4 Penny Stocks To Watch Before Next Week
Whether you’re looking for penny stocks to buy or just putting a watch list together, you’ve got one thing in mind: making money. But how can you make money in penny stocks? The answer, while simple, isn’t always the easiest when it comes to execution. You’ve not only got volatility to deal with, but you’ve also got the psychology of trading to deal with as well. When it comes to trading penny stocks the name of the game is taking profits when they’re on the table. But you can’t tell that as a trader, leaving money “on the table” isn’t a hard pill to swallow at times.
Here’s where a good strategy comes into play. While some traders will look for the best price they can find and put all trade capital in at the price, other traders are utilizing a different approach. This approach is called a tier trading strategy and it focuses on all of the things you want as a trader. Cutting losers quickly, making gains, and staying in winning trades longer. While I won’t get into the finer details (click here for more on Tier Trading), the schematics are relatively easy to understand.
Trading Penny Stocks
Step 1 is to find an entry target and take a starter position. If the trade begins working in your favor, you add to your position with a larger size. Then, as the stock moves up, you start clipping off profit and potentially even adding more if the trade continues. On the other hand, if the trade doesn’t work out at the beginning, the loss you’re taking is on a smaller sum of your trade capital and not the entire pie.
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Whether or not that strategy works for you is, well, up to you. But I will say it’s one that readers and some of out contributors utilize for consistent profitability. Heading into another weekend, you’re obviously looking for some penny stocks to watch. With a few pre-market trending stocks on Friday, will any of these be on your watch list right now?
Penny Stocks To Watch: GT Biopharma Inc.
GT Biopharma Inc. (GTBP Stock Report) is no stranger to consistent moves in the market. In fact, if you look at the GTBP stock chart, you’ll see what I’m talking about. Since September 23rd, shares have climbed nearly 60% while volume has also increased. One of the things grabbing the market’s attention is GT Biopharma’s recent progress. For instance, the company reported favorable results from a Phase I/II trial update for its GTB-3550 for acute myeloid leukemia a few weeks back. While full phase data is great, interim data helps the public understand the general sentiment of a trial’s progress.
In this case, the Dose Level 3 patient didn’t show any adverse reaction to the dosing according to the company. Furthermore, GT said that they “also observed improvement in marrow cellularity, a decrease in AML blast levels, and improving platelet and red blood cell numbers. The patient will be re-treated with an additional round of GTB-3550 therapy at the 25mcg/kg/day dose.” An abstract about the treatment was chosen for presentation at the upcoming American Society of Hematology Meeting in December. There will also be an abstract published online in the November supplemental issue of the journal Blood on the 5th.
While this progress is certain notable, what has begun to gain more attention recently is the company’s platform that GTB-3550 is created from. Its TriKE ™ platform has shown promise in other types of cancers. In fact, the latest headlines have focused on the company’s expansionary plans for the TriKE ™ platform. In its most recent update, GT Biopharma reported that the publication of “NK-Cell-Mediated Targeting of Various Solid Tumors Using a B7-H3 Tri-Specific Killer Engager In Vitro and In Vivo” in the journal Cancers . The findings presented indicate that a B7H3-targeted TriKE™ has the potential to enhance natural killer cell immunotherapy in solid tumor settings, and “supports its further clinical development.”
Penny Stocks To Watch: Solid Biosciences Inc.
Solid Biosciences Inc. (SLDB Stock Report) is another one of the biotech penny stocks to watch today. This small cap saw a surge of momentum early on during Friday’s premarket session. It’s jump came with a fundamental catalyst in an update pairing it with Ultragenyx Pharmaceutical Inc. (RARE Stock Report). Ultragenyx commercializes products for rare and ultra-rare diseases.
The companies announced a strategic collaboration and license agreement. It will focus on the development and commercialization of new gene therapies for Duchenne muscular dystrophy. The two will develop products that combine Solid’s microdystrophin construct, Ultragenyx’s HeLa producer cell line manufacturing platform, and AAV8 variants.
“Ultragenyx has a demonstrated track record of success in developing and commercializing innovative therapies for rare diseases. We believe it is the partner of choice for exploring new gene therapy opportunities for patients with Duchenne.”Ilan Ganot , Co-Founder, President and Chief Executive Officer at Solid Biosciences
Solid Biosciences had already been on the map this month. As you’ll see on its chart, SLDB stock jumped big at the start of the month. The company announced that the FDA lifted its clinical hold on the company’s IGNITE DMD clinical trial for Solid’s SGT-001 in patients with Duchenne.
Penny Stocks To Watch: Socket Mobile Inc.
What’s a list of penny stocks without at least one high-volatility name? This morning Socket Mobile Inc. (SCKT Stock Report) took off after positive earnings results on Thursday. While it caught some action after the close, the bigger move was definitely on Friday. With less than 10 million shares outstanding and some outlets reporting less than 5 million, this is yet another one of the low float penny stocks to watch right now. Whether or not it will be one of the best to buy is yet to be seen as a lot can change when the opening bell rings.
What I will say is that in comparison to some of the other low float penny stocks we’ve seen this week, SCKT is one of the few to actually have some sort of fundamental catalyst to point at. If you remember stocks like KXIN, WEI, and LYL, the momentum was high but the move came without any sort of meaningful update. In Socket’s case, Q3 earnings triggered a big move for the penny stock.
Socket reported an earnings per share increase to $0.06 this quarter compared to $0.01 in Q3 2019. It doesn’t seem to have concerned the market that sales were down from $4.98 million to $4.1 million year-over-year. Despite this as the case, it’s important to keep in mind that this is a low float penny stock that has already jumped big during premarket hours. The biggest question right now is will that trend be able to hold or will a sell-off ensue?
Penny Stocks To Watch: BOQI International Medical Inc.
BOQI International Medical Inc. (BIMI Stock Report) surged as well during premarket trading on Friday. This penny stock has a history of moving up big during a single day’s session and then sliding. So keep that in the back of your head if BIMI stock is on your list right now. The company announced a Memorandum of Understanding with a Chongqing Guoyitang Hospital Co., Ltd. The MOU has the two moving ahead with 4 stages of work that could ultimately result in a share exchange between the companies.
“Our telemedicine system for hospitals has made initial progress. At this stage, we need to expand cooperation with hospitals to support online customers. Chongqing Guoyitang Hospital is one of our strategic partners and can play an important role in our telemedicine system. Besides, we are looking for other opportunities to acquire more hospitals, continuously enrich our business lines, and bring more benefits to our investors.”Tiewei Song, Chief Executive Officer and President of BOQI International Medical Inc.
With this latest update, BIMI stock has once again jumped. But the bigger focus, I think, for traders is whether or not there’s follow-through beyond the morning.