Penny Stocks on the Move on Sept 10: NVIV, GSAT, ONCS, ACTC
Today, the US stock markets started the trading session with another jump after yesterday’s significant increases. Today, the upward move of the US stock markets is not underlined by any significant fundamental news, so it appears that investors continue to process yesterday’s announcement of an alternative solution to the Syrian crisis.
At the moment the US markets demonstrate a prevalence of risk appetite, with the major US stock indexes registering moderate increases. Today the OTC Markets behave in unison with the benchmark indexes. Thus, the OTCM ADR Index has surged 6.23 points, or 0.43%, to 1,461.57 in the first couple of minutes of the current trading session.
InVivo Therapeutics Holdings Corp (NVIV) – NVIV is the most intensively traded penny stock today. Unfortunately, the stock is tanking despite the positive mood on the OTC Markets.
Shares of NVIV stock are currently trading 22% lower at $1.59 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 reached $3 million.
Today, there is a heavy sale-out of NVIV stock which comes after last week’s strong rally. NVIV has recently produced an extremely dramatic crash, which brought the stock down from a 52-week top at $6.00 per share to a 52-week low at $0.94 per share in a matter of one month.
Last week, however, the stock rallied to $1.79 per share and yesterday NVIV rose another 15% to $2.05 per share. Nevertheless, today NVIV poured cold water on its shareholders’enthusiasm, after starting with a huge gap down at $1.51 and shortly dipping to an intraday low at $1.25 per share.
Investors’ bad mood towards NVIV stock was provoked by a press release, which was published earlier today, announcing the resignation of the company’s CFO, Sean Morgan. In addition, the press release also declared that NVIV would not present at the 15th Annual Rodman and Renshaw Healthcare Conference on Sept 10, 2013.
Globalstar, Inc. (GSAT) – GSAT is chasing another 52-week high today after the stock skyrocketed on the last trading session. Yesterday’s sharp increase of GSAT stock value was produced by a corporate announcement, which provoked enough appetite towards the stock to keep it soaring today as well.
Currently shares of GSAT stock are trading 5% higher at $0.89 per share on a higher than average volume of 4.2 million. So far GSAT has generated a trade value of $3.7 million which makes it one of the most heavily traded penny stocks on the OTCQB Markets today.
Yesterday, the company issued a corporate update which announced that the Federal Communications Commission (FCC) had placed Globalstar’s requested notice of proposed rulemaking on circulation for consideration by the full Commission.
The announcement apparently excited penny stock traders as during the day GSAT share value shot up 28% to $0.84 per share. That happened on a much higher than average volume of 14 million.
During the intraday session GSAT demonstrated a lot of volatility, as within the first half an hour of trading the stock registered both an intraday high at $0.92 per share and an intraday low at $0.83 per share, which is an amplitude of 10%.
OncoSec Medical Incorporated (ONCS) – This week ONCS has been attracting more trading interest than usual towards its stock. The reason for this is the participation of the company in the Annual Rodman and Renshaw 2013 Global Investment Conference in New York City.
Other than that, ONCS stock has not been backed up by fundamental support recently, which is the reason why ONCS declined in August. Nevertheless, after the company announced its forthcoming participation in the Conference last week, the stock rallied, bouncing from the support at $0.29 and surging up to a close at $0.36 per share on the last trading session.
However, at present investors are taking back profits, so the stock is tanking under a moderate selling pressure. At the moment shares of ONCS stock are trading 4% lower at $0.33 per share on a higher than average volume of 2.6 million. The stock has also generated a trade value of $912 thousand, which has helped it rise on the OTCQB Markets’ most actively traded lists.
Advanced Cell Technology, Inc. (ACTC) – ACTC is also one of the most actively traded penny stock on the OTC Markets today. The stock is actually making a sharp upward spike on a higher than average volume.
The increased interest towards ACTC stock was provoked by last week’s SEC filing which announced that the Annual Shareholder Meeting would be held on Oct. 22. The Annual Meeting will decide on the following three key points:
- The election of the nominees for directors of the company.
- An increase of the company’s number of authorized shares by 1 billion to a total of 3.750 billion.
- A reverse split of the company’s common stock at a ratio not less than 1-for-40 and not greater than 1-for-100.
The Annual Meeting was announced last Friday, so this week penny stock investors are assimilating the news and with the current bullish mood on the US stock markets, ACTC stock is enjoying a lot of buying pressure today.
At the moment shares of ACTC stock are trading 12% higher at $0.065 per share on a higher than average volume of 13.1 million. Thus, ACTC has bounced more steadily from the recent 52-week low at $0.052 per share and is heading up to its 50-day moving average.
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