Penny Stocks To Watch: Tocagen Another one of the penny stocks to watch this week has been Tocagen (TOCA Stock Report). After reporting an agreement of merger with Forte Biosciences, the penny stock has taken off. At the start of the week, shares traded around $0.50 and have since jumped to highs of over $1.45 Friday morning. The Definition of Penny Stocks. While there is some variation, most consider penny stocks as anything trading outside major market exchanges under $5 USD per share. Traditionally, anything under $1 USD is a penny stock. Penny stocks are an extremely high-risk investment, and most investors consider them to be incredibly speculative. Due to the rising coronavirus scare, Inovio Pharmaceuticals (INO Free Report) has been one of the penny stocks to watch. It recorded a 19% in the pre-market session. The virus has recently spread to Iran, Italy, and South Korea, among others. That is an indication that it is slowly spreading globally.