Over the years, penny stocks have proven to be one of the more popular categories of stocks for a large number of investors and for a good reason too. Penny stocks offer the unique opportunity of making substantial returns from relatively small investments. That being said, one has to conduct thorough research in order to discover promising penny stocks. Here is a quick look at 4 penny stocks that could be worth tracking.
Penny Stocks Gaining Momentum #1 Abeona Therapeutics
Abeona Therapeutics (ABEO) was one of the major penny stock gainers on Monday; however, there was no news with regards to the company that could have triggered the strong rally. The company had released its financial results for the 1st quarter last week, and that may have been one of the reasons behind the rally.
The net loss for the period stood at $0.52 per share, as opposed to $0.39 per share in the year-ago period. Abeona also reported cash and cash equivalents of $116 million. Additionally, it provided some important business updates as well. ABEO stock flew by 20.50% on Monday.
Penny Stocks Gaining Momentum #2 Diffusion Pharmaceuticals
Another pharmaceutical penny stock that has been in the news in recent days is Diffusion Pharmaceuticals (DFFN). Back on May 5, the company had announced that the United States Food and Drug Administration was going to speed up its review of using trans sodium crocetinate for the treatment of coronavirus patients.
It is a significant development for the company and one that could eventually put Diffusion into the map in a big way. In recent times many companies have seen their stocks soar on the back of coronavirus related developments, and it was, and it was no different for Diffusion. On Monday, DFFN stock soared by 20.50%.
Penny Stocks Gaining Momentum #3 Waitr Holdings
Another penny stock that ought to be on the radars of investors at this point is that of food delivery firm Waitr Holdings (WTRH), which has made significant gains over the past week. Last week, the company announced its first-quarter results and posted a loss of $2.1 million, which works out to $.03 a share.
On the other hand, the revenues for the period stood at $44.2 million, which reflected a decline of 8% from the prior-year period. Since the announcement last week, WTRH stock has gained as much as 100%. Investors could do well to keep an eye on the stock.
Penny Stocks Gaining Momentum #4 AMC Entertainment
Talks of big-ticket mergers can often have a significant effect on any stock, and that is what happened with AMC Entertainment Holdings (AMC) on Monday. The stock had recorded significant losses since the start of the pandemic, but on Monday, it emerged that the company is in talks with Amazon over a merger. The news resulted in a strong rally in AMC stock, and it gained as much as 30%. The company refused to comment on speculation. However, it is almost certain that it is going to be in focus on Tuesday.