3 Penny Stocks to Watch Making Big Waves This Month
In the past thirty days, we have seen a great deal of positive momentum with many penny stocks. This is not to say that all penny stocks have climbed, but rather a select few. During that time, we have seen specific areas of the stock market post more gains than others. This is due to both speculation and the news that has come out in the past few months.
Specifically, industries such as healthcare, biotech, cannabis, and electric vehicles have all seen their corresponding penny stocks climb substantially in value. On one hand, healthcare and biotech penny stocks have both seen large investor interest due to their correlation with COVID. Additionally, due to President-elect Joe Biden, EV penny stocks and renewable energy penny stocks have both seen bullish sentiment in the past month or two.
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With any penny stock, investors have to consider both the short and long term. This means thinking about what could happen with the catalysts mentioned above in the next few months and beyond. In addition, investors should always make sure that they have the proper research on hand. This includes knowing a company’s financials, press releases, and what they are doing in the long term to stay competitive. Again, this is not a way to guarantee any sort of bullish gains, but it can help one’s chances. With all of this in mind, let’s take a look at three penny stocks to watch that are already making big waves this month.
Penny Stocks to Watch
- Elys Game Technology Corp. (ELYS Stock Report)
- iBio Inc. (IBIO Stock Report)
- Adamis Pharmaceuticals Corp. (ADMP Stock Report)
Penny Stocks to Watch: Elys Game Technology Corp.
If there’s one thing that has emerged from the coronavirus pandemic strong it’s online gaming. What has also gotten a boost is sports betting this year too. While many sports were postponed, that didn’t stop betting from happening. In light of this, we’re seeing a strong surge of interest in companies opening access to this segment of the market. Late in the afternoon, Fubo Inc. (FUBO Stock Report), for example, announced an acquisition deal agreeing to buy Balto Sports and begin entry into online sports wagering.
While details weren’t disclosed, it was seen as a pivotal event for the company. Balto Sports develops tools for users to organize and play fantasy sports games. Fubo said it will utilize the contest automation software to launch a free to play gaming offering.
In a similar fashion, we’re also seeing small cap stocks in this arena (no pun intended) climb recently. Elys Game Technology Corp. is one of them. Over the past 4 sessions, the penny stock has climbed over 85%. The company is an interactive gaming and sports betting technology company and it just reported Q3 financials this week. Sales were up 44% year over year to $9.7 million in the third quarter. The company was also able to surpass 100,000 online gaming accounts before year-end.
“We continue to carefully manage expenses and have a solid balance sheet with over $10.5 million of cash and cash equivalents as of September 30, 2020. We have also fully repaid our convertible debentures since the end of the third quarter and have no long-term debt.”
Michele (Mike) Ciavarella, Chairman and CEO of Elys Game Technology Corp.
In light of the recent sector strength, will ELYS stock continue on this path during December?
Penny Stocks to Watch: iBio Inc.
iBio Inc. hasn’t been much to talk about for the last few months. Back in the summer months, IBIO stock was a driving force among coronavirus-related penny stocks. However, much of that spotlight was redirected once the 3rd quarter began. While there’ve been several days of momentum, it hasn’t amounted to much. Will that start changing after its latest update?
Following the closing bell on Tuesday, iBio came out with a big update. The company announced hat it entered into its first Statement of Work under a Master Services Agreement with Belgium-based ATB Therapeutics. iBio is set to produce its bioengineered antibody-toxin fusion proteins using iBio’s FastPharming® System.
“We are pleased to be chosen as the process development and manufacturing partner for atbtherapeutics, whose platform technology offers a unique approach for hard-to-treat hematological malignancies and solid tumors,” said Tom Isett, Chairman & CEO of iBio.
In light of the news, IBIO stock traded higher afterhours on Tuesday. Something to keep in mind, however, is just a few days ago the company filed a mixed shelf offering for up to $200 million. In this case, we see companies announce intermittent financings from time to time, usually at a discount. In light of the upbeat sentiment, could the shelf offering keep investors on their toes heading into the week?
Penny Stocks to Watch: Adamis Pharmaceuticals Corp.
Adamis Pharmaceuticals Corp. is another biopharmaceutical company working on the development and commercialization of drugs to treat respiratory illnesses. Due to the increasing number of Covid cases, Adamis Pharmaceuticals has seen increased investor interest in the past few months. The company reportedly has several drugs that are in its pipeline including Symjepi and more.
Recently, the company announced its quarterly results for the period ending on September 30th. In the results, earnings came in at around $0.10 per share which is an increase of 16% year over year. While revenue did decrease to around $4.3 million from $6.9 million in Q3 2019, the company looks like it could have forward momentum due to the drugs it is producing.
Additionally, the company recently announced that it received a letter from the FDA regarding guidelines for its drug Zimhi and how it can be changed for resubmission. While this is a surprising setback, the company will simply have to work to get FDA approval given the new information it has. Dennis Carlo, CEO of Adamis stated that “it is very surprising to have new issues brought up this late in the review process. We believe the comments and recommendations stated in the CRL can be addressed and overcome.”
With its drugs currently being worked on, Adamis Pharmaceuticals could show potential if all areas of the approval process line up. With this in mind, it’s up to investors to decide if ADMP stock is a penny stock to watch.