The coronavirus scare has completely shocked the markets over the course of this week, and it continued on Thursday as more stocks recorded considerable declines. In such a situation, it is often difficult for investors to choose stocks.
However, it is important to point out that despite the overall carnage in the markets, some penny stocks did manage to record gains in recent days. Investors looking for penny stocks to invest in could do well to have a look at these stocks. Here is a quick look at four such penny stocks.
Penny Stocks To Watch #1 Aytu BioScience
One of the penny stocks to consider at this point is that of Aytu BioScience (AYTU Free Report), which has made significant gains this week. So far, the biotech stock has managed to record gains of as much as 425% so far. On Wednesday, the company announced that it raised $9 million through an undisclosed institutional investor by selling around 7.8 million common shares at $1.15 per share.
The company is working on a rapid coronavirus test, and the proceeds are expected to be used for working capital purposes. That resulted in a further 36% jump in AYTU stock on Thursday. Earlier on in the week, the company had announced that it had signed an exclusive distribution deal with L.B. Resources Limited for its rapid coronavirus test.
Penny Stocks To Watch #2 Centennial Resource Development
The other penny stock worth looking at right now is that of Centennial Resource Development (CDEV Free Report), which gained as much as 25% on Thursday. In a paper published on March 8, equity researchers at Piper Sandler, the earnings per share estimate for the first fiscal quarter of 2020, was lowered.
The firm revealed that its new estimate for Centennial’s earnings per share stands at $.04 per share, down from the previous projection of $0.14 per share. Investors could do well to keep an eye on CDEV stock over the coming days.
Penny Stocks To Watch #3 Tocagen
On the other hand, Tocagen (TOCA Free Report) has emerged as another significant gainer among penny stocks in recent weeks. Since February, the stock has gained as much as 250%, and on Thursday, it extended its gains by another 4%.
Some months ago, the company had a major setback when its brain cancer product failed, but in February, the company announced that it had merged with Forte Biosciences. Since then, TOCA stock has performed impressively.
Penny Stocks To Watch #4 Aduro Bio Tech
Last but not least, it is Aduro Bio Tech Inc (ADRO Free Report)that could be put into the watch lists by investors. ADRO stock went up 3.40% on Thursday, recovering from a 20% fall earlier in the session. However, the stock is still down about 20% this week after it failed to meet expectations in the fourth quarter.
The losses for the quarter stood at 24 cents a share, which was higher than analysts’ estimates of 21 cents a share. Revenues actually grew by 31.75% year on year to hit $3.6 million.