best penny stocks to watch today

Penny Stocks to Watch for Mid-October

Penny stocks are some of the easiest ways to make sizable gains in the stock market today. On the other hand, they can also lead to big losses if investors aren’t careful. But, when searching for a penny stock to buy, we can use the tools available to find early signs of momentum. These tools include everything from a simple google search to a deep dive into a company’s financials.

Since there are so many penny stocks out there, investors have to choose wisely. This means finding a company with a solid business model and great future potential. That is if you’re looking to invest in penny stocks. On the other hand, if you’re looking to make a quick flip trading these cheap shares, market momentum might play a larger role than fundamentals.

One of the best ways to start crafting a list of penny stocks to watch is to set up a scanner. This can be done on a variety of online resources. There are several factors to consider when setting up a scanner. For one, what type of volume is the penny stock recording? Trading volume should be relatively higher as far as the overall dollar volume is concerned. This ensures liquidity when it comes time to exit a position. 

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The next thing to look for is longer-term price action. While it may be tempting to pick a stock based on a large daily percentage gain, long-term price action may be a much better indicator of followthrough. This is not to say that short term gains are bad, but rather investors should consider stock prices from a broader perspective. With all of this in mind, here are four penny stocks to watch for mid-October. 

Top Penny Stocks for Mid-October 

  1. ACELRX Pharmaceuticals Inc. (ACRX Stock Report)
  2. Cemtrex Inc. (CETX Stock Report)
  3. Selecta Biosciences Inc. (SELB Stock Report
  4. Oblong Inc. (OBLG Stock Report)

Penny Stocks to Watch #1: ACELRX Pharmaceuticals Inc.

ACELRX Pharmaceuticals Inc. is considered to be a specialty pharmaceutical company. The company’s working on the development and commercialization of several unique drugs. These drugs are for a wide range of purposes including acute pain and anesthetics.

These drugs are all produced with the intention of being used in medical settings rather than OTC. Recently, ACRX stock has performed quite well with several days of big gains. On October 12th, shares of ACRX stock jumped by as much as 5.3%. Again, on October 16th, shares shot up by around 12% during intraday trading. 

The company recently announced that it had entered into an agreement with La Jolla Pharmaceuticals and Tetraphase Pharmaceuticals to help promote its pain treatment, DSUVIA treatment. This is something that we see often in the pharmaceutical industry as it helps to get the word out about specific treatments. What’s more, is the company also awarded a near $4 million contract from the U.S. Army for funding a study on the DSUVIA product. With shares surging on Friday, will ACRX stock be at the top of the watch list on Monday?

best penny stocks to watch now Cemtrex Inc. (CETX stock chart)

Penny Stocks to Watch #2: Cemtrex Inc.

Cemtrex Inc. is one to watch when it comes to the IoT or internet of things marketplace. The company makes industrial and manufacturing products as well as security and surveillance. In addition, Cemtrex states that it works on artificial intelligence and virtual reality.

With Covid, people are using technology more than ever before. Because of this, many tech penny stocks have jumped up in value in only a short period of time. CETX stock happens to be one of the more volatile gainers in October. On October 16th during intraday trading, shares of CETX stock shot up by as much as 20% to $1.25. While this gain can be attributed to a variety of factors, the company has made some key announcements in the past few weeks.

On October 8th, Cemtrex announced that it had received a $500,000 order to upgrade the the technology at a corrections facility in the U.S. Saagar Govil, CEO of the company stated that “this order reaffirms the positive outlook for our core Security Technology vertical as the market continues to approve. Our strong presence in corrections has provided multiple orders for several security surveillance systems, driving revenue increases this year.”

[Learn More] Penny Stocks Trading for Beginners [2020]

In addition to this, CETX stock saw a spike on Friday thanks to bullish analyst commentary from Alliance Global. The firm initiated coverage on the company with a Buy rating as well as a $3.50 price target. Will this Friday catalyst help boost momentum heading into next week?

best penny stocks to watch now Cemtrex Inc. (CETX stock chart)

Penny Stocks to Watch #3: Selecta Biosciences Inc. 

Selecta Biosciences Inc. is one of the biotech penny stocks to watch this month. The company has been working to develop several tolerogenic therapies that help to lessen the effects of unwanted immune responses. Its platform known as ImmTOR works by multiplying the effects of several therapies. For those who are not biotech inclined, this means that the platform can help to make drugs and therapies more effective in those who have life-threatening conditions. This includes several autoimmune diseases as well as metabolic disorders. 

Recently, one of the largest insiders of SELB stock, Timothy Springer, reported that he was purchasing $5.4 million worth of SELB. This represents an increase in his holdings of the company by roughly 25%. While this in itself is not a huge deal, it does represent major positivity for the future of the company. Because an insider like Springer is willing to purchase such a significant amount of SELB stock, retail traders have responded with confidence in the market. With this, shares of SELB stock have shot up as much as 13% during intraday trading on October 16th, which further extended a now, week-long uptrend in the penny stock. 

One of the main reasons for this large increase was an agreement made between Selecta and IGAN Biosciences Inc. This agreement allows IGAN to study the ImmTOR immune tolerance platform in tandem with IGAN’s immunoglobulin protease. This partnership could yield several solid advancements for the companies according to the announcement. With this in mind, Selecta remains a very interesting biotech penny stock to keep an eye on. 

best penny stocks to watch now Selecta Biosciences Inc. (SELB stock chart)

Penny Stocks to Watch #4: Oblong Inc. 

Oblong Inc. may not be a penny stock that you’ve heard of, but the company has made some bigger moves. Similar to Cemtrex Inc, Oblong works in the tech sector. The company provides technologies for video collaboration in the U.S. and around the world. Oblong’s main platform, known as Mezzanine, allows users to collaborate visually through conferencing, webcasting, and remote meeting rooms. For those familiar with this area of the market, this company may seem similar to Zoom Video Communications Inc. (ZM Stock Report). 

While this may seem like a downside due to the sheer size of Zoom, Oblong Inc. has been able to find its own niche in the market. One of the upsides is that Oblong seems to have a synergistic trading pattern to Zoom. Which Oblong is obviously a smaller company, it has been able to take advantage of the U.S. business conferencing sector and its growth during the Covid pandemic.

This month, Oblong advanced its patent portfolio. The company announced that over the course of 2020 it has been granted seven patents that further define its place in multi-share collaboration offerings. Since June 30th, OBLG stock has shot up by as much as 200%. While this was a volatile move, without a doubt, it still represents a great deal of bullish sentiment. With this in mind, OBLG stock could remain one to watch heading into next week. The one thing to consider, however, is that shares have dramatically extended over the past 5 sessions. The question that comes into play is whether there is a pullback in store or not.

best penny stocks to watch now Oblong Inc. (OBLG stock chart)

Can These Penny Stocks Continue to Make Headway in the Future?

These four penny stocks represent unique areas of investment. While they all have aspects that make them different, they all have several similarities. As far as penny stocks go, do these four companies look like they could continue to take advantage of the current state of the market?


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