These Breakout Penny Stocks Are Heating Up

Hassan Maishera - March 4, 2020

The Coronavirus outbreak is weighing heavily on the stock market. However, some breakout penny stocks are posting huge gains. One of them is even up by 59% over the past few hours.

This Week’s Breakout Penny Stocks

Superconductor Technologies, Inc. (SCON)

Superconductor Technologies is the hottest penny stock of the week so far. The shares of Superconductor Technologies are up by 59% over the past 24 hours and are already up by 5% at Wednesday’s pre-market trading. With such statistics, the stock price of this company could surge higher over the coming days and weeks.

The surge in the company’s stock price comes following news reports that Superconductor Technologies has entered a merger agreement with Allied Integral United, Inc. After the completion of the merger, Superconductor Technologies will change its name to Clearday Inc. The resulting company will focus on developing Clearday’s non-residential daily care service model while also handling their existing Memory Care America residential memory care facilities.

Stealth BioTherapeutics Corp (MITO)

Another hot penny stock for the week is Stealth BioTherapeutics Corp. the shares of the Cayman Islands-based biotech company is up by 58% over the past 24 hours. It is also up by 4% at Wednesday’s pre-market trading session and could surge higher over the coming days.

Recently, the U.S. FDA granted the company Rare Pediatric Disease (RPD) designation for elamipretide for the treatment of Barth syndrome, which is a very rare genetic condition. Stealth BioTherapeutics Corp aims to boost the healthspan of Barth patients. This latest development could see the stock of the company surge higher in the coming weeks.

NCS Multistage Holdings Inc. (NCSM)

NCS Multistage Holdings Inc. is another hot penny stock that has been performing excellently so far this week. The shares of the Texas-based company is up by 13% at Wednesday’s pre-market trading after rising by 52% at Tuesday’s trading session. At the moment, it could be one of the best penny stocks to keep an eye on.

The surge in the stock price of NCS Multistage Holdings Inc. comes despite the company reporting a loss of $0.04 per share during the previous quarter. This is in line with the Zacks Consensus Estimate. In the quarter ending December 2019, the company posted revenues of $52.09 million, which is lower than the Zacks Consensus Estimate by 0.05%. However, it is higher than the $50.19 million reported in the same quarter a year ago.

Glowpoint, Inc. (GLOW)

The shares of Glowpoint, Inc. have been heating up so far this week. The stock price of the cloud-based communication service provider is currently up by 4% at Wednesday’s pre-market trading session after rising by 49% over the past 24 hours. It could rally further over the coming days and weeks.

The company changed its name to Oblong a few days ago, and its new trading ticker would be OBLG. The changes would come into effect on March 9. The name change is in line with their transition to a next-generation provider of advanced visual solutions for real-time collaboration. Oblong aims to enhance the current state of virtual collaboration.

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Hassan Maishera is a cryptocurrency expert and a Stock Dork freelance contibutor.

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