Hot Penny Stocks are all about price swings. Big price swings!
We’ll cover three penny stocks that are moving right now on seeing lots of action. In addition, you’ll leave knowing why there’s such a big move and if it’s worth taking note.
This week’s Hot Penny Stocks are: Sky Mobi (MOBI), Rexahn Parma (RNN), and GFI Group (GFIG)
Sky Mobi (MOBI)
Sky-mobi is engaged in the operation of a mobile application platform embedded on mobile phones to provide mobile application store and services in the People’s Republic of China. The company’s Maopao mobile application store enables users to browse and download various applications and content, such as games, music, and books. It also operates the Maopao Game Center, a game store that enables user to browse, search, and download mobile games.
The stock is up over 11% on the week and almost 40% over the past month!
So why the surge in the share price?
MOBI announced as share repurchase of 16 million shares recently, after posting a $0.04 per share earnings report last month.
Mobile apps and platforms remain hot territory right now, especially outside the US. But one must use caution with a company such as MOBI. I’d steer clear of the recent bounce and wait for share prices to stabilize before jumping in right away.
Rexahn Pharma (RNN)
Rexahn Pharmaceuticals develops therapeutics for the treatment of cancer. The company has three clinical stage oncology candidates: Archexin, RX-3117, and SupinoxinTM (RX-5902), as well as a pipeline of preclinical compounds to treat multiple types of cancer.
Rexahn has also developed proprietary drug discovery platform technologies in the areas of Nano-Polymer-Drug Conjugate Systems (NPDCS), nano-medicines, 3D-GOLD, and TIMES.
Over the past week, shares of RNN are up more than 10%.
So why the sudden move higher?
RNN announced they recieved a notice of allowance from the United States Patent and Trademark Office for a new delivery technology titled, “Polymeric Systems for the Delivery of Anticancer Drugs”. The patent covers CPMA, a new polymer drug delivery platform technology developed by Rexahn.
After some recent price stabilization, this sudden pop higher could be the start of a much larger leg up- particularly with the positive news from the US Patent office. And at just $0.77 per share, you can pick up a few shares without loading the boat and taking a large risk. A small position is smart when looking at a clinical stage biotech penny stock.
GFI Group (GFIG)
GFI Group provides wholesale brokerage, clearing, and electronic execution and trading support products and services for financial markets in the United States, the United Kingdom, and internationally. The company provides brokerage services in fixed income derivatives, bond instruments, and other related products; and non-derivative credit instruments, such as investment grade and high yield corporate bonds, Eurobonds, European government bonds, bank capital preferred shares, asset-backed bonds, and floating rate notes.
So why has the stock see an uptick?
BGC and CME group are both in a bidding war to take over GFI… and they keep raising the stakes.
As a result, shares rallied by 26% on the week to trade over $5.69 as of last check Tuesday.
With the latest offer at $5.25 a share, I’d say we’re seeing a premium built into the takeover bid already- but that’s not to say CME group couldn’t come back with another counter offer making the stakes even greater for share holders. Still, this penny stock seems to have run it’s course and I would avoid picking up shares in anticipation of the bidding war continuing.
Keeping you one step ahead,