Penny Stocks To Buy On Robinhood, Webull, Fidelity & Others To Watch This Week
Penny stocks are some of the most volatile asset classes in the stock market today. But thanks to the growing interest in things like crypto and options, retail traders have pushed risk aside in exchange for the opportunity to make serious money. If you look at some of the moves that penny stocks have made over the last year, you’ll see what I’m talking about – and yes, many of these have been “meme stocks.”
What Are Meme Stocks?
Did you see the epic breakouts from stocks like GME, AMC, or KOSS this year? The “hype” started on Reddit. Discussion groups got behind these companies due to the idea that Wall Street’s elite had written them off and made attempts to “manipulate the market” in a way to keep selling pressure high. Simply put, meme stocks typically see a surge in price and volume based on social media hype, not fundamentals.
[Read More] Reddit Penny Stocks You Might’ve Missed In May 2021
While those who’ve been trading penny stocks for some time are familiar with this, the broader markets are not. This is why it has become such a phenomenon recently. Now, 6 months into the year, this meme stock trend hasn’t disappeared. In fact, it got a strong spark of energy late last week. Shares of meme stocks like AMC Entertainment (NYSE:AMC) and GameStop (NYSE:GME) rallied into the final days of May.
Penny Stocks To Buy On Robinhood
Where are these stocks getting bought? If you take a glance through the hundreds of posts on Reddit, Twitter, Facebook, and other forums, Robinhood remains the popular choice. Despite all of the technical glitches and concern over selling order flow, the millions of users that began their trading careers on the app continue using it.
If you’re new to trading stocks, in general, there are a few things to know before deciding on Robinhood as your broker of choice. First, to gain access to tools like Level 2 and analyst research, you’re going to need to pay a monthly fee to do so. This fee also allows faster clearing of cash when you are making a transfer. But, all the same, you’ve got to pay to play. Second, while you can use their website, most of the trading is done via mobile app.
This means that if you have a hard time using your thumbs to make important decisions (IE Buying and selling investments), you might want to limber up a little bit before choosing Robinhood as your broker of choice. Finally, Robinhood doesn’t allow access to all penny stocks. With only a few exceptions, OTC penny stocks aren’t accessible. This isn’t necessarily a bad thing. But it does mean that you’re only able to buy penny stocks trading on the Nasdaq and NYSE.
Brief Intro To Trading Penny Stocks
While it’s true that penny stocks carry a higher risk, that doesn’t mean they should be avoided entirely. In fact, if you know how to day trade, in general, these cheap shares can be big winners for your portfolio. There are few places where you can throw $1,000 into an investment and see $500 or more returns within a single day. All penny stocks don’t produce these types of gains, of course. But it’s worth mentioning that understanding your risk tolerance and knowing how to trade can make penny stocks your best friend.
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First thing’s first, what can cause penny stocks to rise? Aside from the “Reddit factor,” cheap stocks can be influenced by many things. Industry /trend sentiment (aka sympathy sentiment) can play a role. This is where you might see a market leader gaining in the market and smaller stocks following the trend. In many cases, day traders look for similar factors to “play the trend.” If you remember when NFT penny stocks first soared, this was a clear example of sympathy sentiment. We also saw this “sympathy” trend with AMC and GMC stock last week.
Other things that can impact penny stocks include recent or upcoming events. These might be news events, industry presentations, corporate reports, and even insider activity. You’ve heard of “buy the rumor, sell the news,” and in this case, “the news” can play a bigger part when it comes to certain penny stocks. In this article, we’ll take a closer look at 5 companies with upcoming events. Then you can decide if they’re good penny stocks to buy or avoid in June.
Robinhood Penny Stocks To Buy [or avoid]
Again, this list of penny stocks on Robinhood isn’t solely for users of the app. Generally speaking, these companies are listed on major exchanges, in this case, the Nasdaq. They also have upcoming events to keep in mind this week.
- Agenus Inc. (NASDAQ:AGEN)
- Immutep Limited (NASDAQ:IMMP)
- Advaxis Inc. (NASDAQ:ADXS)
Penny Stocks To Buy [or avoid] #1: Agenus Inc. (NASDAQ:AGEN)
Agenus is one of the biotech penny stocks we’ve discussed many times in the past. The main focus for traders has been on its treatment pipeline. This includes everything from vaccines & cell therapies to adjuvants and checkpoint antibodies. Most recently, attention has centered around new Phase 1 clinical data from the company’s AGEN2373 in combination with balstilimab in treating cervical cancer. Early data showed that AGEN2373 was well tolerated in the dose-escalation trial, which suggested the combination had tumor-killing potential superior to current commercially available antibodies.
