best penny stocks to buy now

Looking For Penny Stocks To Buy Now?

There’s no doubt that the stock market today is feeling excited and penny stocks are joining the party. As we noted last night, there’s been a clear indication that larger-cap stocks are seeing lighter volume. Indicated by comparing SPY and IWM (the S&P vs Russell 2000), we saw that the volume trends for each were very disconnected.

In fact, the volume trend for small-cap stocks was rising while large-cap volume was on the decline. Whether or not this sways you in one direction or another is based on your own trading style. But it is important to monitor market trends like this. As they say, sometimes it’s good to “follow the money” and in this case, that flow seems to be pointing toward penny stocks.

Not all penny stocks will be high flyers or experience massive volume. However, if you’re looking to get the temperature on the retail market, this is one thing to note. When it comes to identifying the best penny stocks to buy now, a few things are important to look at. First, obviously, traders will look at volume trends of individual stocks to determine strength or weakness.

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Day trading is all about identifying immediate strength, so a single day’s volume strength is fine to use as a gauge. However, for those looking to swing trade or even invest in penny stocks, a single day won’t be a good guide to future strength.

Day Trading vs Swing Trading vs Investing In Penny Stocks

A longer-term approach to trading like swing trading or a long-term investment requires confirmation and consistency. If a penny stock hasn’t experienced significant volume before but all of a sudden starts to, you’ll want to make sure the strength continues. The last thing anyone swing trading or investing wants is to buy into a stock that just stops trading after a day or two. A long term trading/investing style also includes monitoring the overall chart trend over a given length of time – weeks or months.

Furthermore, you’ll want to pay attention to any current or upcoming catalysts. I like to use the example of some of the top biotech penny stocks. These companies will announce developments, sure. They’ll also announce upcoming dates. These upcoming dates might be a few days, weeks, or even months in advance. If anything, it gives traders and investors an idea of what could become a negative or positive catalyst in the future.

Best Penny Stocks To Buy Now?

  1. ReneSola (SOL Stock Rating)
  2. ImmunoGen Inc. (IMGN Stock Rating)
  3. Vaccinext Inc. (VCNX Stock Rating)

There are plenty of other strategies to utilize that, for time’s sake, I won’t get into in this article. However, you can download the full 60+ page eBook: The Beginner’s Handbook For Trading Penny Stocks. You could also check out some of our penny stock basics articles. In any event, once you know the basics, it’s time to get down to business. Are any of these on your list of penny stocks to buy now or are they better off avoided?

Penny Stocks To Buy [or avoid]: ReneSola

Solar stocks are on fire recently. The whole trend seems to have exploded following the big Battery Day presentation by Elon Musk. The next day we saw SPI Energy and countless alternative energy & EV penny stocks take off.

That trend hasn’t subsided one bit and with leading companies like Jinko Solar (JKS Stock Report) rallying from under $23 to over $63 in a month’s time, you can start to get a sense of where the excitement is right now. ReneSola (SOL Stock Report) has been one of the alternative energy penny stocks on our list for over a year now. The first time we looked at this company was last September when SOL stock was trading around $1.30.

Fast-forward to this year and SOL has been on an absolute tear. In fact, the penny stock has tested its 3-year high in October. The last time SOL stock traded at these levels was in 2017 when it reached a high of $3.79; 1 penny higher than October’s high (so far). You’d have to look all the way back to 2014 to find ReneSola trading higher than this price.

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The biggest question now is can SOL stock keep up with this massive move in the price? The company hasn’t announced much in October. However, at the end of September ReneSola inked a deal with Vodasun to co-develop and market ready-to-build (RTB) ground-mounted solar projects in Germany. 

best penny stocks to buy now avoid ReneSola (SOL stock chart)

Penny Stocks To Buy [or avoid]: ImmunoGen Inc.

ImmunoGen Inc. (IMGN Stock Report) saw a strong surge in volume on Friday. This was the highest, single-day share volume IMGN stock’s seen since February. There weren’t any headlines to go along with this jump either. Further to this, the penny stock jumped from an open of $4.32 to early afternoon highs of $4.66.

Earlier this week, the company did make headlines, though. ImmunoGen announced that the FDA has granted Breakthrough Therapy designation for IMGN632 for the treatment of patients with relapsed or refractory blastic plasmacytoid dendritic cell neoplasm (BPDCN).

Mark Enyedy, ImmunoGen’s President and Chief Executive Officer said, “We look forward to continuing to work with FDA to further define the development path for IMGN632 in BPDCN, in addition to pursuing our ongoing evaluation of IMGN632 in AML and other hematological malignancies.”

Similar to SOL, IMGN stock has further extended to much higher levels over the last week or so. At this rate and with this type of volume can it also sustain at or above this price?

best penny stocks to buy now avoid ImmunoGen Inc. (IMGN stock chart)

Penny Stocks To Buy [or avoid]: Vaccinex Inc.

Vaccinext Inc. (VCNX Stock Report) is one of the other trending biotech penny stocks to watch on Friday. Like I was talking about above, companies will pre-update on upcoming report dates. It can present a situation for either a positive or negative catalyst. In either case, the resulting move in the stock price can be aggressive in either direction.

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Vaccinex found this out, but it found it out the hard way. In late September, the company reported topline results from the early manifest treatment arm of the trial of its lead clinical candidate, pepinemab. This was in patients with early manifest and prodromal Huntington’s disease.

Vaccinex said the top-line results support the potential for a cognitive benefit of pepinemab. However, the study did not meet its co-primary endpoints in the study. Although this was the initial case, Vaccinex said that the results support continued development in Alzheimer’s disease and in mid-stage Huntington’s disease patients with greater cognitive deficits. CEO Maurice Zauderer explained, “The company has, accordingly, initiated screening and expects to begin enrolling patients this month in a new Alzheimer’s disease study of pepinemab at 15 clinical sites in the United States.”

There’s still a long way to go to fill that drop down gap from September. However, the volume and price movement from Friday are noticeable especially considering there wasn’t any headlines or apparent fundamental catalysts thus far. Will this be on your watch list heading into next week?

best penny stocks to buy now avoid Vaccinex Inc. (VCNX stock chart)

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