Why These 3 Penny Stocks Shot Up on Friday 

When looking for penny stocks to buy, finding the biggest daily gainers is a very common strategy. This allows investors to seek out companies that could have forward momentum or ones that could be gaining for speculative reasons. 

However, with this strategy, it’s worth understanding why certain penny stocks gain and whether it can continue to push up. If you’re unfamiliar with penny stocks overall, it’s important to consider that they are some of the most speculative assets out there. 

Because they are under $5, penny stocks typically have high volume, and therefore can move very quickly in value during a trading day. So, to stay on top of this, many investors will go to places such as Reddit or Twitter, to find trending penny stocks that could push up. But, too often this will result in FOMO or the fear of missing out. 

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Another important aspect of trading penny stocks is to never trade with emotion. This will almost always cause losses and is never a good strategy to use. So, have rules for trading and use them on every trade you execute. Considering all of this, let’s take a look at three penny stocks that exploded today and whether they’re worth it or not. 

3 Penny Stocks That Pushed Up Substantially Today 

  1. Medigus (NASDAQ: MDGS) +54.7%*
  2. Xenetic Biosciences Inc. (NASDAQ: XBIO) +144.6%*
  3. Moving Image Technologies Inc. (NYSE: MITQ) +12.5%*

*As of 10:45 EST, Friday, July 23rd

Medigus (NASDAQ: MDGS) 

Medigus ADR is a biotech company working on finding medical solutions to common issues we face. In addition to this, it also provides internet technology and electric vehicle/charging solutions. Obviously, we see that Medigus is a multi-faceted company with several assets under its belt. But, given its over 50% gain today, let’s focus on its biotech business for now. Today the company announced that it’s 33.24% owned Polyrizon Ltd., showed pre-clinical data from a study regarding Covid-19. 

The study concerns Polyrizon’s bio-gel proprietary technology, and shows that it could be an efficacious barrier, preventing Covid-19 infection. The one month trial showed that the product effectively reduces the likelihood of infection from Covid-19, and is both well tolerated and safe. Now, the company plans to engage in more clinical trials, which could have results within 12 months. 

This is exciting, and any company involved in either a treatment or cure for Covid-19, has seen heightened momentum. While its over 50% gain does show that MDGS stock is highly speculative, it still is showing a great deal of positivity. Considering this, will it be on your list of penny stocks to watch?

Penny_Stocks_to_Watch_Medigus ADR (MDGS Stock Chart)

Xenetic Biosciences Inc. (NASDAQ: XBIO) 

Today’s almost 150% gain for XBIO stock comes with no news to back it. While this is common with penny stocks at times, usually it does not extend to gains this large. However, to try and explain this tripling in price for XBIO stock, let’s take a look at what the company does. 

Xenetic Biosciences is a biopharmaceutical company working on its XCART CAR t platform technology. This is a product specifically engineered at advancing cell-based therapies for patients. It utilizes the B-Cell receptor in the body to potentially treat lymphomas. In addition to this, the company also utilizes its proprietary drug delivery platform known as PolyXen. This platform can improve the half-life of current biologic drugs, and holds an exclusive licensing agreement with Takeda Pharmaceuticals Co. Ltd.

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In its latest financial report for Q1 2021, the company posted a net loss of $1.3 million alongside a $10 million cash balance. And while it does have a promising pipeline of proprietary products, it is difficult to say for certain why shares of XBIO stock shot up so heavily today. Regardless, it’s up to you to decide if XBIO stock is worth watching. 

Penny_Stocks_to_Watch_Xenetic Biosciences Inc. (XBIO Stock Chart)

Moving Image Technologies Inc. (NYSE: MITQ)

While MITQ stock’s 12% or so gain does not compare to the other two penny stocks on this list, it is still quite large. Again, this is a case where no news was presented in the past day or so to spark this double digit spike. However, the company has released some information as recently as Monday, July 19th. 

On Monday, the company stated that it received an award to provide cinema equipment for a location in Washington D.C. This contract, worth $1.6 million, will allow it to offer furnishings and cinema equipment to the Alamo Drafthouse Cinema. While this may not seem like a large deal, it is symbolic in that it is one of the first big deals relating to cinema since the start of the pandemic. And hopefully, this can spark other, similar deals for the company. 

“MiT has been a long-time trusted partner of ours, having furnished and installed equipment at our other sites in Charlottesville, Loudoun, and Woodbridge. It’s great to have a quality one-stop-shop for the auditorium and booth fixturing.” 

Joseph Edwards, Owner and Alamo franchisee

With the pandemic still occurring, it’s difficult to say with certainty when the theatre business will be back at 100% capacity. However, it does look like the company could have potential moving forward. It’s also worth noting that MITQ stock only became publicly listed a few weeks ago. And, after a week or two of consistent drops, it seems as though MITQ stock has found a fair market value. Considering this, will it be only our list of penny stocks to watch in August?

Penny_Stocks_to_Watch_Moving Image Technologies Inc. (MITQ Stock Chart)

Which Penny Stocks Are on Your Watchlist Right Now?

Investing in penny stocks or blue chips in 2021 is difficult to say the least. With the pandemic still going on and long-term inflation beginning to set in, finding valuable penny stocks can be a challenge. However, it does seem like there is a great deal of opportunity abound.

[Read More] 7 Penny Stocks To Buy According To Analysts With Targets Up To 316%

With hundreds of penny stocks to choose from, finding just a few for your watchlist can be done. While it may take some time to see the light at the end of the tunnel in regard to the pandemic, in the meantime, there are plenty of penny stocks to watch. Considering this, which penny stocks are on your watchlist right now?

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