We’re at the halfway point in the first month of the new decade, and the stock market is continuing to soar to new highs in spite of escalating geopolitical tensions. The Dow Jones is closing in on the 29,000-mark and analysts expect the decade-old bull run to continue in 2020. So as an investor, you’re probably looking to get a piece of the action, and one entry point definitely worth considering is penny stocks.
Penny stocks trade for $5 or less, and they can be a divisive topic among investors. Some love them for their low value and potentially high return, while others loathe the level of risk attached. However, if you’ve got an appetite for risk, we’ve got just the stocks for you.
Daré Bioscience (NASDAQ:DARE)
San Diego-based pharmaceutical Daré Bioscience has been the market’s biggest gainer of the week so far, rocketing over 200% in after-market trading yesterday after announcing a landmark new deal with German pharma heavyweight Bayer (OTCPK:BAYZF). The terms of that deal will see Bayer market Daré’s contraceptive drug Ovaprene, pending FDA approval, in exchange for a potential payout of $310 million USD and double-digit tiered royalties on sales. This penny stock is currently trading for just $1.29 but started the week as low as $0.84.
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IMC International Mining (CSE:IMCX)
In times of political turmoil, gold stocks are always a solid bet. When the global economy begins to teeter on the edge, investors flock to safe-haven assets to hedge their bets and ride out the storm, and gold is the classic example of a safe haven. IMC International Mining could return even bigger gains after the firm launched an exploratory project in Arizona’s Bullard Pass, which it has 100% ownership of and where the “potential exists for a major gold deposit,” according to an Arizona Geological Survey.
Having only listed on the CSE in October, this penny stock has seen its value rise 70% in less than three months, and with huge potential ahead, pending the results of the exploratory phase in Arizona.
So that’s our pick of penny stocks to keep an eye on this Tuesday. We’ll be back with more later in the week!
Featured Image: DepositPhotos © aremafoto
