best penny stocks to watch right now

3 Penny Stocks To Watch Right Now

We’re at the start of another fresh week and a whole new set of opportunities with penny stocks. As we always say, before you start trading, the best place to start is with a good list. Penny stocks move based on a number of criteria. Some might jump because of company news, others might break out because of corporate filings. Still, however, we’ve seen plenty of stocks under $5 move just because of sector sympathy.

This might be the biotech sector seeing big news from a leader which triggers a sector-wide breakout. It might also pertain to certain country-focused stocks. Last week we saw a huge uptick in Chinese penny stocks with low floats. It became a viral trend among day traders.

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Once one of the penny stocks exploded to new highs, traders moved on to find the next. It didn’t matter if it was in the energy sector or the communication sector, biotech, or electric vehicles. These penny stocks were captivating traders, daily.

Penny Stocks To Watch This Week

Will that remain the case heading into this week? We’ll have to find out. A few of the sectors that have been hot, in general, have been biotech and technology. Furthermore, you can’t forget some of the other upcoming, broader-sector catalysts to consider. Namely, the presidential election is a little more than a week a way. That could mean plenty of speculation on the outcome of the election and how it plays into the stock market.

“Based on the action in the stock market we’ve seen over the past two weeks, it seems to us that it will take some serious new-news to fuel a significant decline over the next week and a half.”

Matt Maley, chief market strategist at Miller Tabak

In light of this, investors could zero in on volatility. Since some of the most volatile names in the market are penny stocks, there could be several to keep an eye on this week.

Penny Stocks To Buy [or avoid]: Dynavax Technologies Corporation

Dynavax Technologies Corporation (DVAX Stock Report) is one of the former penny stocks that saw a huge breakout earlier this year. The stock traded around $4.20 back in mid-May, then ended up climbing to highs of over $12 by late-July. Much of the excitement focused on the company’s COVID-19 vaccine.

Earlier this month Medigen Vaccine Biologics and Dynavax announced that Medigen obtained a Taiwan government subsidy for successfully initiating a Phase 1 clinical trial in Taiwan. The first participant in Medigen’s Phase 1 clinical trial was dosed with its COVID-19 vaccine combined with Dynavax’s CpG 1018 adjuvant. The subsidy, based on milestones, could total up to$16.4 million. The Taiwan government earmarked the grant for purposes of research and development of a locally produced COVID-19 vaccine.

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Though DVAX stock has been relatively subdued recently, after-hours trading on Friday might suggest otherwise. After closing the session at $4.16, the penny stock climbed higher before the post-market session came to an end. Initial Phase 1 results from two COVID-19 adjuvanted vaccine collaborations anticipated by September and October of 2020. Specifically, since this is the final week of October, the preliminary safety and immunogenicity results with partner Medicago, are still expected. These pertain to Medicago’s Phase I clinical trial for its plant-derived COVID-19 vaccine candidate that uses Dynavax’ adjuvant CpG 1018.

penny stocks to buy right now or avoid Dynavax Technologies Corporation (DVAX stock chart)

Penny Stocks To Buy [or avoid]: Nokia Corporation

Nokia Corporation (NOK Stock Report) has been on and off multiple lists of penny stocks to watch this year. But ever since reaching new 52-week highs after its last earnings release, NOK stock has felt immense selling pressure. After reaching a low of $3.72 about a month ago, the penny stock has made a very volatile move higher. It’s hasn’t been a steady trend but one with big ups and downs and the prevailing trend, being bullish. Needless to say, Friday saw shares test NOK’s 50 day moving average for the 3rd day in a row. The penny stock was also among those trading actively following the closing bell.

One of the hot topics remains 5G and we’ve even noted a new development with Nokia and 4G. Does this mean they’re going backwards? No, it just means they’re going to the moon quite literally. Nokia Bell Labs’ pioneering innovations will be used to build and deploy the first ultra-compact, low-power, space-hardened, end-to-end LTE solution on the lunar surface in late 2022. Marcus Weldon, Chief Technology Officer at Nokia and Nokia Bell Labs President, said, “Leveraging our rich and successful history in space technologies, from pioneering satellite communication to discovering the cosmic microwave background radiation produced by the Big Bang, we are now building the first-ever cellular communications network on the Moon.”

This week may or may not be another volatile week for Nokia. The company is scheduled to release its third quarter and January-September 2020 results on October 29th before the open. Given this recent progress, will NOK stock be one of the names on your watch list?

penny stocks to buy right now or avoid Nokia (NOK stock chart)

Penny Stocks To Buy [or avoid]: Zovio Inc.

Zovio Inc. (ZVO Stock Report) is another one of the penny stocks that saw some post-market trading on Friday afternoon. While it wasn’t as active as NOK or DVAX, ZVO stock managed to reach highs of $4.29; 10 cents higher than the closing price. If you’re unfamiliar with Zovio, this is another one of the EdTech penny stocks to watch. It’s also one of the penny stocks that we’ve discussed for the better part of the last year or so. At the time, ZVO stock was trading around $2. Since then, the penny stock has climbed as high as $7.24 and currently sits around $4.20.

I won’t get into a history lesson here. But the recent focus on education technology is very current. Our ‘new normal’ now involves distanced learning/virtual learning due to the COVID pandemic. Last month the company’s TutorMe partnered with the Allendale County School District. it will provide free online tutoring to all 1,150 students who attend its four schools.

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What’s more, is that this month Zovio partnered with Sacramento Municipal Utility District. This is actually the nation’s sixth-largest community-owned, not-for-profit, electric service provider. Zovio will offer debt-free educational opportunities to their employees. More recently, the company’s Learn@Forbes (launched by Zovio& Forbes Media in 2018) launched a new specialization in Digital Marketing, consisting of 9 courses. With the growing focus on virtual learning and ZVO stock’s recent momentum, will it be one to watch during the final days of October?

penny stocks to buy right now or avoid Zovio Inc. (ZVO stock chart)

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