Top Penny Stocks To Watch This Week

Penny stocks are usually referred to as shares of companies trading for less than $5. They’ve become one of the most volatile equity classes in the stock market today. Well-known for their big moves in short timeframes, these cheap shares have become a centerpiece for day traders and investors alike. It’s crazy to think that not that long ago, we were talking about a company like GameStop (NYSE: GME) asking if it could ever break above $5. Monday morning, shares of the video game retailer hit a high of $136.63 during premarket trading. With GME trading around $2.57 less than 1 year ago, this stock has climbed 5,216% in 9-months’ time.

Obviously, all penny stocks don’t return 52 times your money. However, there’ve been plenty of instances where we see these cheap shares move several hundred percentage points within a few days or even hours at times. Also, keeping this in mind, if you are looking for penny stocks to buy, don’t use “big breakouts” as your barometer for picking stocks. The goal is always to make money. So have a plan that allows you to find that opportunity. It’s never a bad idea to take profits when they’re on the table. If a trend is truly strong, then there will be more opportunities down the road to re-enter.

What’s In Store For Penny Stocks This Week?

This week could also have some headline catalysts to keep track of. The Biden Administration has wasted no time in bringing new initiatives to the forefront. Among the many, things like energy, healthcare, and tech could all be on the table this week. There’s also going to be earnings reports coming out.

These could also become catalysts as certain stocks may move in sympathy with the larger-cap cohorts. In any case, following momentum seems to be the current style of trading people are studying. With this in mind, here are a few penny stocks to watch before next month.

Penny Stocks To Watch

Iterum Therapeutics

One of the biotech penny stocks to watch this year has been Iterum Therapeutics. Shares have climbed more than 100% so far in January. While it’s still early in 2021, the company hasn’t wasted time pushing forward with its business. In fact, this week, Iterum announced that the FDA accepted its New Drug Application for review. The NDA is for the company’s oral sulopenem treatment for uncomplicated urinary tract infections.

According to Iterum, the FDA has designated this application as a priority review and consequently assigned a PDUFA (Prescription Drug User Fee Act) goal date to complete the review of oral sulopenem of July 25, 2021. So, even though this is months away, it’s important to keep in mind if ITRM is on your list of penny stocks right now.

As we’ve seen in past months, when PDUFA dates come up, they can present a similar situation as an earnings release. What I mean by that is, a good result tends to spark big bullish momentum. The opposite is typically the case for a bad or uncertain outcome. Management also states that “If approved, oral sulopenem would be the first penem available orally in the U.S. with the ability to treat multi-drug resistant infections in the community.”

penny stocks to watch this week Iterum Therapeutics ITRM stock chart

Zomedica Corp.

This is a company that has been on plenty of watch lists over the last few months. Most recently, however, Zomedica was at the center of attention following a Cameo video from Tiger King star Carole Baskin. Despite the short-term hype surrounding “the event,” Zomedica does have certain past and upcoming milestones that have contributed to its rally.

[Read More] Top Biotech Penny Stocks To Buy Right Now? 4 Up Big In 2021

The core focus has been on the commercial launch of its TRUFORMA™ diagnostic medical device for the veterinary community. This week, Zomedica announced that it signed an agreement with Miller Veterinary Supply for the distribution of TRUFORMA™, which is planned to begin sales on March 30, 2021.

“It isn’t often that an industry-changing product like TRUFORMA™ comes along. We are honored and excited to have been chosen to help bring this technology to market.”

Clay Cass, Executive Vice President and Chief Operating Officer of Miller

With the official launch date rapidly approaching, ZOM stock has continued its bullish momentum. Premarket trading on Monday saw shares reach highs of $1.37. Will this trend continue into February?

penny stocks to watch this week Zomedica Corp. ZOM stock chart

Nokia

Another long-standing name on our lists of penny stocks is Nokia. The well-known telecom company has been the center of attention for those searching for “5G penny stocks”. There are plenty of 5G names out there, but not nearly as many are trading under $5 as they do above it. In Nokia’s case, even though shares are lower in price, it doesn’t mean the company isn’t doing its part to execute new milestones. In fact, of the interesting stories discussed previously was one concerning NASA.

Nokia Bell Labs’ pioneering innovations will be used to build and deploy the first ultra-compact, low-power, space-hardened, end-to-end LTE solution on the lunar surface in late 2022. While that’s a head-turning story, there’s been plenty more progress to discuss with Nokia. That includes a very recent headline involving the National Cybersecurity Center of Excellence 5G Cybersecurity Project.

Nokia was selected to participate in the project, including providing hardware and software, mobile network security, and 5G RAN expertise. Furthermore, the momentum that stemmed from that update has continued this week. Since last summer, shares of NOK have begun testing the upper limits of the penny stock range for the first time. In light of 5G hype, will NOK be a penny stock much longer?

penny stocks to watch this week Nokia NOK stock chart

Torchlight Energy Resources Inc.

One of the hot areas of the market is renewables and alternative energy stocks. While Torchlight’s “about” section on most financial sites suggests they’re an oil and gas company, recent events say otherwise. Last year, the company and Metamaterial signed a definitive merger agreement.

Meta’s technology is used for things like solar energy as opposed to oil and gas. With the new direction, this company could be one to watch as renewable energy stocks have earned an audience with the new President of the US.

[Read More] Hot Penny Stocks To Watch Before Monday’s Opening Bell

This week Torchlight announced another big milestone on the stock side of things. The company officially regained compliance with Nasdaq. Before this, the company was not compliant based on its minimum bid price not being at least $1. But over the last few weeks, the company has managed to climb back as optimism from the merger has helped fuel its rally. With green energy penny stocks in focus, will TRCH be on your list?

penny stocks to watch this week Torthlight Energy Resources Inc. TRCH stock chart

Penny Stocks Continue To Move Higher In 2021

Love them or hate them, penny stocks have a large audience in 2021. If you’re looking to dip your toes into these volatile waters, it’s important to have a clear plan and strategy in place. While many of these penny stocks listed above have performed well recently, that hasn’t come without a volatile past for some. With this in mind, before going into any trade, make sure you weigh risk and reward properly.


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