3 Penny Stocks to Watch Moving Big In Early Morning Trading
Moving further into May, there are plenty of penny stocks to watch. But, as smart investors, we need to be picky about which penny stocks go into our portfolios. And right now, that pickiness means that investors should have a thorough understanding of what factors are in play.
This will help to give your penny stock watchlist the best chance at profitability. So, with hundreds of penny stocks to choose from, how do you know which one is the best? Well, the short answer is that there are a few steps to take.[Read More] Top Tech Penny Stocks to Buy This Year? One Up 102% YTD
First, investors need to identify what type of trader they are. For example, if you’re swing trading, finding low volatility penny stocks to buy may not be the right call. However, if you’re looking to hold on for the long term, a highly fluctuating penny stock won’t be the right choice either. So, identify which one you are and understand how that plays a role in your portfolio.
Next, there are a few trends at play right now. With aspects such as the rise of DogeCoin and the Covid pandemic still running rampant, the market is moving faster than ever. And while this may seem scary, there are ways to use this to your advantage. This includes understanding how global, industry, and company-wide trends will affect a penny stock. So, with all of this in mind, let’s take a look at three penny stocks moving in early morning trading.
3 Penny Stocks Moving in Early Morning Trading
- Second Sight Medical Products Inc. (NASDAQ: EYES)
- Cellect Biotechnology Ltd. (NASDAQ: APOP)
- Borr Drilling Ltd. (NYSE: BORR)
Second Sight Medical Products Inc. (NASDAQ: EYES)
Up by around 25% in early morning trading, Second Sight Medical Products is a leading biotech penny stock. Before we get into why EYES stock jumped, let’s go over what the company does. Second Sight develops and markets implantable vision systems that can potentially offer vision to those suffering from blindness.
It is considered to be a leader in the neuromodulation field, where its focus remains on those suffering from vision impairment. Big news struck on Wednesday as the company announced the results of a two-year-long study known as the Orion Visual Cortical Prosthesis.
This study consists of six subjects studied at UCLA and the Bayor College of Medicine. While the study was paused earlier in the year due to Covid, it quickly resumed and now is showing results from the Early Feasibility Study.
Over the two years, the patients all showed that the Orion System benefitted them greatly. After two years, five of five patients tested were able to locate a white square on a dark computer screen much better than without the use of the Orion System.
Jessy Dorn, VP of Clinical and Scientific Research at Second Sight, stated that “we are excited to resume the study and see such promising results, especially after all visits were paused for several months due to Covid-19.”
This is a breakthrough for the company and is something that could be even more of a breakthrough for the patients who could benefit. While Orion is still in the early stages, the hopes are that it can move toward commercialization soon. It’s also worth noting that as of May 12th, EYES is no longer a penny stock. Considering this, will EYES stock be on your watchlist?
Cellect Biotechnology Ltd. (NASDAQ: APOP)
APOP is a penny stock that we’ve covered several times in the past few months. Cellect is another biotech company, but it works in the field of stem cells. The company has developed a breakthrough technology that allows stem cells from any tissue in the body to be used as a way to improve overall stem cell therapy.
Currently, it is working on a trial to see if this technology can be used in bone marrow transplants in cancer treatment. Overall, however, it fits into the field of regenerative medicine.
A few weeks ago, Cellect announced the top-line data from a Phase 1/2 clinical trial of its ApoGraft Technology. Dr. Shai Yarkoni, CEO of APOP stated that “the data validates earlier results and supports the ongoing development of our products. I remain committed and believe that the human data from this study will expedite the clinical development of ApoGraft.” Because this study showed that the grafting technology is safe, the company should be able to move quickly into the next phase of the trial.
In addition, only a month or two ago, the company announced a reverse merger with privately help Quoin Pharmaceuticals. This is a big deal, while albeit being common in the biotech industry. But as always, it is good to see a biotech penny stock with a lot going on in its pipeline. Considering this, will APOP be on your list of penny stocks to watch?
Borr Drilling Ltd. (NYSE: BORR)
Another decent pre-market gainer is Borr Drilling Ltd. to understand this energy stock better, let’s take a look at its most recent filing. A few months ago, it reported the preliminary results for its Q4 and full-year 2020 financials. In the results, the company posted operating revenue of $60.2 million for the year, with a net loss of $46.7 million. This comes alongside a sizable equity raise of $27.5 million, which an additional $5.3 million being raised a few weeks after.[Read More] Investing in Penny Stocks? Don’t Before You Do These 3 Things
CEO of Borr Drilling Ltd., Patrick Schorn stated that “in the fourth quarter 2020 and up until the end of January 2021, our main focus has been to complete the previously announced liquidity improvement plan, including restructuring of the debt maturities, interest payments, and Capex delivery payments…With oil prices above $60/bbl we anticipate seeing a stronger market developing going forward.”
Now, it’s important to consider that the pandemic did affect BORR. However, with travel and business operations resuming, it seems as though the company could be working toward getting production up to pre-covid levels.
With any energy company, demand is the backbone of growth. And because of this, prospective BORR stock investors should keep up with what the oil and gas industry is doing. Whether this makes Borr Drilling a watchlist candidate, however, is up to you.
Are These Penny Stocks Worth Watching?
At the end of the day, making a list of penny stocks to watch all depends on your portfolio. Are you looking to invest for the long or short term? What are your investing goals?[Read More] Best Penny Stocks To Buy On Robinhood This Week? 5 To Watch Now
These are important questions that you need to consider before adding any penny stocks to your watchlist. But, with so much potential in the post-covid economy, the options are aplenty. With all of this in mind, are these penny stocks worth watching?