the penny stock trending along its 200-day moving average. On Thursday, DGLY jumped to highs of $2.48 then came back to around $2.20 before the opening bell. Considering that the 50-day moving average is right around $2.49, will this pose a tough level of resistance for DGLY stock to get through. If that’s the case, will it manage to get through that level this month in light of developments like this?
Premarket Penny Stocks To Buy [or avoid]: Oncocyte Corp.
Another one of the premarket penny stocks to watch on Thursday was Oncocyte Corp. (OCX Stock Report). Ever since dropping in June, OCX stock has had a hard time recovering. It’s been in a volatile, sideways trend ever since. Oncocyte stock has seen highs of $2.03 and low of $1.15 during the period from late-June to this week.
The main reason for the drop in June came as the company said a DetermaDx clinical validation study didn’t achieve a pre-defined endpoint of improvement over routinely used clinical factors. This trial was studied in patients for managing radiologically identified lung nodules. However, fast-forward to this week, and the company is gaining some positive interest because of DetermaDx-related news.
On Thursday, Oncocyte announced a licensing and collaboration agreement with Chronix Biomedical. Oncocyte will license Chronix’s patented CNI Monitor technology for the TheraSure™-CNI MONITOR clinical assay. As part of the collaboration, Chronix will use its laboratory network in Germany to accelerate the EU market commercial launch of Oncocyte’s DetermaRx™.
“We believe this important collaboration will allow us to drive oncologist adoption and loyalty by combining our treatment selection tests with the Chronix CNI monitoring test. For the first time, using a single report, oncologists will be able to select an appropriate treatment for their patients and monitor patient response to make timely treatment changes.”Ron Andrews , Chief Executive Officer and President of Oncocyte