2 Penny Stocks Analysts Think Can Surge

Chardan calls PDS Biotechnology stock "undervalued"

Digital Content Manager
Oct 24, 2019 at 11:49 AM
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Penny stocks Neovasc Inc (NASDAQ:NVCN) and PDS Biotechnology Corp (NASDAQ:PDSB) are both on analysts' radars today, and soaring as a result. Specifically, H.C. Wainwright initiated coverage on Neovasc with a "buy" rating and a price target of $9 -- almost triple yesterday's close at $3.61. Likewise, Chardan initiated coverage on PDS Biotechnology with a "buy" rating, and a $10 price target that more than triple's last night's $3.26 close. Below, we'll look how these two individual stocks are faring today.

H.C. Wainwright's bullish stance on NVCN has the stock up 7.1% at $3.87, eyeing its highest close in a month. Since hitting an all-time low of $2.34 in late July, the stock attempted to rally higher, but met resistance from its descending 100-day moving average since early September. The equity has only conquered this trendline once since gapping lower in June. Today's pop has the equity, once again, testing its footing atop the region. 

PDSB stock is popping too, the healthcare concern is up a whopping 17.4% after Chardan called its therapeutic cancer vaccine platform undervalued, adding that the stock is trading at a 90% discount to its peers in the human papillomavirus (HPV) vaccine space.

Since settling at a record low of $2.80 earlier this week, PDSB has shot straight up, working on its third straight win today, and a 34% gain for the week so far. Plus, the security is set to close back atop recent pressure at its 20-day moving average for the first time in nearly a month. Those searching for another reason for the stock's dramatic bounce higher can also look to its 14-day relative strength index (RSI), which skimmed 30 earlier this week, indicating "oversold" conditions for the pharma stock.


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