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Penny Stocks on the Move on Oct 14: BZNE, GSAT, NNRX, WTER

The US stock markets headed down at the beginning of today’s trading session due to the uncertainty caused by the political crisis in the US. There is still no deal between the Republicans and the Democrats as regards the US debt ceiling.

This situation is reducing the urge of investors to open long positions at this stage. Thus, the US benchmark indexes are flying down today and so is the OTCM ADR Index. The latter is currently down 0.11% at 1,515.77 points.

Despite the declining OTC Markets there are a couple of heavily traded penny stocks which perform opposite to the general market.

BZNE logoBiozone Pharmaceuticals, Inc. (BZNE) – BZNE is one of the top traded penny stocks today despite the fact that the company has not provided any fundamental support for its stock. In fact, BZNE seems driven by several insider transactions which have been detected by the market and have resulted in an increased interest towards this pharmaceutical penny stock.

Currently shares of BZNE stock are trading 2% higher at $0.52 per share on a higher than average volume of 2 million. The trade value generated by the stock since the start of the trading session has already exceeded $1 million.

GSAT logoGlobalstar, Inc. (GSAT) – GSAT keeps enjoying heavy trading interest despite the fact that the company has not provided any fundamental support for its stock for nearly a month now. Nevertheless, GSAT has been featured in a couple of sporadic trade alerts, which may have helped the company remain one of the top market movers on the OTC Markets in the last couple of months.

Currently shares of GSAT stock are trading 3% lower at $1.42 per share on a lower than average volume of 1 million. So far the stock has generated more than $1.42 million in trade value.

In the last two trading sessions GSAT tested the recently achieved 1-year high but was unable to register a new record high value. In technical terms, this suggests that GSAT may form a double top pattern, which is considered bearish.

NNRX logoNutranomics, Inc. (NNRX) – NNRX has been gaining ground in the last couple of trading sessions. NNRX turned into a nightmare for market players at the end of September when it crashed down from $1.5 to $0.4 per share in a single trading session.

Last week NNRX bounced at the bottom at $0.4 and for the last couple of days it has been going up thanks to a couple of press releases which supported the stock’s value. Today the stock is also going up after a freshly published press release announced that the company’s CEO, Dr. Tracy Gibbs, had been a key speaker at the UNO Regional Convention held Sept 29 in Manila, Philippines.

Currently shares of NNRX stock are trading 13% higher at $0.61 per share on a volume of 1.7 million. The trade value generated by the stock today has already exceeded $1 million.

WTER logoAlkaline Water Company Inc. (WTER) – WTER keeps being heavily traded on the OTCQB market but the stock has not registered any sharp moves these days and keeps following the 50-MA.

On Thursday last week WTER made an important announcement when it said in a press release that it had entered into a distribution agreement with an Anheuser-Busch affiliate, Alford Distribution Co of El Centro, California. The same day the stock experienced a sale-out but on Friday it rallied and finished 14% higher at $0.64 per share.

Today, however, the stock is losing ground, as currently shares of WTER stock are trading 8% lower at $0.59 per share on a volume of 1.5 million.

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