Penny Stocks on the Move on Aug 27: NVIV, AFFY, PGLC
The US stock markets are declining at the beginning of the trading session, as fears of a potential military intervention in Syria have overshadowed the good fundamental news which came out today.
One hour ago, it became clear that the Consumer Confidence Index for August has increased to 81.5, while the market expected a decline to 77 points. Regardless of that, the US stock markets are under heavy selling pressure today.
The OTC Markets are also affected by the bearish mood on the major US stock exchanges. Currently the OTCM ADR Index is down 1.09%, or 15.62 points, at 1,420.21. On this background, only few penny stock market movers on the OTC Markets are colored in green today.
InVivo Therapeutics Holdings Corp (NVIV) – Today is a bad day for NVIV shares, which opened the trading session way below the previous close and way below the 200-MA. With this performance, NVIV is solidifying its unprecedented depreciation process, which began at the end of July, when the company announced the postponement of its up-listing process.
A couple of days prior to this announcement NVIV had hit a 52-week hit at $6.00 per share, which is practically above the penny stock threshold. However, the cancellation of the up-listing process poured cold water on NVIV’s uptrend, so in a matter of few weeks the stock established a support at $4.00.
Last week, another news stirred investors’ apprehensions which was detrimental for NVIV share value as well. The company announced the resignation of its CEO and Director, Franc Reynolds, who was going to be replaced by Michael Astrue. The latter was going to receive an annual salary of $480 thousand.
NVIV plunged 28% on the next day on a heavy trading volume. Yesterday, the stock rallied 16% while the OTC Markets were declining. However, as NVIV had not received any significant fundamental support for a long while, and given the strongly negative mood on the major US stock markets today, NVIV stock got pummeled today.
At the moment shares of NVIV stock are trading 25% lower at $2.59 per share on a higher than average volume of 1.2 million. So far more than 1,000 trades with NVIV stock have been executed which are valued at $3.15 million. With this trade value at hand NVIV continues to be the leading penny stock market mover on the OTC Markets this week.
Affymax, Inc. (AFFY) – AFFY is another heavily traded penny stock on the OTC Markets today. Shareholders of AFFY saw a little ray of light these days when AFFY stock value surged up after the company announced it was advancing through its restructuring process in the face of OMONTYS recall.
Yesterday, despite the declining OTCM ADR Index, AFFY shares were climbing up, to the extent that AFFY broke above the resistance at $1.75 and finished 16% higher at $1.99 per share on a higher than average volume of 3 million.
Today, AFFY’s performance is wavering. At the beginning of today’s trading session AFFY plunged down almost to the just breached resistance, but eventually the stock gained strength and is now at a stone’s throw from the previous close.
At the moment shares of AFFY stock are trading 1% lower at $1.97 per share on a below average volume of 700 thousand. So far investors have exchanged a dollar volume of $1.34 million which is one of the highest trade values on the OTCQB Markets today.
Pershing Gold Corporation (PGLC) – PGLC is one of the few penny stock market movers today which is heading up on the charts. PGLC stock broke out today after announcing another multi-million private placement
PGLC had succumbed to a downward trend this summer which brought the stock to a 52-week low at $0.30 per share at the end of June. Since then PGLC has been consolidating in a trading range between $0.33 and $0.37.
Today, thanks to a press release issued through the Globe Newswire system, PGLC is enjoying a lot of buying pressure. This caused PGLC stock to break above the resistance and the 50-MA. At one point during today’s trading session PGLC broke above the 200-MA as well, after reaching an intraday high at $0.42 per share.
At the moment shares of PGLC stock are trading 11% higher at $0.40 per share on a much higher than average volume of 3.6 million, which equals a trade value of $1.47 million.
The upward spike of PGLC stock today was produced by a press release which announced that the company had completed a private placement of Series E Convertible Preferred Stock and Warrants with a total of $11.1 million in gross proceeds.