Are These On Your List Of Penny Stocks To Buy Right Now?
What are the best penny stocks today? This is a pretty broad question, I know. But, of course, after the Dow hit a new record this week, there’s a frenzy in the market right now. Over the last few weeks, we’ve seen several big trends move stocks. In particular, electric vehicle stocks have been on fire. This has translated into overflow momentum into things like green energy stocks. So what’s next? The premarket session on Wednesday is mixed as it stands with the broader markets.
Stock market futures for the S&P are relatively flat while we’re expecting some key economic data today. We already know that U.S. initial jobless claims came in above forecasts. The figure that measures the number of those filing for unemployment for the first time in the past week came in at 778,000. This was compared to a forecast of 730,000 jobless. The previous report came in at 748,000. A higher than expected figure is generally taken as a negative for the US dollar.
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One of the main concerns remains the rising coronavirus cases we’re seeing across the country. According to Johns Hopkins, as of November 24th, there were more than 169,000 new cases reported. We’re also heading into a big holiday in the U.S.; Thanksgiving. This is a time that usually sees an uptick in travel. Attempting to stay ahead of this, several states and even the CDC have warned about gathering together for the holiday. The thought is that limited contact with people will help flatten the curve.
How To Find The Best Penny Stocks
While we wait to see what happens this time next week, I’m sure the markets will be keeping a close eye on case figures over the next 72 hours. One of the fears is that another big spike could be reason enough for more stringent government efforts to curb the spread.
Despite the potential impact this could have on the economy, the market has taught us one thing this year. That one thing is that it doesn’t necessarily reflect the economy. While countless businesses were shut down, people furloughed, and trillions of stimulus being spent, the market surged to all-time highs. Even still, as coronavirus cases climb to levels not seen this year until now, the Dow just did what it did.
So what’s next? I would say follow certain trends. Right now, the clear trend is that small-cap stocks are on fire. While the Dow certainly reached a remarkable milestone, so did the Russell 2000 Index (IWM ETF). Of course, the broader markets will get most of the spotlight, but this is something that should be discussed especially in light of what we’ve seen from small-cap electric vehicle stocks, alone, this month.
If one thing has remained constant this year, it’s that strong markets are that way for a reason. Is this a high-sign for traders to have small cap stocks on their radar right now? I’ll leave that up to you, but with the recent uptick in momentum, it may be time to find some of the best penny stocks today. Are these on your list right now?
Best Penny Stocks To Buy [or avoid]: Titan Pharmaceutical Inc.
Titan Pharmaceutical Inc. (TTNP Stock Report) jumped early on Wednesday. There weren’t any headlines to go along with the move. However, of the last few weeks TTNP stock has been experiencing an increase in activity following Q3 earnings results.
In the results, the company stated that it brought in around $2.4 million from a direct offering to help with cash flow and future endeavors. In addition, the company brought in around $1.1 million in revenue. While this may not seem like a lot, it does seem to be a consistent theme among early-stage biotech companies.
Dr. Devarney, an executive at the company stated that “subsequent to the end of the third quarter, Titan began an important, focused restructuring to position the company for future growth. We believe that our ProNeura platform, which has the potential to provide continuous drug delivery over extended periods of up to six to 12 months, offers potential key value-generating opportunities.”
Best Penny Stocks To Buy [or avoid]: ZK International Group Co., Ltd.
ZK International Group Co., Ltd. (ZKIN Stock Report) comes onto this list of penny stocks today thanks to headlines. The company’s subsidiary, xSigma Corporation launched a blockchain protocol for a Decentralized Finance product aims at providing blockchain-based smart contracts. This is becoming a new area of blockchain stocks: DeFi.
Given the recent focus on bitcoin and blockchain stocks, this news comes as a welcome addition. On Wednesday, ZKIN stock gapped up over 60% on above average volume. One thing to keep in mind is 2018. We saw bitcoin prices flying then as they are now. The curge in headlines mentioning the words “decentralized”, “blockchain”, or cryptocurrency had a tendency to evoke and overly hyped scenario with big, parabolic moves. Will that be the case with ZKIN this week or is this move sustainable in light of this new development?
Best Penny Stocks To Buy [or avoid]: MMTec Inc.
MMTec Inc. (MTC Stock Report) is another one of the penny stocks gapping up on Wednesday. Shares spiked to early, pre-market highs of $2.75. However, unlike ZKIN, there weren’t any headlines to accompany the move. However, Wednesday’s move further extends the jump MOXC stock saw on Tuesday. Shares moved up from $1.13 to highs of $1.24.
The China-based company provides clients with access to U.S. financial markets. In its most recent 6-month financial statements, MMTec reported strong growth. Revenues increased by 85.35% from $177,543 to $329,070 following the October 18, 2019 consolidation of MMBD Trading Limited and MM Global Securities, Inc. into the company. MM Global generated commission fees on customer securities transactions by providing brokerage service.
One of the things that could be driving attention on financial firms like this is the potential of re-engaging with China trade talks. The recent transition of power to long-time politician Joe Biden has boosted hopes of improved foreign relations. Whether or not that will, in fact, become the case is yet to be seen. However, the sentiment appears to be focusing on such an outcome. After gapping up so big, however, it’s going to be interesting to see if MTC stock can actually sustain these levels.
Penny Stocks To Buy [or avoid]: Jaguar Health Inc.
Jaguar Health Inc. (JAGX Stock Report) is climbing early on Wednesday thanks to headlines of its own. The company and its Napo Pharmaceuticals subsidiary announced plans to develop and commercialize crofelmer. This is the drug indicated for inflammatory diarrhea. The initial focus is set to be in Europe where single-payer healthcare systems support preventative measures for diagnosing and treating symptoms that could be precursors to chronic illnesses.
Mytesi (crofelemer) is approved in the U.S. by the FDA for the symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy. This past October, Napo initiated its pivotal Phase 3 clinical trial of crofelemer (Mytesi) for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy.
Over the last few weeks, JAGX stock has been on the move. Around the 16th shares were hovering around $0.18. Today’s premarket trading saw JAGX hit highs of $0.246.