The stock markets have been in a bit of turmoil over the past week or so due to the coronavirus scare. However, that is not all. The oil price crash this week has also been a factor that resulted in further chaos in the markets. While these factors have led to declines in plenty of stocks, investors can actually still find value if they look to invest in penny stocks.
Some penny stocks recorded gains in recent days despite the condition of the market, and it could be worthwhile for investors to have a look at these stocks. Here is a quick look at five of those.
Penny Stocks To Watch #1 CounterPath
The first penny stock to consider under these circumstances is that of CounterPath (CPAH Free Report), which rallied by as much as 10% on Monday and bucked the trend of the wider market. It was a continuation of the rally that the stock enjoyed over the past two months when it gained as much as 200% due to its deal with Honeywell.
Back in January, tech giant Honeywell International had announced that it went into a partnership with CounterPath to build a unified communication software solution. It is a significant development for CounterPath, and the rally in CPAH stock has not come as a complete surprise.
Penny Stocks To Watch #1 Bionano Genomics
On the other hand, Bionano Genomics (BNGO Free Report) has emerged as another strong gainer among penny stocks over the course of the past few days. After the stock suffered a bit of a selloff last week, it roared back on Monday and managed to record gains of as much as 11%. Last week, the company announced its quarterly results for the fourth quarter, and the revenues actually declined by as much as 31% year on year.
However, the slump in the stock seems to have been reversed and it remains to be seen how BNGO stock performs this week.
Penny Stocks To Watch #1 The Rockwell Medical
The Rockwell Medical (RMTI Free Report), another penny stock, is making significant gains in the pre-market session. Late Monday, it emerged that the Medical Resource Acquisition Group LLC an equity funding of as much as $15 million in exchange for board seats of three current directors in the company. It is a significant offer and one that resulted in a lot of optimism around the stock.
The announcement resulted in a rally in the stock in pre-market trading and RMTI stock gained by as much as 7%.
Penny Stocks To Watch #1 Solid Biosciences
Investors could also consider putting Solid Biosciences (SLDB Free Report) in their watch lists at this point in time. Over the course of the past two weeks, SLDB stock has gained in excess of 12% and could on many investors’ radars this week.
The company is involved in the life sciences and is trying to solve Duchenne muscular dystrophy, which afflicts plenty of people in the United States. Solid aims to be a company that is the center of excellence in this particular space.
Penny Stocks To Watch #1 Plug Power
Last but certainly not least, it is the Plug Power (PLUG Free Report) that could be tracked by investors at this point. Last week the stock of the hydrogen fuel cell company tanked by as much as 35% after its revenue growth in the fourth quarter failed to meet expectations.
However, it should be noted that the stock is still up by 90% in 2020 so far, and investors could do well to keep an eye on the stock.