Are you looking for penny stocks to buy right now? Next week is a short one in the markets with Thursday being a holiday and Friday, a half-day. Needless to say, there’s still plenty of opportunities to profit in the market. This is where a strategy comes into play because something else we might begin seeing is tax-loss selling.
With shorter weeks and the end of the year approaching, a nimble strategy might be warranted. This week we saw, first-hand how the market can shift at a moment’s notice. Even in light of the positive news from Pfizer (PFE) and Moderna (MRNA) on highly effective vaccines, new cases mean new uncertainty.
Friday, Pfizer applied for emergency vaccine approval marking the first company to seek emergency authorization for a coronavirus vaccine in the US. The application review is set to take place on December 10th with the FDA. This is something else to keep in mind down the road as the date approaches.
“While we cannot predict how long the FDA’s review will take, the FDA will review the request as expeditiously as possible, while still doing so in a thorough and science-based manner, so that we can help make available a vaccine that the American people deserve as soon as possible.”
-Stephen Hahn, FDA Commissioner
Meanwhile, further restrictions were put in place or extended. Canada won’t let US citizens cross the border until at least December 21st. Meanwhile, California has put new curfew rules in place to attempt to curb the spread of the virus.
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All of this equates to market uncertainty and volatility. It’s the latter that we’re focused on because where there’s volatility there’s sure to be an opportunity to profit from it. In looking at the current trends in the stock market today, will these be some of the top penny stocks to buy heading into Thanksgiving week?
Penny Stocks To Buy Watch: Lipocine Inc.
Lipocine Inc. (LPCN) has more or less been staying the course since dipping in August. The uncertainty surrounding the company’s TLANDO New Drug Application caused some selling during late-summer. This is the company’s testosterone drug.
Since then, LPCN stock has traded in a range between $1.15 and $1.50 for the most part with a few exceptions here and there. It has made for a frequently watched stock among day traders and intra-day swings could be as big as 17%.
This month, LPCN stock has started waking up and it mainly began after a November 6th update. The company provided additional information on TLANDO’s regulatory status. The FDA told Lipocine that it’s working towards taking action on the TLANDO New Drug Application “on or about the week of November 30, 2020.”
The countdown has begun as we head into the final days of November. There are a few things to consider here. First, and most obvious, is what the outcome might be regarding the FDA’s decision. Second, Lipocine just recently filed for a $150 million mixed shelf offering. Essentially, the filing covers the sale of stock from time to time at the company’s behest. Depending what price the company ends up raising money, if it does, can determine what the price ends up doing. In the mean time, Lipocine is sporting a $3 price target and Buy rating from HC Wainwright; 102% higher than the current trading price.
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(source: pennystocks.com)
Penny Stocks To Buy Watch: Medigus Ltd.
Medigus Ltd. (MDGS) Is also sporting a triple-digit price target. Aegis has the penny stock rated with a Buy and price target of $6. Considering it closed Friday’s session at $2.83, that target is 138% higher right now. This week the company gained attention thanks to hype around EV stocks.
Specifically, it jumped following news that Medigus signed a non-binding memorandum of understanding with the founders of EMuze. EMuze designs and develops electric mobility micro vehicles. The two plan to invest in a joint venture and commercialize EV micro-mobility vehicles for individual urban use, “last mile” and cargo delivery.
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If the deal goes through, Medigus will have a 19.99% stake in NewCo, which may increase to 50.1% with an additional investment. EMuze has already signed a manufacturing agreement with a company that makes scooters, E-mobility, and skiing machines. The big question now is will this MOU materialize?
Medigus has previously announced numerous deals within different sectors. These included medical devices, biological gels, and even eCommerce.
(source: pennystocks.com)
Penny Stocks To Buy Watch: Check-Cap Ltd.
Check-Cap Ltd. (CHEK) had a strong finish to the week. After several months of light trading activity, CHEK stock took off on Friday. In fact, it experienced one of its highest trading volume days since early September. There weren’t any company-specific headlines to accompany the move. However, some analyst action did help give a bit of a boost in the market. Analysts at HC Wainwright changed the previous $2 price target to $1.50 while maintaining a Buy rating on the penny stock. Though it was a decrease, it’s still 328% higher than the current trading price.
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The clinical-stage medical diagnostics company reported earnings on Thursday. The company saw a boost in earnings per share. During the quarter, Check-Cap reported an EPS loss of 9 cents, which compared to last year’s Q3 loss per share of 42 cents was significant. The company also submitted its Investigational Device Exemption application to the FDA this week. It is for the pivotal study of C-Scan, the company’s screening test to detect polyps before they may transform into colorectal cancer.
“The IDE submission constitutes a major milestone towards the initiation of our U.S. pivotal study. We plan to provide a further investor update on the timelines for the initiation of the U.S. pivotal study, expected in 2021, following guidance from the FDA.”
-Alex Ovadia , chief executive officer of Check- Cap
(source: pennystocks.com)
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