4 Penny Stocks To Watch As Markets Reach Record Highs

Are These 4 On Your List Of Penny Stocks To Watch?

Penny stocks are always on the move. But when the entire market experiences a lift, the momentum can be more compounded. Monday was another bullish day for the stock market. It continued buildings on its record-setting week last week. While trading volumes remained below average compared to earlier this year, plenty of stocks including Tesla and Apple lead the charge.

Helped, in part by optimism over the weekend following President Trump’s convalescent plasma news, as well as declining coronavirus cases, investor sentiment strengthened. In a note this week, Tom Lee, head of research at Fundstrat Global Advisors echoed this optimism. “I think something interesting may evolve in the weeks and months ahead. I think it is entirely possible that USA COVID-19 cases crash to sub-10,000 in September.”

Lee has been one of the researchers who coined the term “Epicenter Stocks” earlier this year. This term has evolved into “Reopening Stocks” as coronavirus cases decline and states have begun economic reopening. In light of the renewed optimism in the stock market today, we’ve seen a number of penny stocks take flight. Earlier this morning, we even witnessed a massive breakout on M&A news when we reported on Cancer Genetics (CGIX Stock Report).

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Shares rallied from a previous close of $2.90 to highs of $10.39 during the morning session. When you talk about the potential of penny stocks, CGIX quickly demonstrated exactly that today. But it’s not the only one gaining attention. Here’s a list of penny stocks to watch in the stock market today.

Penny Stocks To Watch: Borqs Technologies, Inc.

If Borqs Technologies, Inc. (BRQS Stock Report) doesn’t sound familiar, it’s likely because there really hasn’t been much excitement from the penny stock this year. There was a short-term jump back in July after some COVID news but that’s about it. This week, however, BRQS stock is making some big waves. The move comes after the company’s latest update.

Borqs said that it has received significantly increased orders from the top level electronics retail chain in the US for its personal safety tracker.  Based on the confirmed orders received so far and forecasts from the customer, Borqs expects to deliver around  250,000 units in the fiscal year ending December 31, 2020. That represents more than three-times the volume delivered in 2019 according to the company.

The company’s wearable device features an easily accessible panic button, location tracking, fall detection and other vital health information. Users wearing the device and with subscription to the 24/7 alert service have access to agents for help at the push of a button. This news comes just a few weeks after Borqs launched its mobile smart tracking cloud solution in Taiwan.

Its BeSmartTrack product provides location tracking and is being deployed with a mobile carrier network operator in Taiwan. However, in light of this more recent news, it seems that traders have digested it well and shares of BRQS stock have already climbed above $2 today.

penny stocks to watch august Borqs Technologies Inc. (BRQS stock chart)Penny Stocks To Watch: AXIM Biotechnologies Inc.

AXIM Biotechnologies Inc. (AXIM Stock Report) was one of the big winners from July. We saw shares jump from around $0.25 to highs of $1.44 before retreating back to roughly $0.70. This came after the company announced the completion of a study highlighting the performance of NeuCovix™. That’s AXIM’s rapid test to measure levels of neutralizing anti-COVID-19 antibodies.

The NeuCovix™ test was compared to a gold standard pseudovirus-based test. The company said NeuCovix™ accurately classified serum from patients who strongly neutralized SARS-CoV-2 and serum from patients who poorly neutralized the virus. Earlier this month, the company submitted its application for consideration under the FDA’s Emergency Use Approval for its NeuCovix-HT™ throughput test. This week the company signed an exclusive licensing deal with Empowered Diagnostics LLC for high-volume production of the company’s rapid diagnostic test.

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“Our goal in creating our rapid lateral flow assay was to provide as many people as possible with an easy-to-use, accurate and quick tool for measuring their COVID-19 neutralizing antibodies,” AXIM® Biotech CEO John W. Huemoeller II said in a press release. Considering the timing of the U.S. President’s comments and a focus on coronavirus penny stocks this week, will AXIM continue along this latest uptrend? Over the last few weeks, shares have slid a bit so it will be interesting to see if AXIM stock can maintain this directional move into September or not.

penny stocks to watch august Axim Biotechnologies (AXIM stock chart)Penny Stocks To Watch: Sonnet BioTherapeutics

One of the COVID plasma penny stocks we discussed over the weekend was Sonnet BioTherapeutics (SONN Stock Report). Shares of SONN stock gapped up during premarket trading, pulled back by the opening bell, and traded relatively sideways for most of the morning. However, as the lunch hour approached, SONN managed to start somewhat of an ascent.

The penny stock tried to re-test the $4 mark, which seems to have acted as a resistance point on its intraday chart. Furthermore, today’s move saw SONN break above its 50-day moving average for the first time since July. In general, the 50-day has acted as the ultimate level of resistance for the penny stock. Each time the level has been tested, SONN fails to maintain levels above it, then slides back down.

Keep in mind that Monday’s move doesn’t come with a company catalyst to back it. SONN is likely benefitting from the added attention on convalescent plasma penny stocks that began last night. The company’s FHAB™ (Fully Human Albumin Binding) technology utilizes a fully human single-chain antibody fragment that binds to and “hitch-hikes” on human serum albumin for transport to target tissues.

SONN has become one of the most actively traded penny stocks on Monday. However, the biggest question here is can it break back above resistance and actually move higher? If this is on your watch list today, it might be a good idea to keep key technical levels in focus as this is likely more of a sympathy move than anything else. Just my opinion.

penny stocks to watch august Sonnet BioTherapeutics (SONN stock chart)Penny Stocks To Watch: Colony Capital Inc.

Colony Capital Inc. (CLNY Stock Report) has experienced one of the most steady moves among penny stocks I think. If you look at the move it saw in August, CLNY stock has only closed red 4 times. The rest of the time, for the most part, it has put in consecutive higher highs and higher lows. While there hasn’t been much news from the company lately, earlier this month the company gained attention after earnings.

Management explained that “Despite the impact of COVID-19, the Company’s digital portfolio companies across investment management and operating businesses grew core organic revenues approximately 9% on average YoY in the second quarter.”

Obviously, real estate stocks have been a larger focus recently. As talks of reopening continue, Colony could be one of the names in the conversation. The company’s asset portfolio and total revenue generation are split primarily between its real estate equity and real estate debt divisions.

What’s more is that throughout the month, insiders have been buying shares of CLNY. The most recent purchase came last week from COO Mark Hedstrom. He picked up 25,000 shares at an average price of $2.7992, which brought his total beneficial ownership to more than 722,000 shares. This was the 4th reported insider purchase this month, so far.

penny stocks to watch august Colony Capital Inc. (CLNY stock chart)

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