These Penny Stocks Are Seeing Positive Performance
Penny stocks are defined as equities trading under $5. These low-cost stocks provide an easier way for new investors to enter the market due to their price. In 2020, people have been seeking new revenue streams due to the hardships caused by the economic crisis. This has many new investors turning to penny stocks as an entry point for investing.
Due to the volatility of penny stocks, profit can be made in an instant. But at the same time, profit can be lost in an instant as well. These stocks are generally more volatile than your traditional large-cap stocks.
- Does Your List Of Penny Stocks To Buy Have These 5 On It In October?
- Top Mining Penny Stocks To Watch For October 2020
You could consider penny stocks to be a high risk / high reward type of asset. While the volatility of these stocks may turn away some, these assets still have a lot of potential. Now, let’s look at five of these penny stocks that are seeing very positive momentum in the stock market this month.
Top Penny Stocks To Watch: GT Biopharma Inc.
GT Biopharma Inc. (GTBP Stock Report) has been surging ever since the tail end of September. The biotech company has taken up a focus on its lead drug candidate, GTB-3550 in patients with acute myeloid leukemia. GT’s conducting a Phase I/II study to analyze dosing and tolerability in the treatment. Why timing has meant so much recently is based on the recent developments in this trial. GT Biopharma recently completed the treatment of the first patient enrolled at Dose Level 3 in its GTB-3550 TriKE™ Phase I/II clinical trial. In short, the findings have already shown promise.
Further to this, the company’s TriKE™, the backbone of its pipeline, remains one of the more novel approaches to immune treatment. It’s a combination protein that bridges an immune cell and a tumor cell to drive tumor cell killing power exponentially. It has led to new first-in-human phase studies to treat leukemia. What’s more is that TriKE™ has been evaluated in ovarian, breast, prostate, pancreatic ductal adenocarcinoma, and lung cancer models.
Last week the company announced that Cytovance® Biologics signed a deal with GT to manufacture TriKE™ using Cytovance’s proprietary Keystone® bacterial or mammalian expression systems. If successful, Cytovance stands to gain up to $6 million for its manufacturing services.
From a technical aspect, it’s important to not only look at the recent volume trend. It’s also interesting to note that GTBP stock has once again tested the $0.25 level. While this has acted as a level of resistance, could the above average momentum mean something different for GTBP stock heading into the remainder of the month?
Top Penny Stocks To Watch: AcelRx Pharmaceuticals Inc.
Another one of the penny stocks to watch is AcelRx Pharmaceuticals Inc. (ACRX Stock Report). AcelRx Pharmaceuticals is a pharmaceutical company that focuses on the development and commercialization of therapies that treat acute pain. One of its lead products is DSUVIA that treats moderate to severe acute pain. Let’s discuss some recent news for this company. On August 10th the company released its second-quarter results for 2020.
For the second quarter, the company experienced a net loss of $6.6 million. In addition to this, the net loss for the first half of the year was $22.5 million. The CEO of the company, Vince Angotti stated, “Despite the challenges with COVID in the second quarter, we made meaningful progress towards generating long-term shareholder value and expanding the DSUVIA launch through advancements with the Department of Defense and our exclusive agreement with Zimmer Biomet for dental surgeries.”
ACRX stock price has actually managed to go higher than it was back in February. Shares rallied to highs of $2.10 on October 12th and within the last 5 days, ACRX stock price is up 43%. Clearly, analysts are feeling a certain way about AcelRx. Credit Suisse boosted its price target on the stock earlier this year to $0.84. That is why ACRX stock is on this list of penny stocks to watch.
Top Penny Stocks To Watch: Blue Hat Interactive Entertainment Technology Ltd.
Next on this list of penny stocks to watch is Blue Hat Interactive Entertainment Technology Ltd. (BHAT Stock Report). The company produces designs, promotes, and sells animated toys with mobile game features. It recently announced a JV partnership with Tongsheng Education to deliver augmented reality immersive classes to 320 preschools in China.
The CEO of the company Mr. Xiaodong Chen stated, “This agreement allows us to further strengthen our market presence in the education sector, which along with augmented reality toys and games, are the three main pillars of Blue Hat’s business model.”
This has resulted in BHAT stock price going up more than 20% in the last 5 days as of October 12th. BHAT stock price was at $0.81 previously and a high of $1.03 this week, so far. The company is also actively working on purchasing Fuzhou Csfctech Co Ltd., a mobile game developer in China.
This has been an ongoing process for the company but would effectively give Blue Hat a wider global reach. The Company previously announced the signing of a letter of intent in late 2019. Fast-forward to now and after the COVID-19 delay and the company expects to close the transaction this quarter. Something to keep in mind if BHAT stock is on your watch list right now.
Top Penny Stocks To Watch: AutoWeb Inc.
The next company on this list of penny stocks to watch is AutoWeb Inc (AUTO Stock Report). We’ve discussed this company many times in the past. Furthermore, the overall trend in the stock market has been very bullish. AutoWeb is a digital marketing company in the automotive space that operates in the United States.
The company helps assist automotive retailers and manufacturers sell its vehicles via its services. It helps users search for cars via specific parameters as well. Let’s look at the recent advancement that this automotive penny stock just made. On October 7th, AutoWeb announced that the company partnered with QuinStreet to support car buyers. This deal will allow AutoWeb’s visitors to access QuinStreet’s online car insurance search capabilities and solutions. This will allow customers to easily shop for the best insurance policies for the car they may be purchasing.
Dan Ingle, the COO of AutoWeb claims that “By seamlessly providing the information shared when requesting vehicle pricing, we are able to facilitate convenient access to QuinStreet’s leading car insurance comparison tool.”
Since the deal was announced, AUTO stock price has gone up more than 25%.
Top Penny Stocks To Watch: Party City Holdco Inc.
Party City Holdco Inc. (PRTY Stock Report) is back on the watch list. There’s been a few weeks where PRTY stock has consolidated after an epic run to highs of $3.66 in September. If you’re unaware, Party City is a retail company that designs, manufactures, sources, and sells party supplies at its many locations around the world. The company also provides party supplies in the wholesale marketplace.
Some of its products include plastic tableware, balloons, Halloween items, and more. The company actively owns more than 900 retail stores in North America. However, as we know, its business had a bit of a facelift this year. Party City shifted from brick and mortar to brick and click due to obvious shortfalls in light of pandemic restrictions.
You’d think that PRTY stock would be hurt by the pandemic, and it was. But since its drop back in February to March, Party City has actually managed to make a somewhat of a recovery. PRTY stock price finished the trading session at $2.75 on October 12th, right around where it was trading before the drop. What has helped in its recovery? Well in the company’s second-quarter results it announced losses but beat revenue estimates by a noticeable amount. Its revenue decreased 54.8%, but was still better than what analysts predicted.
In addition to this, the company announced it will hire 20,000 new seasonal employees for this Halloween season. Something to keep in mind is this is somewhat of a pivotal season where Party City has thrived. The Halloween season is vital and something that will be important to reference when it comes time for its Q4 and annual earnings. For now, many are simply speculating based on the update of hiring 20k new employees for the season.