The stock market has resumed its upward trend following a pause last week. Stocks performed excellently, with hot penny stocks playing a pivotal role in the surge of the market.
Investors are starting to have more appetite for risk, so penny stocks could close the year strong. For more cheap stocks, check out our other top stock rankings: Best Stocks Under $5 (here) and Best Stocks Under $1 (here).
Penny stocks could move higher over the coming weeks. These are the top cheap stocks to buy before the holiday.
Hot Penny Stocks: Our Top Picks
Sorrento Therapeutics Inc. (SRNE)
The California-based biotech company, Sorrento Therapeutics Inc. is a penny stock with massive upward potential. The stock price is up by 94% during Monday’s trading session and is already up by 5% at Tuesday’s pre-market session.
The massive rise comes after the company rejected acquisition offers from two companies. The companies offered to purchase all outstanding shares of Sorrento between $3 to $5 per share. JMP analyst Donald Ellis now believe Sorrento’s stock has an upward potential of roughly 700%.
JanOne Inc. (JAN)
This industrial conglomerate is up 84% over the past few days, and it could be head higher as the market continues its rebound.
On Monday, the company acquired an exclusive license for promising artery disease treatment. JanOne rallied after announcing the agreement for the TV1001SR treatment for peripheral artery disease. The company believes the TV1001SR will be a novel treatment for patients suffering from PAD. Share prices could move higher over the coming weeks due to this positive news.
Marathon Patent Group Inc. (MARA)
Marathon Patent Group Inc. is a patent-holding company, and it has significant upside potential. Shares are trending higher over the past few days, and the rally could continue through the end of the year.
Marathon reported disappointing third-quarter earnings. It has underperformed so far this year, but its recent performance could be a sign that it’s ready to rebound.
Marathon holds several companies and patents, including Uniloc, who sued Microsoft and Google’s Android app market. Marathon’s other operations include cryptocurrency mining and other high-tech ventures.
Neoleukin Therapeutics Inc. (NLTX)
Neoleukin Therapeutics Inc.’s stock is already up by 100% since the start of the year, but it could climb even higher in the coming weeks. It was up 5.6% in extended-hours trading on Tuesday.
On November 13, the company released its Q3 earnings report. Neoleukin’s quarterly earnings were lower than in the same quarter last year. However, its stock has been rallying despite the unfortunate earnings result.
Peck Company Holdings Inc. (PECK)
This construction engineering firm had an underwhelming year, so far. However, the recent rebound in share prices could be the start of a recovery. It could be an excellent swing trade candidate.
Peck Holdings reclassified certain items to simplify its financial statements. The earnings figures stayed the same, however, reorganizing the data made it easier for investors to understand the company’s finances.
More Hot Penny Stocks To Buy Before The Holiday
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