The markets are abuzz as we make our way through the first few weeks of 2020, and many speculators and would-be investors are looking to get a slice of the pie. If you fall into this category, we have two penny stocks that could be just your fit.
Penny stocks trade for $5 or less and they can be a fantastic gateway to the investment market, given their low share price. However, they are generally made up of fallen angel stocks are up-and-comers that may never achieve their full potential. If you’re an investor with a strong stomach for risk, you might want to consider adding these stocks to your portfolio.
Cemtrex Inc (NASDAQ:CETX)
Cemtrex is a New York-based technology firm with a heavily diversified portfolio, which is generally a good sign among penny stocks, but its flagship product is the SmartDesk, a market leader in the field of advanced workstations. This stock has popped over 110% this week off the back of two rounds of good news. On Tuesday, the company reported strong quarterly financials, which saw a 73% annual increase in revenue. Then today, Cemtrex announced a new US$700,000 order in its Advanced Technology segment for a range of video surveillance software and hardware.
Cemtrex’s Advanced Technology segment has grown 992% since 2018 and looks to be a major catalyst in driving gains for this penny stock.
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Novavax Inc (NASDAQ:NVAX)
Novavax is a Maryland-based vaccine manufacturer that has seen double-digit gains in its share price this week after the FDA granted fast-track designation for its new flu vaccine. So far, this flu season has seen a spike in cases with over 9.7 million reported illnesses and 170 million vaccine doses administered in the US. The FDA has clearly reacted to this increase by fast-tracking NanoFlu, which it sees as “an innovative improvement compared to traditional egg-based vaccines.”
This penny stock is up 20% this week alone to $4.79 and could be set for further gains upon completion of the FDA approval process. Other BioTech penny stocks enjoying a good time this week include DARE, which gained 125% following a licensing deal with German heavyweight Bayer.
So that’s our pick of penny stocks to watch this Thursday. We’ll be back with more next week, so let us know if any more catch your eye in the meantime!
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