Penny stocks continue to deliver excellent returns to investors despite the market ending November on a low. The breakout penny stocks continue to rally despite the market condition, as investors wait for a concrete deal between the US and China.
The US index futures all dropped points on the last trading day of November. This was due to investors hoping to see a real deal between the two leading global economies. However, some penny stocks have been rallying despite the market conditions.
Best Breakout Penny Stocks for the Week
Here are the best breakout penny stocks you can trade this week.
ASLAN Pharmaceuticals (ASLN)
ASLAN Pharmaceuticals is a biotech company based in Singapore. Shares are up by 64% since the last trading session, making it one of the best-performing penny stock. Shares were up roughly 5% during Monday’s pre-market trading session and they could surge even higher as the week progresses.
ASLAN’s stock has been rising since the Haematologica Journal reported that the ASLAN003 drug is a potential cure for acute myeloid leukemia. According to ASLAN, the drug has the potential to be a potent treatment for the disease.
Can Fite Biopharma (CANF)
Israeli-based biopharmaceutical company, Can Fite was up 38% at last week’s close. This breakout penny stock could be worth keeping a close eye on this week.
Share prices have climbed steadily since the Q3 earnings report was released. Last quarter’s revenues were pretty thin at $1.84 million, significantly lower than last year’s $3.53 million revenues at this time. However, Can Fite made significant strides in research and clinical trials of some drugs.
Sequans Communications (SQNS)
Sequans Communications is another penny stock that could break out this week. The French communication company gained 33% last session. Despite dropping by 14% in pre-market trading on Monday, it could climb higher in the coming hours.
Canaccord Genuity rated this semi stock as a “buy“. They believe share prices could reach $6, more than double their current price.
Sorl Auto Parts, Inc. (SORL)
Shares of Sorl Auto Parts, Inc. soared last week, closing Friday’s shortened session with 30% gains. The Chinese auto parts manufacturer rallied after it announced a merger with Ruili International Inc.
The definitive agreement calls for Sorl shareholders to receive $4.72 per share after the two companies merge, a roughly 26% premium over current share prices. Shareholders from both companies already voted to approve the deal, and Sorl expects to close on the deal in 2020.
More Breakout Penny Stocks to Trade this Week
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