Over the course of the past few years, it has become abundantly clear that it is possible for investors to make fortunes by investing in penny stocks. However, at the same time, it is important to remember that the stock market is currently in a bit of turmoil.
The coronavirus crisis and plunging oil prices could have a major impact on stock prices. Even though the markets have been in turmoil, some penny stocks have managed to generate gains in recent days. Here is a look at 5 penny stocks that could be worth tracking at this point.
Best Penny Stocks To Buy Or Ignore This Week #1 Tocagen
The first penny stock to consider in these circumstances is that of Tocagen (TOCA Free Report), which recorded significant gains on Friday on the back of an announcement regarding a merger. The company had announced that it was going to reverse merge with Forte Biosciences back on February 19, and since then, the stock had gained considerably.
On Friday, the trading volume of TOCA stock soared as investors piled on to the stock in a big way. The stock gained as much as 27% on Friday, and it remains to be seen if it can be managed to add to its gains this week. Investors could keep an eye on this stock today.
Best Penny Stocks To Buy Or Ignore This Week #2 Verastem
On the other hand, biopharmaceutical company Verastem (VSTM Free Report) continued to soar, and on Friday went up by as much as 11%. The stock has been on an upturn since the company announced that it was going to focus more on its clinical development programs. The main focus is going to be on its product, CH5126766 (VS-6766).
The announcement resulted in a lot of optimism about Verastem in the market, and VSTM stock has rallied by as much as 77% since that announcement was made. It is a stock that could be worth tracking this week.
Best Penny Stocks To Buy Or Ignore This Week #3 Ziopharm Oncology
Ziopharm Oncology (ZIOP Free Report) is another one that ought to be in the radars of most investors at this point in time. The company announced its financial results for Q4 2019 and also for the financial year 2019 last week.
The company managed to strengthen its balance sheet, and it was also announced that Ziopharm has $177 million in cash to take care of operations until the middle of 2022. On Friday, ZIOP stock gained as much as 8% despite the overall weakness in the wider market.
Best Penny Stocks To Buy Or Ignore This Week #4 BioCryst Pharmaceuticals
BioCryst Pharmaceuticals (BCRX Free Report) emerged as another penny stock that performed this past week strongly, and the rally is possibly due to the announcements made by the company recently. It announced its fourth-quarter results last week, but more importantly, there are other developments that should be kept in mind.
The company announced that it is looking for approval from the Food and Drug Administration for its hereditary angioedema medicine by the end of the year. It also launched its next clinical trial. BCRX stock gained as much as 33% last week.
Best Penny Stocks To Buy Or Ignore This Week #5 Pacific Biosciences of California
Lastly, it is the Pacific Biosciences of California (PACB Free Report) that has emerged as a promising option for those who are looking to invest in penny stocks. The gene sequencing company announced last Friday that it had appointed Christian Henry, a veteran of the industry, to its board of directors.
Other than that, there was no other major news that could have resulted in the 20% gain recorded by PACB stock last week.