2 Penny Stocks Making Big Moves

Shaq tailwinds are boosting IMBI

Jan 17, 2020 at 10:46 AM
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While stocks on the whole are set to close the week on a strong note, we're taking a closer look this morning at penny stocks iMedia Brands Inc (NASDAQ:IMBI) and Durect Corporation (NASDAQ:DRRX). Here's a look at what's moving the shares of IMBI and DRRX this morning.

For IMBI, the shopping experience specialist has seen its stock jump 54.6% today to trade at $4.87, thanks to news the company has agreed to a partnership with Shaquille O'Neal. This comes after the security touched a fresh low of $2.82 just yesterday, and though today's gains have it back above the 50-day moving average, it's still staring up at its November highs in the low $7 area.

The analysts covering iMedia Brands have kept the faith. While there are only three in coverage, they sport an average 12-month price target of $11.67.

Turning to Durect, the stock is down 8.1% at $2.34 after a Food and Drug Administration (FDA) panel gave a split decision on whether to approve the company's non-opioid painkiller. DRRX has actually already managed to pare a solid portion of the pullback, climbing back atop the 50-day moving average, which has been strong support since October. The analyst setup for DRRX is also very bullish, with the three analysts in coverage sporting an average 12-month price target of $4.20.

 

 

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