Can These Top 3 Penny Stocks Make New Highs Before July?

CORAL GABLES, FL / ACCESSWIRE / June 24, 2020 / There's no question about it; penny stocks are red hot this year. Whether you are looking for penny stocks to trade or you were looking at investing in penny stocks, these cheap names have given numerous opportunities to profit. Now, not all penny stocks are worth investing in and not all are suited for short term gains.

However, you are here to learn, get ideas, and most importantly hone your skills. In doing so, your strategy and plan are vital. It may seem like a broken record, but we continue to talk about these two things for a reason. Consistently profitable traders rarely get lucky all the time. They have got a method to the madness that involves real strategy and identifying A+ setups.

But what does that really mean? Well, when you think of the best possible stock set up, a few things should come to mind. First, penny stocks with high volume are typically better than ones without volume. Consistent trading momentum is also a plus. This can be consistently each day or consistently throughout the day (if you are a day trader). Market catalysts do not hurt. Things like penny stock news, filings, industry updates and even rumors can contribute.

Finally, you will want to identify trends. Whether you watch Level 2, charts, or something else, identifying trends can help you find entry and exit points. That all boils down to making money with penny stocks, which is the goal. One last thing: do not forget to take profit. I'll explain later on, but penny stocks can be very volatile, and one update can trigger a dramatic swing in stock prices. So, it is important to take money when it's on the table. With this in mind, can these top penny stocks make new highs before July?

Top Penny Stocks To Buy [or avoid]: Professional Diversity Network (IPDN)

For most traders, Professional Diversity Network (IPDN) might not be familiar. As one of the penny stocks to watch, you might be saying, "I haven't heard about this company at all this year," and you would be correct. Professional Diversity Network stock has not traded one share this year. In fact, (IPDN) stock has not traded a share since last November. So, let me give you a little back story.

Remember earlier this year when Luckin Coffee (LK) was found to have cooked the books and lied about numbers? This smeared the name of China-based stocks in general and posed a lot more questions than were answers. Well, (IPDN) went through a "Luckin Coffee situation" before Luckin. In November, assets of the company's China Unit were seized by police in Guangzhou, China. The Notice of Seizure stated that it was necessary to seize the assets of PDN China in connection with the criminal investigation of alleged illegal public fundraising by Gatewang Group. Since then, NASDAQ has halted shares and carried out its own investigation.

After establishing a special committee to lead an independent investigation, it looks like progress has been made. (IPDN) stock has resumed trading on June 24th. We will have to see how this story unfolds as the company was "exploring alternatives" following the seizures in November. If you head to the company's website, you will see something akin to a monster or indeed. With a new lease on life, what do you think will happen next with (IPDN), and will the penny stock make new highs before July?

Top Penny Stock To Buy [or avoid]: Kitov Pharma (KTOV)

Above I referenced how important it is to watch penny stocks closely. Announcements can seemingly come out of nowhere and trigger a big move. That "move" can go in either direction. Penny stock companies are known for raised "expensive money" I.E. money raised at a steep discount to the stock's price "right now". While companies will file an "at the market" raise, rarely is the market still trading at the price the company filed the specific filing. In the case of Kitov Pharma (KTOV) momentum has been strong, chatter has grown and attention has focused on the company's next move.

Considering all of that, we've watch (KTOV) stock rally this quarter. It was one of the more actively discussed biotech penny stocks in May and June. The focus for Kitov has been on its progress with pain management and immune diseases. The company itself has been focusing on its cancer therapy, NT219 as a therapy for multiple treatment-resistant cancers.

As you will come to learn, pharma development takes a lot of money to conduct trials, development, research, etc. (KTOV) stock dropped from June 23 highs of $1.35 after a mid-day update came out that the company would offer $35 million in stock at a price of $0.90. As you might imagine, shares dropped following this update. But since then, (KTOV) has been back on the rise, recovering from lows of $0.7205 on Tuesday to over $0.90 on Wednesday. Will this mark the turnaround for the penny stock or just a brief glimmer of hope before another slide?

Top Penny Stocks To Buy [or avoid]: iBio, Inc. (IBIO)

iBio Inc. (IBIO) is another one of the penny stocks that turned heads earlier this year. While recent trends are not suggestive of a big mover, IBIO stock was a force to reckon with earlier in 2020. Back in February, the IBIO stock price surged from $0.37 to highs of $3.40 on coronavirus-related headlines. Obviously, this was a time where anything "COVID" was enamoring traders.

But since pulling back from those highs, (IBIO) has been more of a "watch and wait" penny stock. There have been sporadic jumps from time to time. In general, things have been quiet in the market for (IBIO). Earlier this month the company announced the initiation of preclinical immunization studies for its second COVID-19 vaccine platform. However, its most recent update could be the one to consider at least for this week.

On Wednesday, (IBIO) announced it was selected by IBM Watson Health to receive18 months of use of the IBM Clinical Development solution for free. (IBIO) currently anticipates that data from the preclinical immunization studies of its two COVID-19 vaccine candidates, IBIO-200 and IBIO-201 will be available in Q3-2020. Following this update, (IBIO) stock jumped during premarket hours. Will that continue through the rest of the week?

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