Over the years, penny stocks have managed to generate enormous wealth for investors, and hence, there is almost always an interest in this category of stocks. However, at the same time, it should be noted that penny stocks can be highly volatile, and hence, proper research is necessary before making investments. On that note, here is a closer look at four penny stocks that could be worth tracking at this point in time.
Hot Penny Stocks To Watch #1 Ritter Pharmaceuticals
One of the penny stocks that made a major move on Tuesday was that of Ritter Pharmaceuticals (RTTR), and it would be surprising if it does not come into the radars of most investors. There was no material new with regards to Ritter on Tuesday, but the stock soared by as much as 88%, and hence, it could be worthwhile for investors to keep an eye on RTTR stock.
This past Saturday, the company had announced its financial results for the first quarter, and the net loss stood at $1.7 million. In the year-ago period, the net loss had been $4.7 million. The company also announced that it would hold a virtual vote on its reverse merger with Qualigen on May 14.
Hot Penny Stocks To Watch #2 Conatus Pharmaceuticals
Conatus Pharmaceuticals (CNAT) is another penny stock that conducted to gather some momentum on Tuesday and has managed to make it to this exclusive list. The company announced its first-quarter results on May 2 and also provided a strategic update. Conatus reduced its net losses from $4.7 million in the prior-year period to $3.5 million in Q1 2020.
However, the company did not generate any revenues in the quarter. The company also stated that its takeover of Histogen should be closed by the end of Q2 2020. CNAT stock gained 39% on Tuesday.
Hot Penny Stocks To Watch #3 CohBar
Many companies have seen their stock prices soar for working on products meant for tackling coronavirus, and CohBar Inc (CWBR) was the latest company to get such a boost. On Tuesday, the company announced it is trying to find out whether its Apelin receptor agonist peptides can be used to tackle Acute Respiratory Distress Syndrome (ARDS) caused by a coronavirus.
It is a significant development for the company and caused a lot of optimism about the stock in the markets. On Tuesday, CWBR stock rallied by as much as 19%.
Hot Penny Stocks To Watch #4 Tiziana Life Sciences
To round off the penny stocks that have shown positive momentum on Tuesday, investors might consider putting Tiziana Life Sciences (TLSA) on to their watch lists. Although there was no material news this week, the rally might have been tied to the announcement made by Tiziana on April 27.
Tiziana had stated that it had applied for a patent for the combination of anti-interleukin-6 receptor monoclonal antibody and nanoparticle-Actinomycin D as a treatment for the coronavirus. TLSA stock rallied by 18% on Tuesday, and it could be worthwhile to keep an eye on the stock this week.