The markets have been in turmoil over the past few weeks due to the coronavirus pandemic, and this week, the problems mounted due to the oil price crash. The selloff has resulted in steep declines in stocks across the board, and hence, investors need to be far more cautious with their choices in the present circumstances.
The same sort of caution is needed when it comes to penny stock investments as well. Investors need to watch the market closely and then make a decision. Here is a quick look at 4 penny stocks that could be tracked at this point.
Penny Stocks To Watch As Markets Turn Bullish #1 Neptune Wellness
One of the penny stocks that could be added to the watch lists at this point is that of Neptune Wellness (NEPT Stock Report). On Thursday, it emerged that the company is going to boost its hand sanitizer production to as much as 1 million units in order to meet the surging demand for the product.
The update from Neptune Wellness resulted in a significant spike in the stock, and it eventually rallied by 31%. The stock has performed strongly this month so far and managed to record 135% worth of gains this month.
Penny Stocks To Watch As Markets Turn Bullish #2 NexTier Oilfield
Another penny stock that managed to record impressive gains on Thursday was that of NexTier Oilfield (NEX Stock Report). The first-quarter results for Patterson-UTI were poor, and it is believed that the immediate future remains shaky. However, it seems that investors were buoyed by the rally in the June WTI contracts.
The June WTI contract surged by as much as 20% yesterday on speculation that production is going to be cut, and the NexTier stock surged by as much as 37% as a consequence.
Penny Stocks To Watch As Markets Turn Bullish #3 Immutep Limited
On the other hand, Immutep Limited (IMMP Stock Report) has emerged as another promising option for investors who are looking to invest in penny stocks. The company announced on Wednesday that the enrolment had been completed for the second cohort of Phase 1 clinical trial named INSIGHT 004 for one of its products.
It is a significant milestone for the company, and investors reacted positively to the news. The stock soared by as much as 34%.
Penny Stocks To Watch As Markets Turn Bullish #4 Strata Skin
Lastly, it is Strata Skin (SSKN Stock Report) that could be tracked by investors who are looking to invest in penny stocks, which have gained momentum. Earlier this week, the medical device company announced that it had sent some of its employees on leaves of absence.
Although the company did not reveal the exact number of employees sent on such leaves, Strata announced that it would save the company $800,000 per quarter. The stock jumped 32%.
