3 Penny Stocks To Watch Closing In On Higher Highs This Month; 1 Up 213% So Far

Are These Penny Stocks On Your Radar?

Penny stocks don’t typically rally for weeks, let alone hours. But ever since the beinnging of the third quarter, it seems like we’re seeing more and more of these cheap stocks going on sustained runs.
It hasn’t been an open road for many of these stocks, however.  Countless penny stocks toppled earlier this year to near 52-week lows. But ever since, the bulk have recovered. But you need to know where to look.

Setting up certain penny stock scanners can help you develop your trading strategy.  I know when some beginners start finding penny stocks to buy, they don’t know where to look. When they see a so-called “guru” posting online about all of these “great penny stocks to buy,” it can be frustrating if you don’t know what you’re doing.

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Developing a unique penny stock screener can be a constant work in progress. Tweaking different metrics can be compared to tuning a performance automobile to win every race.
At the end of the day, you won’t always win but a good scanner can help you catch breakouts earlier and avoid sell-offs later. This article isn’t about building a screen, but if you’re just getting started, here’s some food for thought. If you’re looking for cheap stocks, you can easily set up a scan for penny stocks hitting 52-week lows.

From there, check out the volume, penny stock news, corporate filings, and the like to determine if they should be on your list of penny stocks to watch. With this in mind, here are a few penny stocks that have been reported on earlier this month. The cool part, they’re also approaching fresh highs for September.

Penny Stocks To Watch #1: Guardion Health Sciences, Inc. (GHSI)

One of the most popular penny stocks to watch this month has been Guardion Health Sciences, Inc. (GHSI Stock Report). Covered earlier this month, GHSI stock has been one of the top penny stocks to watch in September. The biotech penny stock started the month off at $0.2568. Over the last few weeks, shares and volume have spiked up. On Tuesday, GHSI stock popped to highs of over $0.80 marking a move of more than 210%.

This week the company announced yet another big milestone. Guardion acquired assets of NutriGuard Research and opens a direct to consumer opportunity for GHSI. NutriGuard creates high-quality nutraceuticals designed to supplement diets and potential to prevent certain diseases.
Michael Favish, Guardion’s CEO and founder, explained in a press release, “We believe that the NutriGuard acquisition marks just the beginning of the expansion of Guardion’s nutraceutical portfolio. This will enable us to market directly to consumers as well as to their doctors.”

Penny Stocks to Watch #2: Stage Stores Inc. (SSI)

This penny stock didn’t have the best 3^rd quarter in general. But things have turned around in a big way for Stage Stores Inc. (SSI Stock Report) during September. In fact, SSI stock has made new 2019 highs, which were sparked by an initial piece of penny stock news. Specifically, the company announced that it plans to convert all of its stores to “off-price” models. This came after the company realized major success from its Gordmans stores being off-priced.

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Furthermore, the move attracted attention from UBS analytics who said tariffs will actually benefit companies with an off-priced business model. Similar companies include TJX Cos. And Burlington Stores. “Tariffs are likely causing significant order cancellations from many full-price retailers, potentially creating opportunities for TJX to buy inventory very inexpensively,” UBS analysts led by Jay Sole wrote.

 SSI was another one of the pennystocks to watch before October mentioned earlier this month. Since the first day of the month, SSI stock has rallied by as much as 119% so far.

Penny Stocks To Watch #3: Ovid Therapeutics (OVID)

The 3^rd penny stock closing in on new highs this month, Ovid Therapeutics (OVID Stock Report). At the beginning of the month, shares were trading right around $1.77. On September 24 OVID stock hit highs of $3.48 before lunch on one of its highest volume days to date. The first part of this rally was prompted by analyst coverage being initiated by RBC with an “Outperform” rating and a $12 price target. If you remember, OVID was in our article from earlier this month focusing on top penny stocks on Robinhood.

This week, Ovid announced positive initial data from an ongoing ENDYMION open-label extension trial. This was for its soticlestat and targeted people with rare epilepsies.

“These initial results from ENDYMION reaffirm the potential of soticlestat to provide a tangible and durable clinical benefit for patients with DEE,” said Amit Rakhit, MD, MBA, Chief Medical Officer and Head of Research & Development at Ovid. This was followed up by a nice upgrade on OVID stock by Citigroup maintaining the penny stock at “Buy” but increasing the price target to $10 from $8.

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