Are These On Your Pre New Year’s Eve Watch List?
It’s the final countdown and penny stocks are, of course in the spotlight today. Whether you’re looking for new trade ideas or just a few quick flips, there’s enough going on in the stock market today to take note of. While hopes for a larger stimulus check are all but out the window, investors are looking forward to 2021.
Most broader markets are mixed heading into the final session of 2020. But before we close the year out, there are a few topics to discuss right now. First, we’ve got our final round of jobless claims to take into consideration. First-time filers totaled 787,000 last week. This came in under estimates of 828,000. Despite this being the case, these figures are still very large compared to previous years. Consider all unemployment program recipients came in at 19.6 million. Compared to the 1.8 million a year ago, the numbers are still glaring.
What’s more, is that we’re now potentially looking at another strain of COVID. The “mutant strain” was identified in California. This is the same strain that was first discovered in the UK this month. As shocking as some may make it, Dr. Anthony Fauci echoed a different reality. “I don’t think that the Californians should feel that this is something odd. This is something that’s expected,” Fauci said in a Q&A with California Governor Newsom.
- Bionano Genomics Inc. (BNGO Stock Report)
- Zomedica Corp. (ZOM Stock Report)
- Oragenics Inc. (OGEN Stock Report)
So it would appear, for now, that things are relatively par for the course. This is reflected in the flat-ish premarket session on Thursday. While the broader markets may lack volatility, however, there’s plenty to go around with penny stocks. Are any of these on your pre-2021 list?
Penny Stocks To Buy [Ladenburg Thalmann]: Bionano Genomics Inc.
Bionano Genomics has been one of the top penny stocks to watch all week. We’ve been reporting on it for months now. However, the tail end of 2020 hasn’t ceased to impress day traders. And that’s a point to keep in mind, especially with high-volatility trading. BNGO stock skyrocketed this week from $0.88 to highs of nearly $3 on Wednesday. This move was helped by a string of headlines, which traders took as a bullish sign.
Initially, the company announced that its customer, Paxis Genomics, received accreditation from the College of American Pathologists. This made it the first CAP-accredited and CLIA certified diagnostic lab in the US to offer a lab-developed test based on whole-genome analysis with Bionano’s Saphyr system. The momentum further compounded after the company revealed that NASDAQ granted it a 180-day extension to regain compliance with its minimum bid price requirement.
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Now traders are looking to see what happens after a sharp pullback on Wednesday. Will BNGO stock bounce back or is it set to slide further? One thing’s certain is that analysts at Ladenburg Thalmann issued a Buy on the stock in late September & so far, the penny stock has followed the firm’s expectations. Something else to note is that there has been a surge in gene testing stocks recently. Will that help carry BNGO stock higher into the new year?
Penny Stocks To Buy [HC Wainwright]: Zomedica Corp.
Zomedica Corp. is another biotech company, but one that works in the veterinary field. The company creates both point of care and diagnostic products for use in a large range of animals. Based in the U.S., Zomedica is working on solving the demand for otherwise unmet areas of veterinary clinical care. Currently, shares of ZOM stock are trading at around $0.25 as of December 30th. In the past month, ZOM stock has shot up by around 65% which is definitely worth noting. What’s more is that since November of this year, Zomedica has seen its shares rise by a staggering 253%. This gain is the reason why we have covered ZOM stock several times in the past few weeks.
So, what’s driving this large positive sentiment? Well, a lot of the recent positivity stems from the announcement of Truforma, a product made by Zomedica to diagnose issues in domestic animals. Specifically, the system utilizes a fluorescence-free detection system that can provide a diagnosis in a short period of time.
This is a large breakthrough as the alternative is a time consuming and expensive process for both pet owners and veterinarians. In a recent analysis from HC Wainwright, the firm gave ZOM stock a $0.30 price target. While this is lower than its previous target of $0.50, it is more in line with the trajectory that ZOM stock seems to be taking. With all of this in mind, is ZOM on your list of penny stocks to buy or avoid right now?
Penny Stocks To Hold [HC Wainwright]: Oragenics Inc.
While HC Wainwright used to carry a Buy rating on the stock but revised that to Neutral earlier this year. Despite this having been the case, Oragenics Inc. has seen a strong uptick in trading activity this month. One thing I’m sure you’ll also notice is that even with this activity, the price hasn’t moved as aggressively as some of the other penny stocks on this list. Regardless, there are a few things to take into account before the end of the year. One of these is the company’s update this week.
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The company closed a $6.5 million offering raised at $0.45 per share. The plan for these proceeds is what I think are important. Oragenics will look to use these funds for pre-clinical development of its SARS-CoV-2 vaccine, Terra CoV-2. It’s also looking to apply the money to its lantibiotics program. The company has been on a fundraising spree during the 4th quarter. Most of the money has been earmarked for similar uses, namely its Terra CoV-2 development.
The company is planning on filing an Investigational New Drug application and begin a Phase 1 study next year. Oragenics expects to file the IND by the end of the first quarter of 2021 and start patient enrollment in its Phase 1 clinical study early in the second quarter of 2021.