If one is looking to make money from investing in penny stocks, then it is also necessary to put in the hard yards and conduct thorough research behind the different stocks. The stock market at large has been quite volatile in recent times, and hence, investors need to be careful. Here is a quick look at 5 penny stocks that could be tracked by investors at this point in time.
Penny Stocks making Big Moves #1 Aurora Cannabis
Aurora Cannabis (ACB) announced its quarterly financials for the fiscal third quarter on Thursday and has come into sharp focus among investors. The company had been struggling over the course of the past months due to the high volume of losses and financial crunch.
However, in the third quarter, the company posted a net loss of $137.4 million, which is a massive improvement from the $1.3 billion loss it had posted in the previous quarter. On the other hand, sales rose by as much as 19% to hit $78.4 million. Investors could do well to keep an eye on the Aurora stock on Friday morning.
Penny Stocks making Big Moves #2 Diffusion Pharmaceuticals
Diffusion Pharmaceuticals (DFFN) has emerged as another major penny stock gainer in May so far, having gained as much as 100%. Earlier on in the month, the company announced that the United States Food and Drug Administration was going to accelerate the review of its plant for its product trans sodium crocetinate to be used for the treatment of coronavirus patients.
It is a massive development for the company, and the rally in the stock was not at all surprising. It remains to be seen if Diffusion can record further gains.
Penny Stocks making Big Moves #3 Conatus Pharmaceuticals
Investors who are looking for promising penny stocks could also consider having a closer look at the Conatus Pharmaceuticals (CNAT). On Thursday, the stock rallied by as much as 29.50%, and it is possibly linked with the publication of pre-clinical data from the HST 004 Spinal disc program from Histogen.
Back in January, Histogen had reached an agreement to merge with Conatus in an all-stock transaction, and the former is going to be spun off into a subsidiary.
Penny Stocks making Big Moves #4 ServiceSource
Despite the current volatility in the markets, certain penny stocks have managed to record gains on the back of positive news. That was the case with the stock of digital customer journey experience firm ServiceSource (SREV).
On Thursday, the company announced that it extended its association with the open-source solutions company Red Hat Inc and consequently, its stock rallied by as much as 21.50%. It goes without saying that it could be worthwhile for investors to keep a close eye o the stock this morning.
Penny Stocks making Big Moves #5 Vermillion
The fifth penny stock that could be on the radar of investors today is that of Vermillion Inc (VET), which rallied after the company published its financial results for the fiscal first quarter. Despite the challenges created by the coronavirus pandemic, the company generated revenues of $1.2 million, which reflects a year on year rise of as much as 555. It was hence hardly a surprise when the Vermillion stock rallied by 13% on Thursday.