Investing in penny stocks can often prove to be a pretty thrilling experience for investors, considering the opportunity to generate significant gains from a small outlay. That being said, it is also important to keep in mind that penny stocks are generally highly volatile in nature, and hence, choices should be made after studying a certain stock thoroughly.
In recent days, the markets have been singularly volatile, and even though there has been a major selloff, certain penny stocks have managed to come to the fore in a big way. Here is a look at 4 penny stocks that investors could track.
Penny Stocks Are Making Big Moves This Week #1 Allena Pharmaceuticals
The first penny stock to consider at this point is that of Allena Pharmaceuticals (ALNA). The company announced its financial results for Q4 2019 and for the full year back in mid-March. At the same time, the company had also provided an important business update. The company announced that it streamlined the design of its product URIROX-2, and it is going to held in reducing the cost as well as the length of the trial.
However, on Monday, there was no material news regarding the company, and yet, the stock rallied by as much as 23%. Investors could keep an eye on the stock over the coming days.
Penny Stocks Are Making Big Moves This Week #2 Verastem
Another penny stock that could be worth having a look at is that of Verastem (VSTM). Earlier this month, the company made a major announcement that could have an effect on the stock price. The company revealed that it granted options to as many as nine employees to purchase 127500 shares of the Verastem stock.
The exercise price for the options has been set at $2.48 a share. The announcement proved to be an important trigger, and the Verastem stock has managed to gain as much as 100% over the past month.
Penny Stocks Are Making Big Moves This Week #3 Top Ships
On the other hand, Top Ships Inc (TOPS) has emerged as another viable option for those who are looking to invest in penny stocks. The company, which owns and operates tanker vessels, announced that its fully-owned M/T Palm Springs vessel had been sold through its 50% subsidiary Eco Nine Pte. Top Ships will get a cash release of $9.7 million.
The stock soared by 21 on Monday. Last week, the Top Shops stock had declined considerably after the company downsized its direct share offering to 33.3 million shares from 40 million shares.
Penny Stocks Are Making Big Moves This Week #4 Precigen
The fourth penny stock that could be added to the watch list is that of Precigen Inc (PGEN). The company announced on Monday that its product PRGN-2009 had been given the clearance for the Investigational New Drug (IND) application by the United States Food and Drug Administration.
By way of this clearance, the company is going to start Phase1/2 trials. The news came as a major positive for the stock, and it soared by as much as 19% on Monday.