Penny stocks are well known for being extremely volatile in nature, and hence, new investors are often wary of backing these stocks. That being said, it is also necessary to keep in mind that if an investor manages to discover promising potential stocks, he could end up making a fortune in the market.
Investors track penny stocks on a daily basis, but currently the markets are in turmoil, and hence, it is necessary to tread a bit carefully. Here is a closer look at 4 penny stocks that could be tracked by investors at this point in time.
Penny Stocks Are Making Impressive Run Up #1 InflaRx
One of the penny stocks to have recorded gains in recent times is that of InflaRx (IFRX Free Report), which rose in the pre-market session. Many penny stocks have recorded gains in recent days due to coronavirus related news and InflaRx was the latest one.
Late Tuesday, the company announced that the randomized testing of its product IFX-1 has started. The aim of the test is to figure out the effect of the medicine on coronavirus related pneumonia. After the announcement, the stock rose by as much as 91% in the pre-open session. Investors could keep an eye on the stock today.
Penny Stocks Are Making Impressive Run Up #2 Organovo Holdings
On the other hand, investors could consider having a look at Organovo Holdings Inc (ONVO Free Report) as well. On Tuesday, the company announced that it had had a special meeting of shareholders back on March 26. However, the meeting has since been adjourned and rescheduled for April 7.
Organovo adjourned the meeting in order to find more proxies. Three of the proposals had been approved at the meeting. The news resulted in some optimism around the stock, and it climbed by as much as 43% on Tuesday.
Penny Stocks Are Making Impressive Run Up #3 Ideanomics
Another penny stock that has come into sharp focus in the markets in recent days is that of Ideanomics (IDEX Free Report). The company is involved in the electric vehicle space and in new development; the company announced the launch of favorable policies from the Chinese government. The new energy vehicle subsidies are going to be extended for two more years.
Several other measures were announced, but the extension of subsidies could prove to be a massive boost. The Ideanomics stock soared by 15.5% after the announcement.
IDEX stock has soared 315% over the past two weeks.
Penny Stocks Are Making Impressive Run Up #4 MEI Pharma
Lastly, investors could consider having a closer look at MEI Pharma (MEIP Free Report), after it surged by as much as 12% following a major announcement from the company. MEI announced that the United States Food and Drug Administration granted fast track designation to its product ME 401.
The medicine in question is supposed to be an oral inhibitor of phosphatidylinositol 3-kinase, and the fast track designation has naturally created a buzz about the MEI stock in the market. Investors could do well to keep an eye on the stock for the rest of the week.