Are you looking for penny stocks to buy or just putting your watch list together right now? Whichever part of the process you’re in, it’s always good to have a plan. Some traders will look at catching lightning in a bottle finding quick spurts of momentum and making 5-second trades. While others will simply try to identify trends that can sustain for more than a few days. Whichever the case or however you’ve molded your own system, keep this in mind.
Heading into the Friday morning session, we’re seeing a lot of economic data. Much of which has sparked some positive fervor in the stock market today. This time around it isn’t just one or two industries seeing the spark. I’ve seen several sector trends emerge. You’ve also got to keep in mind that traders are still digesting all of the details from the Presidential race town halls last night. Things like energy, healthcare, biotech, and, yes, marijuana stocks are all catching a little more momentum today.
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In light of these recent developments, the sentiment is definitely upbeat. Furthermore, the market as a whole has gapped up during early morning trading. The S&P 500 (SPY ETF) continued climbing higher, reaching $349 prior to 9 AM EST. The big question is can the trend continue? As they say, a rising tide lifts all ships. I don’t want to give you a history lesson on the stock market but I’m sure many of us would agree that knowing where things stand, currently, is (kind of) important.
It’s also good to remind yourself that in this market, as many of us know, the tide can go out just as quickly as it came in with one headline. So, approaching the Friday session, keep this and your plan in mind. After all of these latest developments this week, will these penny stocks continue making new highs in October?Penny Stocks To Watch #1: GT Biopharma Inc.
Shares of GT Biopharma Inc. (GTBP Stock Report) have seen a surge of trading momentum over the last few weeks. One of the biggest catalysts has been from the company’s Phase trial update in late September. On the 22nd, GT reported that that the first patient enrolled at Dose Level 3 in its GTB-3550 TriKE™ Phase I/II clinical trial showed positive results. These included improvement in marrow cellularity, a decrease in acute myeloid leukemia blast levels, and improving platelet and red blood cell numbers.
The reason why this was so pivotal is that Dose Level 3 is the 3rd dosing level of the 6 planned in this part of the trial. As a result of these findings, the company said that it further supports continued efforts in this trial. Obviously, when a company shows strong data, especially during early phase trials, the market tends to pay attention. In this case, GT Biopharma seems to have experienced just that. Over the last few weeks, GTBP stock has managed to climb from around $0.15 to highs of $0.25. On Thursday, shares rallied back from Wednesday’s $0.215 low to close at the highs of the day of $0.235 on surging, late-afternoon volume.
What’s more, is that GT Biopharma has built GTB-3550 on its novel TriKE™ technology. Essentially, this is a combination protein that connects immune cell and tumor cell to boost tumor cell killing power at a higher rate. It has also led to new, first-in-human phase studies to treat leukemia as well as other immune diseases. On Thursday, GT announced that its abstract on GTB-3550 TriKE™ has been selected by the Program Committee for presentation in an Oral Session at the 62nd American Society of Hematology (ASH) Annual Meeting and Exposition on December 5th.
Additionally, the company said the abstract will also be published online in November supplemental issue of the journal Blood. You can do your own further research on GTBP, however, looking at the increased momentum and chart trend, many have begun to follow the company’s developments more closely this month.Penny Stocks To Watch #2: Hertz Global Holdings Inc.
Hertz Global Holdings Inc. (HTZ Stock Report) saw explosive momentum on Friday morning. During the premarket session, HTZ stock rose to highs of $2.35. This came on the back of big news that it secured commitments for debtor-in-possession financing totaling $1.65 billion. The company also filed a motion for approval of the financing by the U.S. Bankruptcy Court for the District of Delaware.
If you remember earlier this year, the car rental company was crushed after coronavirus lockdowns placed a stranglehold on the travel industry. Its largest shareholder at the time, billionaire Carl Icahn had also exited his entire position in the company. While some Robinhood traders were able to take advantage of intermittent pops in the stock, the looming bankruptcy became overpowering for the penny stock. At its lowest, HTZ shares hit $0.40. However, Friday’s news is a warm welcome.
Hertz President and CEO Paul Stone said, “This new financing will provide additional financial flexibility as we continue to navigate the pandemic’s effects on the travel industry and take steps to best position our business for the future. We are pleased with the strong interest from our pre-petition first- lien lenders and appreciate their support of Hertz and our future opportunities as a rental car leader.”
Something to keep in mind is that a hearing is scheduled for October 29, 2020. While this recent momentum has brought out the bulls, more details could emerge from the hearing as well. Keep that in mind if HTZ is on your list of penny stocks to watch.Penny Stocks To Watch: SG Blocks Inc.
Another one of the penny stocks we’ve followed for a while now is SG Blocks Inc. (SGBX Stock Report). Overall, this hasn’t really been one of the long-term breakout movers among our lists of penny stocks. On the year, SGBX is relatively flat. But that doesn’t mean it hasn’t seen its share of big, short-term moves.
If you remember back in late September, the penny stock managed to jump from lows of $1.51 to a high of $3.30 within a 24 hour period. That came after the company and Grimshaw announced plans to build modular coronavirus testing centers for Los Angeles International Airport. The centers are expected to be delivered to LAX on or before November 1, 2020.
While that news was obviously advantageous considering a large focus on COVID stocks, there’s more to the story to consider after Friday’s news headlines. At the end of the week, SG Blocks announced another deal. This time it was inked with Blink Charging Co. (BLNK Stock Report), the electric vehicle charging company.
The two companies jointly announced that they will jointly bring Blink’s EV charging stations together with SG Blocks’ container-based building structures. The design will see the companies build EV charging containers designed to provide off-grid charging solutions through a combined solar and battery components in multiple capacities. The obvious and recent excitement in the market related to renewable power has taken the small-cap market by storm. Will this be the event that turns the corner for SGBX and its long-standing sideways trend?