Are These On Your List Of Penny Stocks To Watch Right Now?
If you’re looking for top penny stocks right now, make sure you know what you’re looking for. While it may be exciting to see huge rallies in these cheap stocks, actually being in the trades can be stressful. In light of this, we also see some traders take up a different approach to buying penny stocks .
That approach is swing trading. Utilizing longer-term technical analysis and a bit more fundamental analysis, swing trading can offer the potential for significant gains within a few days. You won’t likely experience the massive, hyper-spikes that day traders see. However, that doesn’t mean all penny stocks traded as swing trades couldn’t experience such a move during the period that they’re holding the stock.
Take, for instance, shares of CBAK Energy Technology ( CBAT Stock Report ). Pull up the chart and look from September 11th through the 23rd. You’ll notice that volume began picking up and CBAT stock saw a nice 10% move on what would have been “Day 1” of a swing trade.
The following session, shares spiked even higher with another follow-through move by “Day 3”. In total, CBAT experienced a move of 79% in less than 1 week. From a technical perspective, CBAT pulled back and held support at its 50-day moving average and the rest is history. Another “swing trade” would have been right in the middle of this latest, massive breakout.
Keeping this in mind, there are plenty of penny stocks that have held a strong, consistent trend for the year. But will they be the top penny stocks to watch before next week?
Top Penny Stocks To Watch: GT Biopharma Inc.
GT Biopharma Inc. ( GTBP Stock Report ) has been one of the more active penny stocks to watch recently. Much of the momentum stemmed from its recent trial news reported on at the end of September. The immuno-oncology company completed the treatment of its first patient enrolled at Dose Level 3 in its GTB-3550 TriKE Phase I/II clinical trial.
The company’s tri-specific natural killer engagers or TriKE™ is a combination protein that bridges an immune cell and a tumor cell to drive tumor cell killing power exponentially. It has led to new first-in-human phase studies to treat leukemia. GTB-3550 is the company’s first TriKE™ product candidate being initially developed for the treatment of acute myeloid leukemia (AML).
Results were favorable with the dose showed a decrease in AML blast levels from 18% to 12% in the bone marrow. The patient didn’t experience adverse reactions either. This would be things like fever, tachycardia, or chills. There was also an improvement in marrow cellularity, a decrease in AML blast levels, and improving platelet and red blood cells numbers. The company explained that the patient will be re-treated with an additional round of GTB-3550 therapy at the 25mcg/kg/day dose.
As we’ve come to see, cancer stocks are gaining a lot more attention during the latter half of the year. GTBP stock has witnessed an uptick in both price and volume over the days following GT’s recent update.
Top Penny Stocks To Watch: TherapeuticsMD Inc.
Another one of the penny stocks we’ve watched for some time now has been TherapeuticsMD Inc. ( TXMD Stock Report ). In fact, at the beginning of the month, we had it as one of the 5 penny stocks on Robinhod to watch for the month. So far momentum continues at above-average levels and TXMD stock has begun testing major moving averages that have acted as resistance so far. Since mid-April , the company’s been on the radar as it had just hit a 52-week low of $0.85. Obviously, since then it managed to climb from there.
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As we explained at the beginning of the month, there are some things that could be driving momentum right now. First, Health Canada has just approved TherapeuticsMD’s BIJUVA® capsules treating vasomotor symptoms associated with menopause. The company had also secured a U.S. patent for its Annovera contraceptive.
Something else to note is what TherapeuticsMD said in one of its press releases related to Annovera. Specifically, retail and wholesale demand for ANNOVERA is strong and growing and the company expects to meet or exceed Q3 net revenue consensus as a result.
Over the last week TXMD stock has climbed about 14%. Considering that it continues testing its upper levels of resistance, it could be a point of focus for traders. Will TXMD manage to break through its 50- and 200-day moving averages in October?
Top Penny Stocks To Watch: ProPhase Labs Inc.
ProPhase Labs Inc. ( PRPH Stock Report ) is one of the lower volume penny stocks on the list. However, a quick look at the chart and you’ll see why this is one of the names. Since July, PRPH stock has been on a strong and very consistent move higher. On July 1st, shares were trading around $1.41. This week the penny stock reached a high of $4.70.
One of the things that put this “on the map” for some traders was its earnings report. Remember the idea of day trading versus swing trading. Anyone who swing traded PRPH stock from July to August 10th saw a stress-free 33% move. On August 11th, the penny stock gapped up to more than $4 opening the door for a 100% move overnight. ProPhase reported fiscal three-month revenues of $3.6 million, up 124% year over year, as a result of increased customer demand for its OTC healthcare products.
After pulling back, PRPH managed to hold higher levels, which is something to look for if a penny stock will have any hope at a continued trend higher. What I mean by this is we see so many stocks gap up and then essentially come right back down, unable to hold any level of support at higher prices compared to previous sessions. This wasn’t the case for ProPhase stock.
Recently the company engaged an advisory firm on a possible acquisition target. The company is evaluating the acquisition of one or more Clinical Laboratory Improvement Amendment accredited labs suitable for COVID-19 and other testing.