4 Penny Stocks To Watch Right Now

Theres a lot of excitement in the stock market today and penny stocks are falling into place. On Tuesday, investors got behind big vaccine news from Moderna. The companys experimental vaccine for COVID-19 showed it was safe and provoked immune responses in all healthy volunteers. This is in an ongoing early-stage study which translated to bullish sentiment after the close on July 14th.

This is an essential building block that is needed to move forward with the trials that could actually determine whether the vaccine does protect against infection, said Dr. Lisa Jackson of the Kaiser Permanente Washington Research Institute in Seattle. She led the study.

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What will unfold is yet to be seen and Phase 1, though early in development is an obvious good first step. Weve come to learn from penny stocks that later phases are the make or break. Over the last year alone, countless penny stocks have fallen victim to missing late-stage endpoints.

Hopefully, that wont be the case for Moderna and of course, the sentiment around this big development. In light of the recent bullishness in the stock market, there are a few cheap stocks making bigger moves this month. Will they be on your watch list this week?

New Wave Holdings Corp. (CSE: SPOR) has begun seeing a bit more activity this month. The company is focused on the emerging psychedelics sector. Now, this industry has been closely compared to the emergence of cannabis. In light of that, there could be volatility ahead. Regardless of that fact, new science is targeting psychedelic treatment and even micro-dosing as a means to address certain nervous system issues.

New Wave is building a globally focused, diversified business to take first-mover status in the blooming psychedelics & mind medicine industry. The company has positioned itself to benefit from current legal psychedelics use as well as creating functional mushroom products for addressing the growing interest in nutritional supplements. Last month, the company announced that it will support the Delos Psyche Research Group.

The group is conducting a study designed to determine the impact of ingesting small amounts of hallucinogenic or psychedelic substances for medicinal or therapeutic purposes. New Wave has further positioned itself to benefit from current legal psychedelics use as well as creating functional mushroom products for addressing the growing interest in nutritional supplements. In light of this, the company also brought on Dr. Carolyn Myers, Ph.D. as VP Of Commerical Development. Why could this be important for the company?

Aside from stints at leading biotech companies or organizations acquired by leading biotechs, Myers has also led the launch of over 20 brand products. Under Dr. Myers leadership, New Wave will continue to advance our R&D portfolio with the goal of developing industry partnerships as well as developing and commercializing therapies using psychedelic compounds such as ketamine, psilocybin and MDMA, said Trumbull Fisher, President of New Wave.

Shares of cannabis stocks are taking off this week. More positive news has come out from the industry recently pointing to potential cannabis legalization. Senator Ed Markey, a Democratic senator from Massachusetts explained that if his party takes the Senate majority this year, they will move very quickly to legalize weed.

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And I know [Senate Minority Leader Chuck Schumer (D-NY)] has moved in that direction, hell be the majority leader in January. I think well have votes to just move it, and the science has moved there, Markey explained in a Young Turks podcast.

So it makes sense that some marijuana penny stocks have started to come back to life. One of the companies weve followed recently has been Hexo Corp (HEXO Stock Report). The company has made headlines this month already by expanding its global sales footprint.

Hexo announced the launch of medical cannabis products in Israel. This is through a 24-month agreement with Israeli medical cannabis company, Breath of Life International Ltd. According to the company, HEXO completed the first shipment of 493 kilograms even amid coronavirus restrictions, internationally.

Immutep Limited(IMMP Stock Report) got off to a running start on Wednesday. IMMP stock started to climb after hours on Tuesday following its latest update. The company received a patent for its IMP701 antibody. This new US patent regards embodiments of LAG525, a humanized form of Immuteps IMP701 antibody. It was out-licensed to Novartis AG.

LAG525is being evaluated in 5 Phase 1 and/or Phase 2 trials with Novartis spartalizumab to treat certain cancers. While it isnt COVID News, it is something to consider when the world gets back to focusing on other biotech indications. Other things to keep in mind with Immutep are its current trials.

Late last month the company announced the completion of recruitment for Part A of its Phase 2 TACTI-002 study. TACTI-002 is being conducted in collaboration with Merck & Co., Inc., Kenilworth, NJ and is evaluating the combination of Immuteps lead product candidate, IMP321 with MSDs KEYTRUDA (pembrolizumab). Aside from this recent news, Wednesday marked the first time IMMP stock broke above a major technical level.

During early morning trading, shares reached highs of $1.80. Considering the fact that IMMP closed at $1.10, that was a big jump. The risk here is that theres a pullback in the market due to profit-taking off of a more than 50% gap up. So if IMMP is on your list of penny stocks right now, this is something to keep in mind. Can shares hold support at the 200 Day Moving average or is another slide in the works?

In actual COVID news today, Genetic Technologies (GENE Stock Report) came out with a late-breaking update on Wednesday. The company aims to produce, at scale, a COVID test that could predict whether a person is at risk of severe COVID-19 if infected.

The company said it completed the design and request for the initial production of the SNP (Single Nucleotide Polymorphism) panel. That allows for the processing of the polygenic risk test portion of the COVID-19 Severity Risk Test. Genetic Technologies order this from Thermo Fisher Scientific and has confirmed with major manufacturers that the COVID-19 Severity Risk Test is capable of being rolled out on a large scale.

We see ourselves playing a very important part in responding to COVID-19 and were moving quickly to mobilise our partners to develop the right tools and technology to manage this pandemic, said Genetic Technologies Chief Executive Officer Dr George Muchnicki . We believe that the COVID-19 Severity Risk Test has the potential to play a critical role in how companies, governments and entire countries understand and manage preventative protocols moving forward.

Similar to IMMP, GENE stock has jumped big on Wednesday. But with less than 15 million shares outstanding, it will be interesting to see if shares manage to keep the current trend. Obviously lower float penny stocks can become increasingly volatile. However, considering this recent move, it is worth mentioning the action from earlier in the year. At that time GENE jumped from around $2 to highs of $5.36. That also came during the course of just a few days (before it came crashing back down).

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