The markets might be in turmoil due to the coronavirus pandemic and the oil price crash, but that has not stopped certain penny stocks from recording gains. Although it is true that most penny stocks are volatile by nature, there are some penny stocks that could offer immense value to investors, and it is important for investors to discover such stocks.
The best way of discovering such stocks is by keeping a close eye on the market at large. On that note, here is a quick look at 4 penny stocks that could be tracked by investors at this point.
Penny Stocks Worth Watching on Wednesday #1 GameStop
One of the penny stocks that may have emerged as a viable option for many investors at this point in time is that of video game retailer GameStop (GME Stock Report). On Tuesday, the company announced that it has managed to retain more than 90% of the sales it had planned to complete despite the lockdown, thanks to curbside operations.
Additionally, GameStop has also taken other measures, including cutting executive pay, offering lower working hours to employees, and lowering capital expenditure, among others. The option of furloughing has also been offered to employees. The stock rose by as much as 5% in the pre-market session on the back of the announcement yesterday.
Penny Stocks Worth Watching on Wednesday #2 Huitao Technology
Another penny stock that could be worth tracking at this point is that of Huitao Technology (HHT Stock Report). Earlier this week, the company announced that it received a letter from the NASDAQ Hearing Panel indicating that a favorable decision has been reached with regards to Huitao’s listing on the exchange.
Earlier on in March, the company had appeared before the panel and demonstrated that it had regained compliance in relation to stockholders’ equity requirement rule. The stock surged by 42% on Tuesday.
Penny Stocks Worth Watching on Wednesday #3 Novus Therapeutics
Novus Therapeutics (NVUS Stock Report) emerged as another promising penny stock in recent times after the company announced that the enrolment for the Phase 2A trial of its product OPO 201 had been completed. Novus announced that it had enrolled a total of 103 patients for the trial in question, and the results for the same are going to be announced in June this year.
The announcement was made back in March, and over the past month, the stock has gained 130%. On Tuesday, it recorded gains of 27%.
Penny Stocks Worth Watching on Wednesday #4 PAVmed
Finally, in today’s list of popular penny stocks, it is PAVmed (PAVM Stock Report), which emerged as another impressive gainer from among penny stocks on Tuesday. The company, which makes medical devices, announced that it has got the marketing clearance for its product CarpX from the United States Food and Drug Administration. It is a major development for the company, and soon enough, the stock started rallying. The PAVmed stock gained 15.50% on Tuesday.