When it comes to stock investing, one can either choose to go for the big market cap stocks or penny stocks. The difference lies in the risk-reward ratio. Big cap stocks usually offer stability and growth, while penny stocks have more volatility, and a higher return potential.
It is not uncommon for penny stocks to give a return of 100% or more in a single session. To make money off penny stocks, one needs to identify those that are right in the middle of the action in terms of news, and fundamentals. This week, there are penny stocks that are recording exponential gains despite a relatively weak market. Some of the top penny stock that are likely to give even more gains short-term are:
Nano Dimension Ltd [NASDAQ:NNDM]
This stock has been gaining upside momentum this week and closed yesterday’s session with gains of 34%. This followed the company’s announcement that it had completed the pricing of a $16.9 million direct offering.
The company stated that it had entered into a definitive agreement for the pricing of 7,356, 521 shares at a price of $2.30 per share. The company added that the total proceeds of the deal will amount to $16.9 million and that the offer will take place on October 5th. The most interesting facet of the deal is that, the company now has capital to engage in various operations that guarantee it growth long term. The excitement around the offer is likely to keep this stock active in the short-term.
Allena Pharmaceuticals Inc [NASDAQ:ALNA]
Allena Pharmaceuticals Inc is another interesting small cap stock to watch not just today, but in the short term. This follows the company’s announcement that it had entered into a strategic convertible debt financing agreement worth $25 million with Pontifex Ventures.
Commenting on the deal, Allena CEO Louis Brenner stated that the company was pleased to have noted that they were happy with the deal, and that the money would be used to fund the company’s multiple projects all the way to Q4 of 2021. The company has so far made progress in clinical trials for its treatment for chronic kidney disease. This will reflect in the stock’s price action in the short to medium term.
OPKO Health Inc [NASDAQ:OPK]
OPKO Health Inc is another interesting small cap stock to watch to watch today. This follows the company’s announcement in Mid-September that it had started phase 2 trials for a COVID-19 therapy.
At the time, the company announced that it would enroll 160 people who are also suffering from 3rd to 4th stage chronic kidney disease. This is exciting given that COVID-19 is a major problem in the world today.