Last year saw the stock market set records for the longest bull run in history, and that upward trajectory is continuing into the new decade. With many speculators eyeing further gains, investors are eagerly on the lookout for the stock to set their portfolio alight, and penny stocks could just represent their best opportunity.
Penny stocks trade for $5 or less, and while some investors see them as a great opportunity, others can often be put off by the high level of risk associated with such stocks. However, if you’ve got an appetite for risk, we’ve got just the stocks for you.
Yamana Gold (TSX:YRI) (NYSE:AUY)
While the impending threat of a war arising from escalating tensions in the Middle East is never a joyful subject to write about, it can often present opportunities for investors in certain safe-haven assets. Gold is the original safe-haven asset, and as a result, the share value of many gold miners have enjoyed a boost in recent weeks. Canadian gold miner Yamana Gold is a penny stock that has seen a boost to its share value recently as a result of the crisis in Iran.
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However, if long-term sustainability is important to you as an investor, Yamana stock has actually been soaring since last May, almost doubling from a 52-week low of $2.44 to its current price of $4.83.
Genetic Technologies (NASDAQ:GENE)
This penny stock skyrocketed during early Thursday trading as the company prepares for the US launch of its GeneType breast cancer screening test. The test is intended to be a successor to the BREVAGenplus, which prompted actress Angelina Jolie to have a preventative double mastectomy. The test improves upon its predecessor in that it provides a polygenic risk score, a number that counts the cumulative effects of a number of genes. GENE stock has gained over 111% to $4.13 this week alone.
So that’s our pick of penny stocks this Thursday; have any others caught your eye this week?
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