Penny Stocks on the Move on Oct 07: GSAT, BFGC, TTNP, PVCT
The US stock indexes are falling at the beginning of the trading session. Investors are focused on the budget crisis which led the publishing of economic data by the Fed to a halt. This is the main reason for investors’ cautiousness at the moment. They would like to avoid risk and not bet on a trend which may lack fundamental support given the lack of information about the economic processes in the US.
The downward correction is also caused by the fact that the benchmark indexes hit new historic highs in September which was supported by Fed’s decision to keep the monetary easing policy intact.
Currently the US benchmark indexes are heading down, followed by the OTCM ADR Index which declined 0.72% to 1,493.70 in the first trading hour of today’s session.
Penny stocks traders also seem like not disposed to take risks today as most of the market movers on the OTC Markets are colored in red.
Globalstar, Inc. (GSAT) – GSAT is in a correction phase today, following its third and strongest bout of momentum in the last 30 days.
Last week the stock kept rising on a heavy trading volume. Last Monday GSAT broke the resistance at $1.10 and on Friday it hit a new record high at $1.50 per share which inflated the company’s market cap to $583 million.
The stock has not received any fundamental support for a while, yet it keeps being supported by market players. Last week the upward momentum of GSAT was helped by a trade alert issued Growing Stock Report.
Today, however, investors are taking profits from their long positions as the stock value has jumped up 50% for nearly one week. The sell-out is also helped by the general market mood today. Therefore, shares of GSAT stock are currently trading 2% lower at $1.40 per share on a volume of 5.8 million.
The trade value generated by GSAT within the first trading hour of today’s session is $8.35 million.
Bullfrog Gold Corp. (BFGC) – BFGC is one of the most heavily traded penny stocks on the OTCQB markets today. However, one hour after the start of the trading session the value of the stock has plummeted just as the stock received a second dose of promotional support.
BFGC got promoted for the first time last Friday by Jet Life. The latter did not provide any details about the compensation and third parties behind the promotion. Nevertheless, BFGC jumped up 3% to $0.32 per share on a volume of 677 thousand on Friday.
Today, online databases registered another newsletter touting the company. It was issued by Too Nice Stocks who had received $100 thousand and expected to receive another $200 thousand for the advertising effort. The money had been provided by Cambridge Consulting Group.
The company has not issued any press releases today to support the campaign. In fact it hasn’t issued any news updates recently. Yet, the stock somehow managed to rise from $0.20 to $0.34 per share since the stock was featured in the daily watch list of Stock PR at the beginning of Aug this year.
However, BFGC has shed a big chunk of its stock value today. Currently shares of BFGC stock are trading 25% lower at $0.25 per share on a higher than average volume of 5.2 million.
The increased interest towards TTNP stock in the last couple of days was caused by the announcement that the US Food and Drug Administration (FDA) had granted the request for a meeting to discuss Probupine.
The increased demand for the stock which followed the announcement helped TTNP jump from $0.60 to $1.00 per share in about one week. Investors keep supporting the stock today. Thus, shares of TTNP stock are currently trading 10% higher at $1.03 per share on a higher than average volume of 1.4 million.
Provectus Pharmaceutical, Inc. (PVCT) – A week after PVCT presented detailed findings of several exploratory analyses of data from its Phase 2 study of intralesional PV-10 metastasic melanoma, the stock still enjoys a lot of demand.
Shares of the company’s stock are currently trading 7% higher at $0.945 per share on a higher than average volume of 600 thousand.
PVCT has been demonstrating a lot of volatility since the end of August thanks to a regular streak of press releases and trade alerts. Two weeks ago PVCT hit a new 52-week high at $1.15 per share but it fell sharply after that and for about four days it consolidated around $0.78 per share.
The bullish spark of PVCT stock was rekindled last Friday when the stock jumped up 12% on a higher than average volume without any specific reason.