5 Penny Stocks To Watch Before The End Of The Week
Whether you’re looking at trading or investing in penny stocks, the main goals are simple: avoid losses, make gains, and repeat. It sounds easier said than done but a proven strategy will help that curve flatten a bit. We’re seeing some crazy flip-flops in the broader markets thanks to uncertainty around a stimulus deal. First, talks are going well, then they aren’t. Late this afternoon, Secretary of the Treasury, Steven Mnuchin said the coronavirus relief package “could be reached quickly if House Speaker Nancy Pelosi compromises.”
However, one thing to keep in mind is that penny stocks tend to move somewhat disconnected from the broader markets. Now, do all penny stocks trade like that? No, and there are certain sectors that, when moving aggressively in one direction or another, will act as the broad catalyst.
We saw exactly that happen with marijuana stocks over the last week or so. Comments made by Vice Presidential candidate Kamala Harris sparked a rally across most pot stocks recently. But again, not all penny stocks in the cannabis arena reacted that way. Some didn’t move at all, while others actually traded lower.
At the end of the day, having a proven strategy can help you identify trade opportunities no matter which direction the markets are moving. That being said, are these on your list of penny stocks heading into the second half of the week?
Penny Stocks To Watch: GT Biopharma Inc.
Biotech penny stocks have been some of the hottest this year. Obviously, coronavirus had a hand in making that happen. However, the virus also did something else. It brought exposure to the broader world of healthcare and pharmaceuticals. New traders essentially started off looking for “COVID stocks” but then found there’s more to this sector than just a single point of focus. In this regard, some of the interest has now rotated out of coronavirus vaccines and into cancer stocks.
GT Biopharma (GTBP Stock Report) has gained steam over the past few weeks. Shares have jumped ever since announcing interim details of a part of its Phase I/II study on its GTB-3550 for acute myeloid leukemia – AML. Specifically, GT completed the treatment of the first patient enrolled at Dose Level 3 in the trial. The results were favorable, to say the least, based on the company’s report.
Not only did GT record a decrease in AML blast levels from 18% to 12% in the bone marrow, but the patient also showed improvement in marrow cellularity. What might be even more important as far as positive outcomes go, the patient didn’t experience any adverse reactions either. When you’re talking about early-stage trials, efficacy and tolerability are two important aspects of any Phase 1 and/or Phase 2 trial.
It wouldn’t surprise those who’ve looked into the company’s management that this type of quality treatment would be in the pipeline of GT Biopharma. CEO Anthony Cataldo founded the company and has a reputation for building biotechs. For example, from February 2011 to June 2013 Mr. Cataldo served as Founder and Chairman & CEO of Iovance Biotherapeutics, Inc., (IOVA Stock Report). Mr. Cataldo has also served as Chairman/CEO of several biotech companies including Calypte Biomedical Corporation and Senetek, PLC.
Penny Stocks To Watch: Organogenesis Holdings Inc.
Organogenesis Holdings Inc. (ORGO Stock Report) has experienced some choppy trading over the last few months. However, the company’s recent trend as begun turning heads. Since September 24th, ORGO stock has held a consistent uptrend in the market. During this time, not only did Organogenesis present at industry conferences, it has also reported one of its biggest updates of the quarter so far.
On October 14th, the company announced preliminary financial results for the three months ended September 30, 2020. To say that the market was excited is an understatement based on the move it made during after hours trading on Wednesday. Shares of ORGO stock jumped to post-market highs of $5.90 on October 14th following this news.
The company sees Q3 revenue coming in between $99 million and $100 million compares to $71.96 million. It also sees fiscal 2020 revenues coming in between $311 and $314 million compared to estimates of $275.12 million. Also keep in mind that in mid September, Organogenesis acquired CPN Biosciences. In his own words, Gary S. Gillheeney, Sr., President and Chief Executive Officer of Organogenesis, said, “This strategic acquisition significantly enhances our ability to drive growth in the office channel. CPN’s physician office management solution and complementary first-in-line advanced wound care products further broaden Organogenesis’ physician offering and accelerates our office strategy.”
Formal financial results for Q3 are set for after the market close on November 9th. So between here and there, this could be a hot topic of discussion to keep in mind.
Penny Stocks To Watch: Support.com Inc.
Support.com Inc. (SPRT Stock Report) is one of the companies that we’ve followed recently. At the beginning of September, Support.com hit our radar in a piece titled, “4 Penny Stocks To Watch Ahead Of The Snowflake IPO If You Like Tech.”
The reason for SPRT stock to hold a place on the list had everything to do with cloud computing and digital service companies. Specifically, Support.com offers “turnkey, outsourced support services for service providers, retailers, internet of things solution providers, and technology companies.”
We also explained that “one of the biggest drivers for Support.com could be the dynamic shift in virtual work. Things like Zoom and other video conferencing apps are likely sources of troubleshooting requests.”
While Support.com stock has been a bit volatile since then, shares woke up this week. The move came after the company announced two additions to its executive leadership team. This included Andrew Latimer, Chief Information Officer, and Doug Tackett, Chief Legal Officer. Following the release of this update on October 14th, shares of SPRT stock took off after hours reaching a high of $2.05
Penny Stocks To Watch: 22nd Century Group Inc.
22nd Century Group Inc. (XXII Stock Report) has been a force to reckon with since September 24th. XXII stock managed to climb from around $0.56 to highs of $0.92 this week. One of the main initiatives for 22nd Century is obtaining FDA authorization for its VLN modified risk tobacco product. Securing FDA marketing authorization for this product is a top priority of the company and has been the source of speculation in the stock market.
This week, XXII stock gained significantly greater momentum after its recent update. The company announced t was granted a new U.S. patent related to the reduction of nicotine in the tobacco plant. It provides 22nd Century with a rapid pathway to introduce very low nicotine traits into nearly any variety of tobacco.
“This breakthrough further demonstrates that the FDA’s Comprehensive Plan for Tobacco and Nicotine Regulation to limit the nicotine content of all cigarettes sold in the United States is technically feasible and at the same time refutes the claim from ‘Big Tobacco’ that such low nicotine levels cannot be achieved in multiple tobacco varieties.”James A. Mish, chief executive officer of 22nd Century Group
In light of this latest milestone, is XXII stock set to continue its 3-week bull trend or will this be a “sell the news” event before the weekend?
Penny Stocks To Watch: GEE Group Inc.
GEE Group Inc. (JOB Stock Report) is among the staffing stocks catching momentum after hours on Wednesday. One thing that we can see with this niche of stocks is that Thursday has initial jobless claims slated for reporting at 8:30 am EST. whether or not this is the initial catalyst behind this cross-sector surge is yet to be seen. What’s more is that Chief Administrative Officer, Alexander Stuckey filed a FORM 4 Wednesday showing that hey offloaded share at the end of August and beginning of September. His highest price sold was $1.11. How does he feel now?
You tell me. After hours on Wednesday, shares of JOB stock reached highs of $1.42; nearly 30% higher than where Stuckey sold his highest priced amount of stock. Based on the Form 4s, most of his shares were sold between $0.998 and $1.069. Needless to say, shares of JOB stock took off after hours on Wednesday.
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We originally wrote about the company in August, when JOB stock was trading around $1.15. The course of the last few months has brought several periods of jumps and dips but overall JOB is relatively flat. Needless to say, there’s been a noticeable move in staffing stocks after hours on Wednesday and could be of note heading into the second half of the week.