We get it, there are thousands of penny stocks to watch. How could you possibly manage to identify every single one of them? That isn’t sarcasm either. It’s just the truth. With so many small- and micro-cap public companies, there’s no possible way to successfully trade every breakout, every day. So I’m sure you might’ve missed a few this week.
What have we seen so far? Well, the main topic of conversation continues to be COVID-19. Coronavirus vaccine stocks remain a focus but there were many more sectors to follow. For starters, how about precious metals? Gold penny stocks were among some of the most impressive this week. While the majority ended up securing a solid 10-20% for the week, most of them also hit fresh 52-week or even all-time highs this week. That’s to be expected considering the price of gold just surpassed the $1,900 mark for the first time since 2011.
You also likely saw the tech trade. Technology penny stocks and blue-chip stocks alike experienced a nice surge of trading momentum as earnings season was underway. While the end of the week wasn’t as progressive as the beginning, there’ve been several tech penny stocks to watch during the second half of the week. Then you’ve got the trade based on recent global economic uncertainty.
The tit for tat between the U.S. and China shutting down consulates is the newest story to captivate headlines this week. This all boils down to a lot of things to consider and multiple ways to trade based on that information. Were any of these on your list of penny stocks to buy this week or do you think they should be avoided right now?
Penny Stocks To Buy [or avoid]: eMagin Corp.
Since early May, eMagin Corp. (EMAN Stock Report) received some additional attention on a few watch lists. The company focuses on organic light-emitting diode on silicon microdisplays and virtual imaging products. A lot of its revenue comes from sales to military, consumer, commercial, and industrial customers.
If you look on the eMagin site, you’ll see its military application is for a “wide range of military applications. From monochrome night-vision systems to high-end simulation and training applications”. A quick look at its filings, you’ll see that the company’s capable of offering products incorporating OLED displays for thermal imaging devices.
But you might’ve missed eMagin this week because the event I’ll tell you about wasn’t announced by the company directly (yet). If you head over to the Department of Defense website, you’ll find out what I’m talking about. As part of the national response to COVID-19, the Department of Defense entered into a $33.6M agreement with eMagin Corporation. It was to sustain and expand critical industrial base production of organic light-emitting diode microdisplays capable of meeting high-performance requirements in resolution and brightness.
Using funds authorized and appropriated under the CARES Act, this DPA Title III investment will offset financial distress brought about by the COVID-19 pandemic and enable eMagin Corporation to retain current staff and create 14 new jobs made up of engineers, maintenance technicians, and manufacturing personnel, the DOD said. Will this spark continued momentum in EMAN stock through the end of the month?
Penny Stocks To Buy [or avoid]: CHF Solutions
Another familiar face, CHF Solutions saw its shares surge on Friday. Similar to eMagin, there were no immediate headlines from the company itself. However, a quick look on social media reveals the company’s latest tweet.
CHF tweeted “Ultrafiltration therapy with @CHF_Aquadex is growing strong. More than in 200 hospitals have used it across the US”. This seems to have been the source of Friday’s move and follows several key developments over the past few weeks. This includes the recent development of a pediatric registry through a partnership with the Acute Kidney Injury Critical Care Research Foundation and Watermark Research Partners.
In addition, CHF announced a distribution agreement with RenalSense Ltd. to offer complementary solutions for fluid management. The agreement allows CHF Solutions to market and sell RenalSense’s Clarity RMS™ in certain U.S. territories.
CHF has fallen into the list of coronavirus penny stocks to watch especially considering the uses of its ultrafiltration therapy. Fluid overload or “hypervolemia” is an issue among critically ill children and adults, including patients hospitalized with COVID-19, heart failure, and kidney disease. Can its latest update showing the use of its system in “over 200 hospitals” spark another move before August?
Penny Stocks To Buy [or avoid]: Ocugen, Inc.
Ocugen, Inc. has been very active this week. Shares of OCGN stock began the week around $0.21. By the end of the week, the penny stock saw highs of $0.495, pulled back, and began to bounce once again on Friday. This will be the second-highest trading volume day of the week and comes without any headlines.
The most recent 8-K showed a new corporate presentation set to go on its company website last week. That will be important to note shortly. Ocugen offers an ophthalmology portfolio that includes gene therapies, biologics, and small molecules, as well as targets a range of retinal and ocular surface diseases.
Its pipeline includes OCU400 and OCU410 for the treatment of inherited retinal disorders. Its OCU200 is for the treatment of wet-AMD, DME, and diabetic retinopathy. Finally, OCU100 is for retinitis pigmentosa and OCU300 is in Phase III clinical trial for the treatment of ocular graft versus host diseases. The company has a strategic partnership with CanSino Biologics Inc. for gene therapy co-development and manufacturing.
What may be coming to light is what Ocugen is doing right now. That corporate presentation was filed ahead of the company’s presentation. Ocugen is presenting at the World Orphan Drug Congress USA 2020 Conference on Friday, August 24th.