Are These On Your List Of Penny Stocks To Buy Today?
When traders search for top penny stocks to buy, price is obviously a focus. But what are penny stocks, exactly? While the standard definition of penny stocks involves anything below $5, most traders look for levels much lower. The simple idea behind this is the lower the price, the fewer penny stocks need to move to record quick gains. Case in point, stocks under 10 cents only need to move a penny or more to see a 10% gain or better. That same 1 cent move is relatively unnoticeable when you’re talking about penny stocks trading around $1, for instance.
Regardless, Black Friday is a shorter trading session but that doesn’t mean there aren’t cheap stocks to buy right now. In fact, if you look at the Russell 2000 (IWM ETF Report) as a gauge, the small-cap ETF has once again come in striking distance of all-time highs. Earlier this week we talked about the pace of small-cap stocks compared to broader markets.
Penny Stocks In Focus As Small Cap Stocks Take Center Stage
The last two months have seen smaller-company stocks, based on the IWM, jump roughly 28%. Meanwhile, the S&P (SPY ETF Report) has made a move of about 12%. This glaring difference in appreciation even as things like the Dow reach records, suggests small-cap stocks are in a very bright spotlight right now.
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Everything from tech and biotech penny stocks to renewable energy and EV penny stocks are on the radar right now. These have become some of the hottest topics in the stock market today. Whether it’s discussions about reopening or the potential upcoming transfer of power in the U.S. Presidential seat, speculative momentum is fueling small cap markets.
Furthermore, we’re seeing holiday optimism piggyback off of this general market sentiment. Even though it’s Friday and a half-day at that, traders are still looking for top penny stocks to buy today in efforts to either set up a strong week next week or profit from Black Friday volatility. Are any of these names on your list of penny stocks right now?
Top Penny Stocks To Buy [or avoid]: Cocrystal Pharma Inc.
Cocrystal Pharma Inc. (COCP Stock Report) is a clinical-stage biotechnology company developing novel antiviral therapeutics that has turned heads over the last few days. In fact, since Tuesday morning, COCP stock has managed to climb from $0.79 to as high as $2.07. This 162% move didn’t come out of thin air. Attention on stocks in this sector especially ones dealing with respiratory viruses.
Despite missing earnings, the company has gained attention recently thanks to discussions in the latest quarterly business update. Specifically, investors note progress made in Cocrystal’s ongoing Merck (MRK Stock Report) collaboration to discover and develop influenza A/B antiviral agents. The company also reported continued advancement of its wholly owned Influenza A development program and IND enabling studies towards Phase 1 clinical study in 2021. Considering the similarities between influenza and COVID-19, COCP stock has been one to watch recently.
What’s more is that Cocrystal has two programs that are targeting the development of novel antiviral compounds for the treatment of coronavirus infections. One program is with compounds licensed from Kansas State University Research Foundation. These have shown in vitro anti-SARS-CoV-2 activity, and in vivo efficacy in MERS-CoV-infected animal models. The company anticipates the selection of a lead preclinical molecule by the end of this year.
Top Penny Stocks To Buy [or avoid]: Abeona Therapeutics
Abeona Therapeutics (ABEO Stock Report) is another one of the biotech penny stocks to watch right now. Since the beginning of November, ABEO stock has been on a steady climb moving from around $1 to highs this week of $1.75. Unlike Cocrystal, Abeona is targeting other types of treatments right now. Specifically, the company looks to advance its gene therapy treatments.
Michael Amoroso, Chief Operating Officer of Abeona said in a recent business update, “In particular, we are continuing to propel our clinical programs in recessive dystrophic epidermolysis bullosa (RDEB) and Sanfilippo syndrome type A (MPS IIIA) and type B (MPS IIIB) to drive Abeona’s long-term growth and unlock shareholder value.”
There are several things detailed and outlined for the first quarter of 2021. These include plans to request a meeting with the FDA for the U.S. regulatory path for ABO-102 in MPS IIIA. The company also anticipates completing target enrollment in the Transpher B study in the ABO-101 Transpher B study for MPS IIIB. So far 11 patients have been dosed to date, including 4 patients dosed in cohort 3.
Ahead of these potential milestones, analysts have grown bullish on ABEO stock. Both Cantor Fitzgerald and HC Wainwright have Buy or the equivalent on the penny stock. Furthermore, they carry $14 and $11 price targets, respectively.
Top Penny Stocks To Buy [or avoid]: Tellurian Inc.
Tellurian Inc. (TELL Stock Report) has been on our penny stocks list since July. The company is an independent oil and gas company that has put a recent focus on natural gas. In its most recent quarterly update, President and CEO Meg Gentle said, “Natural gas markets and prices have recovered worldwide. Investment in new drilling and infrastructure is acutely needed to balance the market in 2021 and beyond. Building liquefaction terminals as fully integrated partnerships is the only way partners will secure the lowest cost of gas and be protected from the market’s inherent volatility.”
This helped Tellurian’s year-over-year growth in the third quarter. The company reported an EPS loss per share of 10 cents. This was much better than last year’s 18 cent loss per share during the quarter. Tellurian also had a stronger cash position of nearly $78 million at the end of Q3 this year.
Optimism of a vaccine coupled with stronger demand for natural gas have given the sector a boost. Though natural gas futures slipped on Friday, a number of stocks, including TELL carried on their upward trajectory. With highs of $1.70 on Friday morning, TELL stock has climbed 133% since the end of September.
Top Penny Stocks To Buy [or avoid]: Limelight Networks
Limelight Networks (LLNW Stock Report) has quietly mounted a strong comeback this month. Since November 2nd, shares of LLNW stock have climbed more than 30% so far. While things like electric vehicle stocks have soared recently, streaming stocks have also gained attention. Digital entertainment, in general, has gotten a boost in the market recently. Whether it’s standard TV shows, movies, or streaming platforms, many of these stocks have gotten a boost amid pandemic restrictions.
Last week the company announced the next generation of Realtime Streaming, providing sub-second latency for time-sensitive video applications that enable live interaction with viewers. “As online video has quickly grown in popularity, performance expectations have increased and new technologies, such as Limelight Realtime Streaming, enable innovative new ways to engage audiences,” said Nigel Burmeister, Vice President at Limelight Networks.
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With a focus on live streaming events in addition to regular entertainment, Limelight has focused on new demand. The big question now is will LLNW stock continue on this slow and steady uptrend heading into the end of the year?