Penny stocks have often proven to be excellent investments since it is possible for one to claim significant returns within a short span of time. The month of May was not a particularly great time for the stock markets as the coronavirus related turmoil continued. However, even then, some penny stocks managed to generate significant returns, and some of those even doubled in value during the month. Here is a quick look at four such penny stocks.
Penny Stocks That Doubled in May #1 Celsion
One of the penny stocks to consider at this point is that of Celsion (CLSN), which has gained considerably over the course of the past two weeks. The company released its financial results for the first fiscal quarter in mid-May and reported revenues of $0.1 million, which reflected no change from the prior-year period.
Net losses stood at $5.1 million. In April, the company also provided positive updates with regards to its hepatocellular carcinoma product ThermoDox plus RFA. CLSN stock has rallied strongly in recent times, and in the past two weeks, it has rallied by as much as 125%.
Penny Stocks That Doubled in May #2 Renren
Renren Inc (RENN) has emerged as another penny stock to have generated massive returns in recent times. Despite there being no material news with regards to the company’s business, RENN stock rallied by as much 145% over the course of the past week, and investors could do well to keep an eye on it.
In April, the used auto business had announced that it had received a letter from the New York Stock Exchange with regards to the fact that its shares had gone below the compliant trading price.
Penny Stocks That Doubled in May #3 Seelos Therapeutics
A penny stock that has been on a tear since the early days of May is Seelos Therapeutics (SEEL). The company made a major announcement in early May, and since then, the stock has rallied by as much as 130%.
The company, which is involved in developing treatments for disorders of the central nervous system, announced that it had got a Notice of Allowance for one of its compositions from the United States Patent and Trademark Office. It is a significant development for the company, and the rally in SEEL stock has not come as a complete surprise.
Penny Stocks That Doubled in May #4 Diffusion Pharmaceuticals
Investors who are hunting for penny stocks could also consider having a closer look at Diffusion Pharmaceuticals (DFFN), which has rallied by as much as 140% in the month of May. Towards the end of April, the company had announced that it had made a pre-IND submission to the United States Food and Drug Administration.
The submission as related to a possible treatment for those suffering from symptoms of the coronavirus and the rally in DFFN stock was hardly a surprise.