Are These Good Penny Stocks To Buy Right Now?
Looking for good penny stocks to buy right now? You and thousands of other traders are in the same position. Before you dive right into hitting the buy button, I think it’s important to understand what you’re buying, exactly. Yes, I understand it’s a stock, but are you buying for momentum or are you actually looking to invest in penny stocks? Each has its own place in this stock market ecosystem. It’s a good idea to have your plan in mind before jumping in.
Those who’re looking for penny stocks to trade are likely searching for technical moves. Things like unusually high volume penny stocks, news catalysts, earnings, insider buying/selling, etc. All of these different events tend to act as short-term catalysts for small cap stocks & blue chip stocks alike.
How To Find Penny Stocks To Buy
When you’ve got a situation where you’re looking to invest in penny stocks, however, there’s a totally different approach. You’re focusing on the longer-term prospects. What’s in the company’s pipeline, are there upcoming conferences, will there be certain deals closed soon, etc.?
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More fundamental catalysts will go into your strategy. But then you’ve got a hybrid model that entails trading with the potential of investing. This is usually seen with swing traders. They’ll hold onto shares for a few days or weeks then sell for profit. However, some penny stocks end up experiencing much stronger moves over longer periods of time.
In this case, these swing traders might take up a tier trading approach. This involves holding the main core position at a lower cost average while buying and selling as the stock continues moving higher. Needless to say, everyone has their own strategy. The end goal is the same: making money with penny stocks. With this in mind, are these on your buy or sell list right now?
Penny Stocks To Buy [or avoid]: Akers Biosciences Inc.
Akers Biosciences Inc. (AKER Stock Report) has been waiting for some sort of catalyst. For months, the penny stock has been quiet. That’s especially true after the big drop it had back in August. Akers announced an upsized offering followed by less than exiting results from a vaccine trial. While shares have traded sideways since the initial drop, I think longs have been watching and waiting for something to happen with the company.
It looks like that “something” happened this week after a proposed merger was announced. MyMD Pharmaceuticals, Inc.and Akers jointly announced that they have entered into a definitive merger agreement. Upon closing the transaction, the combined company is expected to be renamed MyMD Pharmaceuticals, Inc. and remain listed on the Nasdaq under the new ticker symbol “MYMD.”
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The two will commercialize MyMD’s novel immunotherapy pipeline assets. These include MYMD-1 being developed to treat autoimmune and age-related diseases. MyMD said it also intends to continue developing its second asset, SUPERA-1R. This is its drug platform based on a patent-protected, synthetic derivative of cannabidiol targeting certain cannabinoid receptors.
Given the early surge however, will AKER have enough followthrough to continue higher or is this one of the penny stocks to avoid right now?
Penny Stocks To Buy [or avoid]: Iterum Therapeutics
Iterum Therapeutics (ITRM Stock Report) is another one of the beaten-down penny stocks to watch on Thursday. Similar to AKER stock, ITRM saw its first glimmer of light on the momentum-front. The penny stock ended up gaining ground early without any apparent catalyst (so far). Needless to say, it’s a warm welcome for those who’ve been following the penny stock for some time now. ITRM initially dropped back in May, traded sideways, then dipped again toward the end of October. This was after Iterum announced a multi-million dollar funding round at $0.65.
One of the things to look at right now is some of the recent filings. In a 13G, Intracoastal Capital and its related members reported a stake in ITRM stock. What’s more is that a recently updated 13G from earlier this week showed that Wellington Management Group LLP was not holding a position anymore. With new holdings and older institutional investors shedding ITRM, what could this mean for the future of the company? What we know right now is that ITRM stock has started to quietly move higher so far this week.
While raising money at a discount isn’t looked highly upon by shareholders, companies can position for potential growth. In this case, Iterum said it will use proceeds to support its planned New Drug Application submission for oral sulopenem for the treatment of uncomplicated urinary tract infections. It will also support the continued clinical development of sulopenem, among other things. Based on this, is ITRM one of the penny stocks to buy right now or avoid?
Penny Stocks To Buy [or avoid]: Cidara Therapeutics Inc.
Cidara Therapeutics Inc. (CDTX Stock Report) follows a similar pattern as both AKER and ITRM. The penny stock has been hammered by selling over the past few months. But Thursday brought a bit of respite at least in the short term. Following some news on Wednesday, CDTX stock managed to reverse course, bouncing back by nearly 30% from its previous close.
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Following the closing bell on November 11th, the company announced upcoming dates for traders to pay close attention to. Jeffrey Stein, Ph.D., President and Chief Executive Officer, will participate in two upcoming conferences. These include the Stifel 2020 Virtual Healthcare Conference and 3rd Annual Evercore ISI HealthCONx Conference. The first, will be next Tuesday following by the Evercore conference in early December.
Right now the company is developing long-acting therapeutics treating serious fungal or viral infections. Cidara’s portfolio includes its lead antifungal candidate, rezafungin, in addition to AVCs for the prevention and treatment of influenza and other viral diseases. This was developed from Cidara’s proprietary Cloudbreak antiviral platform. In October, Cidara presented two oral abstracts and seven posters last month.
“From our Cloudbreak antiviral program, we are excited to present non-clinical data on our AVC candidate, CD377, supporting its development for universal influenza protection for all people, regardless of immune status.”
Jeffrey Stein, Ph.D., president and chief executive officer of Cidara
Penny Stocks To Buy [or avoid]: Lineage Cell Therapeutics Inc.
One of the penny stocks going against the trend of these previously discussed names is Lineage Cell Therapeutics Inc. (LCTX Stock Report). Since March, the trend has been bullish with the last few weeks showing a clear surge in trading. This week, LCTX stock jumped even higher after the company reported third-quarter earnings.
While Lineage missed on EPS and beat on sales, it was the business update traders were looking forward to. In it, the company outlined key milestones reached and yet to be reached. This culminated in a follow up on Wednesday regarding Lineage’s Phase 1/2a study of its OpRegen cell therapy. Used in the treatment of age-related macular degeneration, the company completed patient enrollment for the clinical study.
Not only is the OpRegen data update going to be featured in presentation by Principal Investigator Christopher D. Riemann, M.D., at 2020 AAO Annual Meeting on November 15, there will be a call to discuss results on the 17th, thereafter. “With this milestone reached, our focus turns toward collecting safety and efficacy data on the most recently treated patients, evaluating options for later-stage clinical development, including with potential partners, and approaching the FDA to discuss our next steps,” said Brian Culley, CEO.
