Monday, February 8th, marked a new week for penny stocks. Overall, the stock market saw a large bullish jump seemingly across the board. In the past six months, both blue-chip and penny stocks have gained quite a lot of momentum. In that time, virus case numbers have also been quite volatile while trending down in the past few weeks. And with a new stimulus package on the way in combination with more vaccine distribution, the hopes are that this bullish sentiment will continue.
Now, as usual, the most important step in finding a penny stock to buy is research. While it may seem easy to find the biggest gainers of the day, investors should do a little more investigation into a given company. This doesn’t mean you have to write a novel on it, but instead, you should know their financials and what they plan to do in the future.
One of the things to consider right now is that volatility is very high. Also, the influx of retail traders has brought speculative trading to new heights. While these are not bad things, they are factors that all investors should consider. So with all of this in mind, let’s take a look at some penny stocks that have been pushing higher this month.
Top Penny Stocks To Buy [or avoid]
- Acasti Pharma Inc. (NASDAQ: ACST)
- Abeona Therapeutics Inc. (NASDAQ: ABEO)
- Greenpro Capital Corp. (NASDAQ: GRNQ)
- Teligent Inc. (NASDAQ: TLGT)
Acasti Pharma Inc.
ACST is a penny stock that we’ve been covering for quite some time. Acasti is a biopharmaceutical company focusing on producing drugs for use in hypertriglyceridemia (HTG). Within its pipeline are several novel therapeutics, including CaPre, an OM3 phospholipid used to treat those suffering from HTG. A few months ago, the company provided results for its Q2 2021 period.
In the results, the company stated that it completed two Phase 3 clinical trials for its CaPre compound. The company stated that the triglyceride reduction in those with HTG was one of the largest seen in any conducted triglyceride reduction trial. With this, the company says that it has no trials left to conduct with CaPre. This is why the company has brought on Oppenheimer & Co to help in identifying strategic alternatives.
Jan D’Alvise, CEO of Acasti, had also said that “we remain committed to maximizing value for shareholders, and as previously disclosed, we are actively exploring and evaluating a range of strategic options.”
This week, the company reported its results from the fiscal third quarter of 2021. Acasti saw a boost in EPS, coming in at a loss per share of 3 cents. While this isn’t optimal, it is much better than the 14 cent loss per share during the same period in its previous year’s Q3. While there was much commentary from management, it’s clear that the overall focus is on identifying strategic alternatives. As the story develops, we’ll give any updates we find.
Abeona Therapeutics Inc.
During trading and into after-hours on Monday, shares of ABEO stock pushed up by almost 40%. Abeona Therapeutics is a clinical-stage biopharmaceutical company working on the development of several novel therapeutics. This includes gene and cell therapies for use in otherwise unmet medical needs. Although Abeona works on drugs that treat particular illnesses, it has many compounds in its pipeline. This includes EB-101 gene therapy for recessive dystrophic epidermolysis bullosa, currently in a Phase III trial. Also, it produces ABO-102 and ABO-101, which are used to treat Sanfilippo Syndrome.
Only a few weeks ago, the company announced that it had a successful Type B meeting with the FDA, to discuss the Phase III study of EB-101. The company states that it now has plans to enroll roughly 15 patients in the study to help better understand the effects of this treatment.
Michael Amoroso, COO of Abeona, stated that “we appreciate the clarity provided by the FDA and we are pleased to be aligned with the Agency on the co-primary endpoints for the Phase III VIITAL study. Following the successful completion of the FDA meeting, we continue with all necessary steps to enroll our next patients in the VIITAL study and aim to complete enrollment in 2021.”
Greenpro Capital Corp.
Greenpro Capital Corp. has been another one of the penny stocks gaining ground this month. By the end of the day, shares of GRNQ hit $2.73, showing some solid bullish momentum. While no news was announced during the day, we can look at some past announcements to determine why GRNQ stock jumped. For some context, Greenpro Capital works as a provider of financial consulting and corporate services to an extensive range of businesses in Hong Kong, Malaysia, and China.
This includes services for both service-related businesses as well as real estate companies. After some careful research, you see that Greenpro recently became involved with bitcoin. While it isn’t mining the cryptocurrency, the company stated that it intends to set up a bitcoin fund for customers. The company believes that bitcoin will soon see more adoption around the world. Also, it states that BTC has a large amount of potential to be a widespread currency.
The company stated that it also believes several of the top cryptocurrencies such as Ethereum, could help to provide investors with a better overall return. For some confidence in its leadership, the CEO of Greenpro, CK Lee, holds a PhD in Finance and Cryptocurrencies from Rivera University. Lee stated in regard to this announcement that “we fully believe in bitcoin as a store of value. I’ve instructed our investment bankers to raise debt in Q1 2021 of up to $100 million to invest in BTC. The company will also invest its own cash into BTC.”
In the past few days, bitcoin has shot up dramatically. Because of this, investors may turn attention to fintech stocks GRNQ. The big question is, will this steady upward trend continue even if the price of Bitcoin consolidates?
Since the beginning of the year, shares of Teligent have climbed. Though it’s a biotech company, it isn’t working on a treatment for Covid. But the company has several novel therapeutics in its pipeline. This includes an extensive range of generic pharmaceuticals for both the prescription and over the counter markets. The company develops cosmetic products as well as cosmeceuticals. This includes medicines that treat everything from eczema to dermatitis.
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Recently, Teligent detailed several aspects of its business in the present and for the future. In the release, management stated that it had completed a $77 million debt-for-equity exchange and the reduction of roughly $118 million of debt. Additionally, the company was able to access roughly $4.6 million in incremental financing. Tim Sawyer, CEO of Teligent, stated that the “announcement marks a pivotal step in our journey toward securing a strong financial future for Teligent.”
Obviously, we’ll know, in time, if Teligent can turn things around. However, it’s worth noting that momentum has begun picking up at the start of February.