Are These On Your List Of Penny Stocks To Watch Right Now?
What goes into a good list of penny stocks? First, you’d probably like to have some names with associated catalysts. One of the top reasons traders actually “trade” has a lot to do with capitalizing on quick moves in the market. In knowing that, one of the hot items when it comes to searching for top penny stocks is a catalyst. This might be a news headline, it could be a filing, or it could even be a rumor. Whatever the case might be, the end results are usually similar. Stocks tend to move more aggressively in light of an apparent catalyst.
Now, how long that momentum lasts or how much follow through there is in the market is another story. Follow through is what many investors and swing traders seek for a simple reason. They want to confirm that there’s potential for a longer-term move. We ran a survey on Twitter recently asking what people’s strategies were in the stock market.
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We broke it up into different categories: Scalper, Day Trader, Swing Trader, or Band New. Of the respondents who answered, more than 40% chose “Swing Trader” as the best description of their trading style. So I know that there are many who’re reading right now that would probably like to know more about follow through and not just quick breakouts.
Day Trading vs Swing Trading
One such example recently was Nano Dimension Ltd. (NNDM Stock Report). We began covering the company earlier this month when NNDM stock just began seeing above-average trading activity. This is where identifying “follow-through” comes into play. While day traders could have capitalized on that single-day move, swing traders look for more. That continued coming into the market during the next week as NNDM stock took off to highs of $6.
The entire time, volume continued boosting new support levels for the penny stock. On the flip side, you have other stocks like Eastman Kodak Company (KODK Stock Report). While the price has steadied over the past few months, the initial breakout lacked follow-through. KODK stock wasn’t able to sustain at those very high levels and we see the result was a swift drop lower.
So, whichever you prefer – swing, day, scalp, invest – your strategy will dictate the penny stocks to look for. With this in mind, are any of these on your watch list this month?
Penny Stocks To Watch: GT Biopharma Inc.
Year-to-date, GT Biopharma Inc. (GTBP Stock Report) shares are up over 100%. In January, shares started the year around 10 cents and have since climbed to around $0.235. One of the driving forces of GT Biopharma recently has been key developments. These were not only in its pipeline treatment but also from its base treatment technology that the therapies are built on. GT’s TriKE™ technology is 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. It’s also been evaluated in ovarian, breast, prostate, pancreatic ductal adenocarcinoma and lung cancer models.
The company’s lead candidate, GTB-3550 has initially targeted treatment for acute myeloid leukemia. In a recent update, the company released results of a recently completed Dose Level 3 in its GTB-3550 TriKE™ Phase I/II clinical trial. GTB-3550 at a 25mcg/kg/day dose showed a decrease in AML blast levels from 18% to 12% in the bone marrow. In short, the findings have already shown promise.
What’s more, is that GTB-3550 interim results were selected for presentation at 62nd (ASH) American Society of Hematology Annual Meeting. While the meeting is set for December, the company pointed out that in addition to the presentation, “your abstract will also be published online in November supplemental issue of the journal Blood”. First publication will be in the online ASH meeting program on November 5, 2020.
In recent developments, TriKE™ itself has also gained attention. The company entered into a partnership agreement with Cytovance® Biologics, a USA-based contract development and manufacturing organization. It’s also a subsidiary of the Shenzhen Hepalink Pharmaceutical Group Co., Ltd. Cytovance will manufacture TriKE™ in accordance with GMP using Cytovance’s proprietary Keystone® bacterial or mammalian expression systems.
Penny Stocks To Watch: BOQI International Medical
BOQI International Medical (BIMI Stock Report) has experienced numerous, short-term breakouts throughout the year. Overall, however, it hasn’t established any real, notable trend. Needless to say, that hasn’t meant things were “all bad” for the company. BOQI is a healthcare products provider, offering a broad range of healthcare products and related services.
This week, the company came out with its second-quarter 2020 financial results. In comparison to last year’s figures, BOQI saw immense growth. Total revenues increased by 1,026 % in the three months ended June 30, 2020, compared to the three months ended June 30, 2019. Gross profit margin increased to 22.77% during the three months ended June 30, 2020, compared to 4.35% for the three months ended June 30, 2019. Furthermore, net income increased by 629% in the three months ended June 30, 2020, compared to the three months ended June 30, 2019.
“We acquired Guanzan Group this year, which allows us to better align with the current environment and positions us for future growth. As more healthcare facilities re-opened for business and resumed patient treatment in the second half of the year, we believe our products can meet the expected rising customer demand, meanwhile bring benefit to our shareholders.”Tiewei Song, Chief Executive Officer and President of BOQI International Medical Inc.
Since October 1st through Monday’s premarket high, BIMI stock has managed to climb over 160% this month so far. With such immense growth and renewed market interest, will BIMI stock see that “follow-through” we discussed earlier?
Penny Stocks To Watch: Code Chain New Continent Limited
Code Chain New Continent Limited (CCNC Stock Report) is one of the more obscure names on the list and one that might need a bit of caution. I say this because the company hasn’t made many updates nor has it filed anything recently. However, over the last 2 sessions including Monday’s, CCNC stock has experienced significant momentum. Friday saw shares jump from $0.82 to highs of $2. Monday’s premarket saw shares run to highs of $6. There are no apparent catalysts to point to that would suggest such bullishness. But the fact remains, CCNC stock is raising eyebrows.
While there are many moving parts, it would seem, to the company’s origination, one listed asset could shed some light on recent momentum. The company’s electronic token system is based on the tokenization of monitoring consumer behaviors. These tokens are stored in the company’s “Code Chain” system and can be used to monitor and document consumer behaviors that involve code-scanning. Whether or not this has been wrapped up into the recent bitcoin hype is yet to be seen. There’s not much more information from the company and the last major update was back in May.
Needless to say, shares of CCNC stock spiked early in the Monday pre-market session and could be something to note heading into the week. Similar to BIMI stock, will CCNC see some follow through or is this simply a short-term, hype-based move?