A catalyst can send a penny stock through the roof. Just look at what happened to one of the top penny stocks to watch last week. TrovaGene Inc. (NASDAQ: TROV) reported a positive result to a cancer drug it's developing. That sent the stock surging 103% higher.
And a new catalyst is on its way this week. The U.S. Federal Reserve is expected to cut interest rates again on Wednesday (Oct. 30). That will give all stocks a boost, but penny stocks can see the biggest gains.
We'll even show you one with over 300% upside after taking a look at last week's biggest penny stock gainers below:
| Penny Stock | Current Share Price | Last Week's Gain |
| Cancer Genetics Inc. (NASDAQ: CGIX) | $3.80 | 2,433.33% |
| Xunlei Ltd. (NASDAQ: XNT) | $0.79 | 103.48% |
| TrovaGene Inc. (NASDAQ: TROV) | $2.13 | 102.86% |
| Actinium Pharmaceuticals Inc. (NYSE: ATNM) | $0.35 | 66.27% |
| Reebonz Holding Ltd. (NASDAQ: RBZ) | $1.95 | 56.63% |
| Urban Tea Inc. (NASDAQ: MYT) | $0.50 | 52.91% |
| Nautilus Inc. (NYSE: NLS) | $1.83 | 47.58% |
| Dixie Group Inc. (NASDAQ: DXYN) | $1.79 | 44.94% |
| MICT Inc. (NASDAQ: MICT) | $0.63 | 38.13% |
| Adamis Pharmaceuticals Corp. (NASDAQ: ADMP) | $0.74 | 37.04% |
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The low share price of a penny stock can sometimes mean a huge percentage leap when share prices tick higher. You just have to know the winning penny stocks. That involves keeping an eye on current business and political news, then seeing how that might affect certain penny stocks.
This week, Wall Street is betting the Federal Reserve will cut interest rates. In fact, out of 40 economists surveyed in a recent Bloomberg poll, 85% said they believed the Federal Reserve would lower interest rates this week.
And that's great news for this week's top penny stocks to buy.
You see, a rate cut is bullish for stocks, and investors are more willing to pour money into the market, boosting share prices.
And that's great news for penny stocks. The slightest market gain could drive them up over 100%.
Of course, there are thousands of penny stocks trading on the market. It could be difficult to narrow them down, no matter how closely you watch market events.
That's why we use the Money Morning Stock VQScore™ system to find the right penny stocks at the right times.
This proprietary system scans through thousands of penny stocks, identifying the biggest gainers for that week. We then select those trading under $5 to narrow it down to just penny stocks.
This week, the VQScore system has selected a hydrocarbon exploration firm trading for pennies on the dollar.
But it's ready to jump over 300%...
Top Penny Stock to Buy This Week
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Denbury Resources Inc. (NYSE: DNR) is a hydrocarbon exploration company based in Plano, Texas.
Denbury's real edge in a booming oil industry is the method it uses to extract oil. The company uses a cutting-edge process known as enhanced oil recovery.
This process uses carbon dioxide to reactivate old wells and extract oil that could not previously be recovered.
Being able to take advantage of pre-drilled wells allows Denbury to eliminate the heavy costs that come with setting up a new drilling site. And those savings can be passed on to shareholders.
Denbury currently operates in the Gulf Coast and Rocky Mountain areas. In fact, the company's largest property spanning across Montana and North Dakota was responsible for 25% of the region's daily production in 2018.
These levels of production are certainly showing up in the company's bottom line.
Over the last four years, the company has boosted its gross profits by 38%. Meanwhile, Denbury has been able to beat earnings for the last four consecutive quarters due to strong demand and growth.
Today, Denbury trades for $1.10. However, analysts believe the company could jump as much as $4.60 as global oil demand continues to rise. That's a gain of 318%.
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