It’s been a mixed week for stocks. The DJIA is down slightly for the week, and the S&P 500 posted modest gains. Poor earnings performances from 3M and McDonald’s dragged down the Dow, but the S&P is once again nearing its all-time high. If third-quarter earnings continue to surprise, then we could see the S&P 500 finally take out its previous record. The trading week is almost over, but it could be the perfect time to buy some stocks. Let’s take a look at the best penny stocks to buy heading into the weekend.
Trovagene, Inc (NASDAQ: TROV)
This biotech stock has been on a rocket-ship ride this week. It’s up over 116% since the beginning of the week. After reporting positive results on clinical trials for one of its key therapies, the stock jumped over 75%. It gave back some of those gains over the next couple of days but, yesterday, the buyers came back in and TROV rallied even higher.
Trovagene’s new therapy treats tumors in colon cancer patients. The treatment actually involves a regimen of multiple drugs, “onvansertib in combination with FOLFIRI and Avastin® (bevacizumab)“. Investor’s apparently like what they see. This tiny biotech penny stock could have more room to run.
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Super League Gaming (NASDAQ: SLGG)
If you’ve been looking for a way to invest in the eSports industry, Super League Gaming is an interesting candidate. It’s a pure-play eSports stock, unlike some of the more notable eSports stocks. Super League’s primary business is operating an “amateur eSports community and content platform”, according to company statements.
Super League’s stock is up after it announced the launch of a global Fortnite Chapter 2 tournament. With a total of $130,000 in prize money on deck, gamers are buzzing about the tournament and the reaction in share prices is noticeable. Super League will team up with ggCircuit, a cloud services provider that specializes in operating large gaming centers. The “Weekend Showdown” part of the tournament will kick off today and it’s open to gamers in five regions: Asia, Europe, the Middle East, North America East, and North America West.
Share prices spiked over 35% when the news first broke, but have since pulled back to a more modest 16% gain.
Rigel Pharmaceuticals Inc. (NASDAQ: RIGL)
This pharma stock is up big after it released a ‘business update’ ahead of a scheduled conference call with investors. The report from Rigel Pharmaceuticals seems to have received a warm reception on the Street. Share prices are up over 20% since the news hit the wire, but what was in the report that has investors so bullish?
Unlike many smaller biotech stocks, Rigel has drugs on the market. Yesterday’s report revealed sales of its flagship drug, Tavalisse®, are up over 15% quarter-over-quarter and earned the company over $11 million in the most recent accounting period. Rigel also reported positive results from Phase 1 clinical trials of R835, and the firm also revealed that it was taking a new RIP1 Inhibitor therapy to Phase 1 clinical trials. In administrative news, the company appointed former Biomarin executive Dr. Wolfgang Drummer to the Chief Medical Officer position.
NTN Buzztime, Inc. (NYSE ARCA: NTN)
This stock was trading with unusually high volume over the past two days. The activity could be attributed to yesterday’s announcement that the company would release its quarterly earnings report this upcoming Wednesday. Traders appear to be shuffling in and out of the stock in anticipation of some volatility around earnings. It’s hard to say which way the market thinks NTN will go. Share prices gained 27% in the past 30 days, but it appears that some traders are taking some profits off the table before the earnings report is released. However, the pullback could turn out to be a buying opportunity if NTN tops expectations on its earnings report.
NTN Buzztime is a media company that delivers entertainment to bars and restaurants. Have you ever seen those little computer screens on the tables at Chili’s or Friday’s? That’s NTN’s primary business. You can find NTN Buzztime machines at many different restaurant chains, but the company’s most notable client is Buffalo Wild Wings.
Best Penny Stocks to Buy: More Picks
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