5 Penny Stocks Hitting New Highs in January; 1 up 283% So Far (2024)

Penny Stocks To Watch Before The Weekend

Investing in penny stocks can often prove to be one of the most thrilling experiences for anyone. That’s primarily because of the possibility of making a big score within a short period of time. However, at the same time, people should keep in mind that penny stocks can be highly volatile. The wrong investment can often erode capital fairly quickly.

In such a situation, an investor should conduct thorough research. An effective way of doing so is by tracking penny stocks that have hit new highs in recent times or may have strengthed in directional trend. Here is a look at five penny stocks, which could be worth watching at this point.

Penny Stocks To Watch #1: Trillium Therapeutics

The first penny stock to consider in this regard is Trillium Therapeutics Inc (TRIL – Stock Report), which has made rapid gains over the course of the past month or so and hit its highest levels this week. On Thursday, the company announced the price at which it is going to make its equity offering.

Trillium is going to offer 35,731,818 common shared and, in addition to 1,250,000 Series II Non-Voting Convertible First Preferred Shares, at $2.75 per share across the board. The stock rallied by 29% after the news broke and hit its 52-week high of $4.45. Over the past month, TRIL stock has rallied by as much as 185%, driven by the highly positive updates with regards to Trillium’s TTI-621 and TTI-622 cancer programs.

Trillium has been a stock we’ve been covering closely since mid-December. Surely it has gone on an epic run since then. However, This month has been just strong. Since the start of January, shares of Trillium have exploded over 280% so far.

Penny Stocks To Watch #2: Tonix Pharmaceuticals (TNXP)

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This morning Tonix Pharmaceuticals (TNXP – Stock Report) saw shares surge. This came after a corporate update announcing the completion of a study of TNX-102 SL. The focus was on fed-fasting and dose proportionality.

Tonix’s TNX-102 SL is currently being studied for treating post-traumatic stress disorder and fibromyalgia. The results showed successful dosing of patients and satisfied the initial pharmaco*kinetic requirements that could lead to a potential New Drug Application.

Earlier this wee the company announced a planned capital raise two further its TNX-102 SL trials. According to Tonix, the $11.5 million in capital raised would go toward advancing its pipeline treatments. However, this is mentioned as it could add another 3.23 million shares to the market.

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Based on the latest news, however, it could come as a welcome benefit to continuing the progress that the TNX-102 SL therapy has realized to date. Needless to say, TNXP stock has managed to jump to highs of over $2 during pre-market trading on Friday.

Penny Stocks To Watch #3: Lantronix

Lantronix Inc (LTRX – Stock Report) hit its 52-week high of $4.37 on Thursday. It gained as much as 10% on Thursday, and it seems that the reason behind the gains lies in the events of last week.

On January16, the secure data access and management services provider announced that itcompleted the acquisition of Intrinsyc Technologies Corporation. Intrinsyc isinvolved in the development of IoT products, and the acquisition proved to be amajor positive for LTRX stock.

Penny Stocks To Watch #4: NanoViricides

NanoViricides Inc (NNVC – Stock Report) emerged as another major gainer among penny stocks owing to the breakout of the coronavirus epidemic in Wuhan, China. It is believed that the company’s products could be in use in the upcoming battle to tackle the potential epidemic in China.

The infection is spreading fast, and many of the stocks connected to the coronavirus rallied significantly throughout the week. On Thursday, NNVC stock rallied by 43%. Just like other companies focused on vaccines, NanoViricides continues to move with the trend. However, it’s important to keep in mind just that: the trend.

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As we saw with “Zika stocks,” once the party ended, the momentum dried right up. So for the time being, it’s been a great ride but should have cautious optimism associated in my opinion.

Penny Stocks To Watch #5: Inovio Pharmaceuticals (INO)

Inovio Pharmaceuticals (INO – Stock Report) announced this week that it plans to make a vaccine to fight against the coronavirus. In fact, Coalition for Epidemic Preparedness Innovations has awarded the company a grant of up to $9 million to do so. This initial funding will go toward supporting the company’s development of INO-4800 in preclinical and clinical development through Phase 1 human testing. Prior to this, the Coalition awarded Inovio a grant of up to $56 million to develop vaccines for Lassa fever and Middle East Respiratory Syndrome (MERS).

Dr. J. Joseph Kim , Inovio’s President & CEO said, “We’re extremely honored to expand our partnership with CEPI to tackle this new threat to global public health. Our DNA medicine platform represents the best modern-day approach to combatting emerging pandemics. We have already demonstrated positive clinical outcomes with our vaccine against MERS-CoV, another coronavirus. Importantly, following the Zika viral infection outbreak, Inovio and our partners developed a vaccine that went from bench to human testing in just seven months – the fastest vaccine development on record in recent decades. We believe we can further improve upon this accelerated timeline to meet the current challenge of the emerging Chinese coronavirus 2019-nCoV.”

Shares havecontinued to climb higher on Friday. In fact, since the start of the year, INOstock is up significantly. At the time, shares traded around $3. The biotechstock has since climbed to highs of $4.50 during premarket trading on January24.