Putting Together A List Of Penny Stocks? 4 To Watch Right Now
Whether you’re putting together a list of penny stocks to watch or buy, the end goal should be the same. You trade to make money. Now, not all penny stocks will become big winners. But in my experience, the base hits will lead to home runs. What will likely set you up to become a consistently profitable trader is having a strategy. Right now, a strategy could be one of the most important things to have. The volatility in the stock market today and days previous is clearly a catalyst itself. Fueled by mixed sentiment, the broader markets have had a tough time putting in a green day this week. In fact, over the last 12 trading sessions, the market has only closed green 2 times.
Wednesday was one of the biggest down days yet. We’ve got coronavirus concerns and lack of stimulus has headwinds. Meanwhile, we’ve got reports of strong earnings and economic growth (believe it or not) trying to boost the market. So far, sellers have outpaced buyers. Furthermore, on the days that actually closed green, that trading volume was nowhere near the strength compared to that of selling days. Still, though, does this mean it’s time to pack it up and “go home”?
Not in the slightest. The big reason why is that you, the reader, knows about penny stocks. These cheap shares have stood the test of time when it comes to big breakouts even if the market’s down. We’ve seen that first-hand already today. One of the companies we’ve written about, IT Tech Packaging (ITP Stock Report) has just posted a high of $1.24 during today’s premarket session. Since the start of the week, ITP shares have climbed over 100% at the same time, the S&P ETF (SPY) has crumbled by more than 4%. With this in mind, penny stocks are becoming a hot topic right now as investor seek the alpha they’re so hungry to achieve.
Penny Stocks To Watch: GT Biopharma Inc.
Wednesday, GT Biopharma Inc. (GTBP Stock Report) was able to rebound from an early bout of selling. In fact, shares of the company ended up bouncing quickly off of its 50-day moving average. When you talk about support and resistance, the 50, 100, and 200-day moving averages tend to get brought up. In this case, the level no only held strongly, but GTBP stock managed to close relatively flat. One of the things that have kept investors’ interests is the company’s treatment technology and pipeline. Its GTB-3550 has been more a center of attention following a favorable Dose Level 3 response announced in September.
GTB-3550 is being studied for treating acute myeloid leukemia. In the dos level update, the company explained that the dose showed a decrease in AML blast levels from 18% to 12% in the bone marrow. The patient also didn’t experience adverse reactions to this dosing round. In light of this, GTB-3550 was also chosen for inclusion at the upcoming ASH Annual Meeting. This initial treatment has demonstrated the early potential in GT’s TriKE treatment platform; the backbone of GTB-3550.
The company has designed it to become an off the shelf treatment method for immune diseases. TriKE™ has been evaluated in ovarian, breast, prostate, pancreatic ductal adenocarcinoma and lung cancer models. It’s now being explored for additional indications and in that light, GT recently beefed up its Scientific Advisory board to do so. With the recent bout of momentum and these latest and upcoming milestones, GTBP could be one of the top biotech penny stocks to watch.
Penny Stocks To Watch: Universal Security Instruments
We briefly touched on this company last night. While it isn’t a healthcare company at heart, it does offer life-saving products. Universal Security Instruments (UUU Stock Report) had been relatively quiet since reporting earnings back in August. One of the concerns that grew was the future of the company. Universal also came out to say that it lost a number of clients due to pandemic shutdowns and slowdowns.
But its largest investor hasn’t left that unchecked. In fact, based on a recent letter to the Board of Directors, the information suggests that the investor had a potential merger candidate lined up for Universal. That partner appeared to be working on a COVID-19 therapeutic. So, maybe it could have been folded into the healthcare discussion after all, right? Needless to say, as soon as these details surfaced, the market was given some hope.
But even with this as the case, it’s up to the company to decide what’s next. For now, I think that this latest surge in momentum has more to do with speculative hope right now. We’ll have to see what, if any, response the company offers to this declaration by its largest shareholder.
Penny Stocks To Watch: Cellect Biotechnology Ltd.
Another immunotherapy penny stock to watch today is Cellect Biotechnology Ltd. (APOP Stock Report). Shares of the company popped early on Thursday after Cellect’s latest headlines. The company announced a collaborative development program with Sweden-based XNK Therapeutics. XNK focused on developing natural killer (NK) cell-based therapies.
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Cellect aims to improve XNK Therapeutics’ technology platform, for targeting cancer across a wide range of indications. The company anticipates expanding the business arrangement based on the outcomes of the ongoing studies at XNK Therapeutics.
The latest news adds to a string of headlines in late October. Last week the company reported on the initiation of its U.S> clinical trial for safety and tolerability of its ApoGraft technology. This is for bone marrow transplants. This is the second trial for ApoGraft with the first enrolling patients in Israel. Topline data is expected sometime in early 2021.
Armed with this latest collaboration with XNK and multiple ApoGraft trials, there could be plenty of milestones to track. In light of this, however, APOP stock gapped up big on Thursday. Will it manage to uphold this trend or should we expect APOP shares to slide like they have over the last few months?
Penny Stocks To Watch: ElectraMeccanica Vehicles Corp.
ElectraMeccanica Vehicles Corp. (SOLO Stock Report) is another one of the penny stocks that’s been relatively quiet over the last few months. There’ve been short periods of upward momentum. But, in general, SOLO stock has traded relatively flat. On Thursday, however, SOLO shares jumped after a key update.
ElectraMeccanica has been in the news for months, now, as the EV stocks “electrify” the market, SOLO is constantly in the conversation. Thursday, the company announced that it will open six new retail locations across the western U.S. within the next month. The company also announced that the initial shipment of its production vehicles for its flagship SOLO EV have arrived in North America.
ElectraMeccanica CEO Paul Rivera, “Consistent with our roll out strategy, the first wave off the line will be used specifically for high ROI activities, including marketing, retail distribution, customer test drives and fleet demonstrations. We are continuing with our planned, methodical ramp up in production to ensure quality and consistency.”