For some reason, the penny stock market is fired up today (more so than usual for a Monday). We could talk about several of the major tickers, but frankly, we're getting tired of those stories. Instead, we figured we'd take a look at some of the less-publicized penny stock stories from Synthesis Energy Systems, Inc. (SYMX), Verenium Corporation (VRNM), and Neurogen Corp. (NRGN).

In no particular order...

Synthesis Energy Systems, Inc. (SYMX)

This penny stock broke out of a rut back in early June. Though we've not seen a lot of movement since that initial burst, the penny stock has managed to retain the market's interest.

Support seems to be resting right at $1.00; I'd short SYMX if it fell under that mark. However, I don't think that's excessively-likely at this point... the $1.00/$1.30 range seems to be a consolidation zone. (I'd still count on a pullback before a breakout though.)

It's only a 'heads up' right now, but I think this stock could really get moving quickly once it breaks out of this consolidation zone

Oh, there's no real revenue yet for this coal gasification, though losses seem to be plentiful. It has operation in the U.S. as well as China; both regions use plenty of polluting coal as well. I'm just not sure the gasification movement will be profitable anytime soon.

The stock's recent rise was mostly a one-day wonder associated with their presentation at the Deutsche Bank Alternative Energy Conference. It seems to have captured a lot of interest though.

Verenium Corporation (VRNM)

Those who read my columned even on a semi-regular basis will know I'm a fan of the obscure. Verenium may well be one of those obscure names that ends up growing like crazy before anybody realizes.

The company makes enzymes for the purpose of creating biofuels. If you want to know more about the science, go elsewhere... I can't explain it. I'm more interested in the stock, which may finally be coming out of a long, long (and painful) downtrend.

Big rebounds and even bigger selloffs are nothing unusual for this penny stock. We've seen nothing but since early 2007. Since February though, things have changed. Not only has the buying volume picked up, but one of a few major resistance lines has been broken. More remain ahead, but still...

Part of the reason for the recent strength came out last week - Fuelzyme and Veretase (two of the company's enzymes) found a new distribution channel, while the partnership with BP entered a new phase by the two groups jointly beginning discussions with the U.S. Department of Energy regarding a guaranteed loan. However, the even-bigger reason may have been Q1 - the company turned its first profit in a while (though the top line has been getting bigger for years).

Biofuels are still a bit of a novelty, but are slowly wedging their way into the mainstream. It's not just BP getting into the mix; Shell is too. VRNM could be an interesting ancillary play for the paradigm shift, and at penny stock levels no less.

Do some of your own DD, of course.

Neurogen Corp. (NRGN)

If you're looking for a prime example of a pump-and-dump effort as well as a bashing effort, look no further than Neurogen. This penny stock has been as low as 15 cents and as high 45 cents in less than a month, almost all of which stems from the pumper/basher battle going on in the message boards.

Just to set the record straight, this biotech company (it manufactures psychiatrical and neurological disorder drugs) isn't making any money right now. And, they probably won't for years.... the pipeline's got nothing better than a Phase II drug in it. So, don't start trying to determine a valuation yet (though some people certainly will attempt to anyway). 

The best thing the company's got going for it is that management knows their best bet is to put itself up for sale, citing the cost of biotech capital as the reason. Neurogen can't stand alone for much longer. However, that may well be enough of a reason for investor interest.

The other attractive part here is the company's $25.4 million worth of cash and securities, $11.2 million worth of liabilities, and a market cap of about $18 million. If the psychiatric biotechnology is worth anything at all (which it likely is), the stock is a strong buyout candidate on a cash basis alone.

Frankly, that's the button all the pumpers need to be pushing. I'm not sure why they're not.

In the meantime, the stock 'trades' well, bouncing back and forth between fairly wide support and resistance lines.

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