Over the past few days, some hot penny stocks have come to the fore, and it could be worthwhile for investors to have a look at many of these stocks. That being said, it should also be noted that the stock markets have been highly volatile over the past weeks, and investors need to be careful about the penny stocks they choose to back. While the coronavirus pandemic may have unleashed turmoil, American doctor Dr. Fauci said this morning that things seem likely to turn around this week.
The pronouncement from the doctor seems to have returned some confidence into the market, and the Dow Jones Industrial Average rose by 274 points as a consequence. The rally in the markets resulted in a rise in penny stocks, and investors are likely to take notice of the hot penny stocks that have had significant developments in recent times. Penny stocks can often generate substantial returns within a short span of time, which is why these stocks are almost always popular among thousands of investors.
Here is a quick look at 5 hot penny stocks that could be tracked today.
Hot Penny Stocks to Watch on April 8: Moleculin Biotech (NASDAQ:MBRX)
In the past weeks, many companies have seen their stock prices skyrocket on the back of news about coronavirus treatments, and this morning, Moleculin Biotech stock soared due to such a development. This morning, the company announced the results from its in vitro tests of its product 2-deoxy-D-glucose, which took place in Germany.
The tests showed that the product in question managed to totally stop the spread of the coronavirus. This is a major development for the company and has highly positive implications.
MBRX stock skyrocketed by 130% to $1.31 on the back of the announcement as investors piled onto it.
Hot Penny Stocks to Watch on April 8: Myomo (NYSEAMERICAN:MYO)
Those who are looking for the hot penny stocks this morning could consider having a look at Myomo stock, which has climbed considerably. This morning, the company announced that there is a growing demand for its arms braces.
Myomo revealed that as many as 700 individuals are waiting for reimbursement from insurance companies for the Myomo arms brace. This is a considerable jump from the 594 that were waiting at the end of 2019.
The Myomo Chief Executive Officer, Paul Gudonis, stated that the company’s direct to patient online marketing and direct billing service are bearing fruits.
MYO stock rose by 15% this morning.
Hot Penny Stocks to Watch on April 8: Pacific Biosciences of California (NASDAQ:PACB)
Pacific Bio stock has emerged as another interesting proposition for investors who are looking to invest in penny stocks at this point. This morning, the company announced that it is using its Single Molecule, Real-Time (SMRT) Sequencing technology to resolve different variants of the coronavirus and eventually use the knowledge to create vaccines or medicines for it.
The company also announced that it is working on government, commercial, and academic research units to conduct the studies. The news proved to be a major positive for PACB stock, which gained by 7% this morning.
Hot Penny Stocks to Watch on April 8: Kazia Therapeutics (NASDAQ:KZIA)
This morning, Kazia Therapeutics released interim data from the phase 2 clinical trial of its glioblastoma medicine, paxalisib. It is the company’s lead candidate, so it’s no surprise that the publication of positive data has resulted in a rush of positivity around the thinly traded stock.
The median survival rate among patients came in at 17.7 months, which is higher than the 12.7 months recorded by patients who are treated with temozolomide, the current standard.
KZIA stock rallied by 13%, but it remains to be seen whether it can extend its gains for the rest of the day. Investors may want to track this stock over the course of the day.
Hot Penny Stocks to Watch on April 8: New York Mortgage Trust, Inc. (NASDAQ:NYMT)
Last but not least, New York Mortgage stock deserves some attention this morning. The company provided updates on its financing and portfolio this morning, which led to a 52% rally in the stock.
After the company sold $291 million in MBS on March 27, its total repo financing is now down to $150 million and one counterparty. The total investment portfolio is worth $3 billion at this point, out of which $1.1 billion is in unencumbered assets.
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