Investors who are looking to invest in penny stocks need to be a bit more careful about their picks at this time due to the volatility in the stock market. The coronavirus pandemic has unleashed extreme volatility in the markets, and hence, an investor needs to do a lot of research about a penny stock before putting forward his money.
It is necessary to keep in mind that penny stocks are generally volatile in nature, and hence, caution is necessary. On that note, here is a look at five penny stocks that ought to be on the watch lists of investors.
One of the penny stocks that could be tracked by investors at this point in time is that of Plug Power (PLUG Stock Report). On Thursday, the fuel cell manufacturer revealed that it is all set to make a share offering to the tune of $75 million in order to strengthen its balance sheet. The move has been brought about by the chaos unleashed by the coronavirus pandemic.
According to the filing, Plug Power wants to sell 19.63 million shares at $3.82 a share, and that represents a discount of 8% from the current stock price. The company recently stated that the current crisis has not led to any cancellation of order yet, and hence, it could prove to be a buying opportunity. The stock has gained 60% over the past week.
Another penny stock that could be worth watching is Taronis Technologies (TRNX Stock Report), which went on a remarkable rally following an important announcement from the company. The water decontamination and fuel generation firm announced on Thursday that it is no longer going to go for a reverse stock split.
That announcement proved to be a significant trigger for the stock, and the Taronis stock soared by as much as 124%.
Denison Mines Corp (DNN)
Denison Mines Corp (DNN Stock Report) has emerged as another viable option for investors looking for penny stocks. Back on April 9, the company announced that it managed to close its public common share offering and raised as much as $5.75 million. The company sold as many as 28,750,000 common shares for $0.20 each.
The after-effects of the share offering were felt on Thursday after the Denison stock rallied by as much as 285. It goes without saying that investors could keep an eye on the stock over the course of the coming days.
Moleculin Biotech (MBRX)
On the other hand, the Moleculin Biotech (MBRX Stock Report) has also emerged as an interesting penny stock option at this point in time. The stock has performed admirably in recent days due to the optimism surrounding its coronavirus treatment product.
The company announced that a study conducted by the University of Frankfurt showed that its 2-deoxy-D-glucose could reduce COVID-19 growth by 100%. That has led to a lot of positivity around the stock, and it continued its surge on Thursday as it gained as much as 17%.
Can-Fite BioPharma (CANF)
Earlier on this week, it emerged that Israel’s Institutional Review Board at Rabin Medical Center has given the permission for a pilot study of Can-Fite BioPharma’s (CANF Stock Report) coronavirus medicine candidate Piclidenoson.
It is a significant development for Can-Fite, and the stock has surged on the back of the announcement. The Can-Fite stock continued to surge on Thursday and has recorded gains of as much as 28% for the month of April so far.