A number of penny stocks showed investors some love today (Friday) with huge share-price climbs.
While the Dow Jones Industrial Average rose just under 1% by 2 p.m., these hot penny stocks were up double digits.
Following are five of Friday's biggest low-priced movers.
Penny Stocks Today
Chelsea Therapeutics Intl Inc. (Nasdaq: CHTP) shares shot up as much as 12% to $5.63 intraday in anticipation of an FDA nod for its experimental drug Northera. The drug, used to treat a rare form of low blood pressure, received a strong endorsement from the FDA Advisory Committee last month in a near unanimous 16-1 vote for approval. However, there is a lingering doubt about the drug getting the FDA's okay Friday. This is the second time the Charlotte, N.C.-based biotech company has gone before the strict government agency. Additionally, there are concerns among investors that the drug's label could limit its use to 1 to 2 weeks. Analysts give the likelihood of an approval even odds. Volume was extremely heavy, with more than 15 million shares traded by midday.
Synthesis Energy Systems Inc. (Nasdaq: SYMX) saw shares nearly double reaching a fresh 52-week high of $2.49 following news the global development stage energy and gasification technology company has inked a partnership with Zhangjiagang Chemical Machinery to become a market leader in clean coal gasification in China – the world's second-largest economy. More than 8 million shares changed hands by noon, compared to the average daily volume of 482,000. Founded in 2003 and based in Houston, SYMX has a market cap of $144.64 million and little debt.
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Qualstar Corp. (Nasdaq: QBAK) shares bolted 40% higher after the manufacturer of data storage and high-efficiency power supplies reported significantly all-around improved results for its second fiscal quarter ended Dec. 31. Revenue rose 57% to $3.4 million, up from $2.2 million quarter over quarter. Storage revenue increased 29% to $1.6 million, up from $1.2 million. Power supply revenue jumped 92% to $1.8 million up from $953,000. Gross margins increased 22.9% to 43.9% from 21%. And, total operating expenses decreased $1.2 million, or 41%, to 1.8 million. Founded in 1984 in Simi Valley, Calif., QBAK has a market cap of $19 million and no debt. BKF Capital, a beneficial owner (insider) has been loading up on shares. Rising as high as $2.05, a 52-week high, shares were last trading at $1.60, up $0.45.