Penny Stocks To Watch As Coronavirus Concerns Grow
Another wild day of trading has coronavirus penny stocks in focus yet again. The Federal Reserve made statements indicating a push to shore up the economy with potential backstops to a recession. The Trump administration has indicated that it aims to put a stimulus package together. But the economic uncertainty has caused a wave of panic across markets.
“The most powerful factor spurring Congress forward will continue to be the deterioration of the US economy as it experiences a historic shutdown. More than anything else, even outweighing electoral considerations, this has served to supersede partisan politics and concentrate minds in lightning fashion over the past ten days, and that will likely continue over the next few weeks.”
Eurasia Group’s Todd Mariano
Where has the real opportunity been? Right now, safe-haven stocks like gold and precious metals, for one. But also consider the penny stocks related to the coronavirus. With this in mind, here’s a list of penny stocks to watch heading into the mid-way point of the week.
Best Penny Stocks To Watch: IMC International Mining
First, IMC International Mining (IMCX)(IMIMF) managed to pique interest again on Tuesday. The junior gold discovery stock has been trading above $0.40CAD for weeks now. Its 52 week high is sitting right at $0.50. The gold penny stock tested this level last week and has since swayed between $0.45 and $0.48.
It’s no secret that gold stocks have caught their fair share of selling pressure over the last few weeks. From the 2020 high put in by gold earlier this year, the sector had declined by about 15% up until this week.
The difference when it comes to IMC is the fact that it was one of the only gold penny stocks that didn’t slide at all. So what’s helped drive attention? It could have something to do with the company’s pending acquisition. Earlier in February, IMC reported that it plans to acquire Thane Minerals, which owns 100% interest in the Cathedral property of northern British Columbia. The property is located southeast of the famous Golden Triangle region of B.C.
Rider: It is noted that the results of nearby or adjacent properties are not necessarily indicative of the potential of the Cathedral property and should not be understood or interpreted to mean that similar results will be obtained from the Cathedral property.
Specifically in the Quesnel Terrane, this area boasts past and planned production. Seeing as the company announced plans to close on this deal by the middle of the month, it could be a reason why so many are watching the company closer right now.
Rider: It is noted that the results of nearby or adjacent properties are not necessarily indicative of the potential of the Cathedral property and should not be understood or interpreted to mean that similar results will be obtained from the Cathedral property.
Best Penny Stocks To Watch: AIM ImmunoTech
One of the more popular coronavirus penny stocks to watch this month has been AIM ImmunoTech (AIM). Shares of the stock jumped to highs of $7.11 earlier this month. But as you’ll see with many of these names, coronavirus penny stocks are incredibly volatile. In light of this, we’ve seen how AIM stock pulled back to lows of $1.89 this week. However, with new concerns arising, it looks like AIM, in the short term, has begun to climb back once again.
Earlier this month,AIM announced that its drug, Ampligen will be tested by Japan’s National Institute of Infectious Diseases. The main use is to treat the “New SARS Coronavirus”. AIM CEO Thomas K. Equels said in a press release, “Ampligen stands out as the only drug tested that conferred a significant survival effect: 100% of the Ampligen-treated mice survived, while none of the untreated mice survived.”
Best Penny Stocks To Watch: Amyris Inc.
Finally, Amyris Inc. (AMRS) traded higher again this week. Shares of the company began to enter an uptrend following lows of $1.40 earlier this week. However, after the company’s latest update, shares of AMRS began to take off again. They even kicked into a higher gear late-Tuesday afternoon.
What did the company report this week? Amyris announced, and update to its progress as well as the outlook for this year. “We are on track for the fourth consecutive quarter of product gross margin expansion coupled with exceeding our overall recurring revenue objective for our products,” said John Melo, Amyris President and CEO.
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The company’s also looking to achieve 48% product gross margin in the first quarter of the new year. Amyris further explained that it’s also on track for a gross margin to exceed 60% for the first quarter. “Based on current performance, our 2020 consumer business in on track for about $100 million in retail sales and around $60 million of GAAP revenue. The consumer business for our brands is about 1/3 of our product revenue and does not include any ingredient sales to other brands,” continued Melo.
While this is not a coronavirus stock, directly, it does focus on health and wellness. So at a very indirect level, it could have benefited from the latest surge in speculative momentum. Will that continue through the rest of the month?
Disclaimer
Pursuant to an agreement between Midam Ventures LLC and IMC International Mining Corp. (CSE: IMCX) (IMIMF), Midam has been paid $200,000 for a period from January 7, 2020, to February 14, 2020. Midam has been paid an additional $200,000 and extended its period of coverage to March 14, 2020. Midam has been paid an additional $200,000 and extended its period of coverage to July 9, 2020. We may buy or sell additional shares of IMC International Mining Corp.(CSE: IMCX) (IMIMF) in the open market at any time, including before, during or after the Website and Information, to provide public dissemination of favorable Information about IMC International Mining Corp. (CSE: IMCX) (IMIMF). Full disclaimer here.