AGEN Stock & What To Watch This Week
This week, AGEN stock could be on the list of penny stocks to watch. Two posters will be presented at the American Society for Clinical Oncology (ASCO) Annual Meeting from June 4 – 8, 2021.
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The focus will likely be on the specifics of the trial and its design. “We are encouraged by the differentiated qualities of our anti-PD-1 balstilimab both in the clinic and in preclinical…Our novel CD137, AGEN2373, has been well-tolerated in this dose-escalation trial, and we look forward to advancing it into combinations for potential benefit to patients,” said Steven O’Day, MD, Chief Medical Officer at Agenus, in a PR last week.
2. Immutep Limited (NASDAQ:IMMP)
Immutep is another biotech penny stock that we’ve discussed recently. The company researches and develops pharmaceutical product candidates. Its immunotherapeutic products take aim at treating cancer and autoimmune diseases. Immutep’s main candidate right now is eftilagimod alph or “IMP321,” currently in Phase IIb clinical trials. The company is also developing its LAG-3 or “IMP761” for autoimmune diseases.
Both of these treatments are undergoing trials in collaboration with Merck (NYSE:MRK). Specifically, its TACTI-002 trial, a Phase 2 study of eftilagimod, is studying the treatment combined with Merck’s pembrolizumab (KEYTRUDA®) in lung and head & neck cancers. Another study being conducted is Immutep’s INSIGHT-004. This Phase 1 trial focuses on the safety and efficacy of eftilagimod. In particular, it’s in combination with avelumab, Pfizer’s (NYSE:PFE) BAVENCIO®, in treating solid tumors.
IMMP Stock & What To Watch This Week
I mention these two trials in particular because they will be in the spotlight this week. Data from the TACTI-002 and INSIGHT-004 studies were published in abstracts on the 2021 ASCO Annual Meeting’s official website. Poster presentations with new and updated data not part of the abstracts become available on the site on June 4th. Considering that early data has shown potential in these treatments, it will be interesting to see if any further details are given at the ASCO this week.
3. Advaxis Inc. (NASDAQ:ADXS)
Advaxis has grown in popularity over the last few weeks. Though you wouldn’t necessarily think that based on the trading action in ADXS stock. However, it continues to hold a place on the list of penny stocks on Robinhood to buy under $1. Why is this unique? When it comes to stocks listed on major exchanges like the Nasdaq & NYSE, they need to maintain a minimum price of $1. The longer a stock remains under this threshold, the higher the chances of the exchange delisting it. That would mean the stock would drop to the OTC exchange and, in turn, be that much harder to trade.
Earlier this year, Advaxis was a big point of interest. Shares jumped to highs of $1.57 thanks to bullish momentum stemming from progress in its immunotherapy treatment pipeline. In particular, the company’s ongoing ADXS-503 Phase 1/2 clinical trial demonstrated a significant disease control rate of 67% in patients with non-small cell lung cancer. Furthermore, the overall response rate came in at 17% in the first six evaluable patients with immediate prior progression on KEYTRUDA®. The combination also showed safety and tolerability during the trial.
ADXS Stock & What To Watch This Week
Despite the last few months of selling pressure, the last few weeks showed a bit more bullish momentum. In fact, ADXS stock jumped to highs of $0.7597 after releasing updated data from the ADXS-503 combination study with KEYTRUDA®.
Ken Berlin, Chief Executive Officer of Advaxis, explained, “The clinical activity observed to date in this challenging patient population, combined with a favorable safety profile, suggest that ADXS-503 may be an important new off-the-shelf immunotherapy treatment option. We look forward to continued progress in the clinic with our ADXS-HOT products, which includes the ongoing Phase 1/2 study of ADXS-503 in NSCLC, and the expansion of the program to our planned Phase 1 Study of ADXS-504 for the treatment of early prostate cancer.”
More details will be presented as a poster at the ASCO 2021 Annual Meeting this week.
Should You Buy Or Sell Penny Stocks On Robinhood This Week?
Keep in mind that this is a list of penny stocks that can be bought on apps like Robinhood and Webull. But just because they have upcoming events, that doesn’t mean they’re automatically a “buy” (or sell). Heading into the first week of June, it will be important to observe market trends and take a temperature of sentiment overall. Last month came out mixed and broader markets closed out May either flat or in the red. So while economic data is sure to remain a core focus, micro-trends for penny stocks are important to look out for. In this case, I’ll leave it up to you to decide if these are penny stocks to buy or avoid ahead of upcoming data this week.
