What’s better right now: dogecoin or penny stocks? If you saw the action on Twitter this weekend, you might’ve assumed that the dog-themed crypto would be the talk of the town in the stock market today. Over the weekend, Tesla (NASDAQ: TSLA) CEO Elon Musk – Twitter’s largest shareholder – tweeted about dogecoin. Musk offered suggestions to make Twitter better, which included the ability to pay for the social media platform’s monthly service in dogecoin.
Musk is no stranger to dogecoin-related attention. The billionaire Tesla CEO previously announced that the meme token would be accepted for sales of Tesla merchandise and other products. However, dogecoin prices have flatlined in recent weeks amid all of this excitement. As of press time, DOGE sits around $0.14 and, by all accounts, is more akin to penny stocks than anything else.
Hot Penny Stocks To Watch
- Mammoth Energy Services, Inc. (NASDAQ: TUSK)
- Kintara Therapeutics (NASDAQ: KTRA)
- The Marygold Companies Inc. (NYSE: MGLD)
- AnPac Bio-Medical Science Co. (NASDAQ: ANPC)
- Ensysce Biosciences Inc. (NASDAQ: ENSC)
Does dogecoin’s price performance reflect how all cheap assets are doing now? No, and even with the stock market down today, there are plenty of penny stocks to buy, according to retail traders. Here are just a few outperforming meme coins like DOGE right now.
Penny Stocks To Buy [or avoid] 1. Mammoth Energy Services, Inc. (NASDAQ: TUSK)
Energy stocks are red hot at the moment, and many with exposure to oil and gas are at the top of the list. Mammoth Energy has taken a diversified approach to the energy industry. It provides construction and repair of electric grids. The company also offers products for exploring and developing onshore oil and gas reserves.
The most recent attention has focused on the outcome of its initiatives in Puerto Rico. In particular, the company is owed for services and recently called on the Financial Oversight and Management Board of Puerto Rico for help. “The Puerto Rico Electric Power Authority (“PREPA”) has the financial resources obligated by U.S. taxpayers to pay their debts, but they are simply choosing not to. Cobra needs the FOMB and members of Congress to step in with strict oversight and hold PREPA accountable. Time is of the essence,” said Mammoth’s Chief Executive Officer, Arty Straehla, in a March update.
Mammoth is owed over $300 million, including more than $110 million in interest charges. With attention on energy stocks and a pending outcome to this issue in Puerto Rico, TUSK stock has become one of the names to know heading into Q2.
2. Kintara Therapeutics (NASDAQ: KTRA)
Finally, beaten-down biotech company, Kintara Therapeutics caught a breath of fresh air during Monday’s session. Shares of KTRA stock are down significantly, year-to-date. However, mid-afternoon headlines have turned things around (for now).
Kintara presented data at the 2022 American Association for Cancer Research Annual Meeting. Its platform focuses on solid tumor cancer therapies. Dennis Brown, Ph.D., Kintara’s Chief Scientific Officer. “We thought that since there were numerous structural similarities between VAL-083 and glucose that perhaps a specialized glucose transporter could explain the favorable brain concentration demonstrated clinically for VAL-083. It appears that other molecular features like PSA and log P may account for the very unique pharmacologic properties we are observing. This suggests that the clinical pharmacokinetics of VAL-083 would result in less inter- and intra-patient variability in CNS penetration and, therefore, greater precision of drug dosing to the brain.”
As more details emerge, KTRA stock has become one of the penny stocks to watch early this week.
3. The Marygold Companies Inc. (NYSE: MGLD)
Global holding company, The Marygold Companies, is back on the radar after weeks of quiet trading. The newly minted public NYSE company’s shares began trading on the NYSE American exchange on March 10. Despite a few more significant days of action and prices reaching highs of over $7, MGLD stock has offered a lackluster performance in the stock market this year. Will that be changing soon?
Monday’s action showed a strong and steady uptrend continuation for the 4th consecutive day. This comes after its recent presentations at the Maxim Virtual Growth Conference at the end of last month. The Marygold Companies specializes in manufacturing operations with subsidiaries offering financial services, food manufacturing, beauty products, and even security systems. Original Sprout, Gourmet Foods, Ltd., and Brigadier Security Systems are among the long list of operating companies under the Marygold umbrella.
Thanks to several broad market catalysts, MGLD stock has come into focus for specific traders. In particular, companies with exposure to food and energy have gained speculative attention this year. Marygold’s Gourmet Foods and USCF Investments arms have become points of interest. The latter, in particular, offers multiple exchange-traded products specific to oil, natural gas, and metals, including copper. With safe havens and global energy prices garnering major market headlines, companies like MGLD could be on the list of penny stocks to watch right now.
4. AnPac Bio-Medical Science Co. (NASDAQ: ANPC)
Earlier today, we discussed several penny stocks under $1 gaining attention in the stock market. While AnPac wasn’t originally on the list, it gained steam during the Monday session. The biotech company turned heads earlier this quarter, triggering a sell-off in shares. AnPac received a non-compliance notice from Nasdaq for not meeting minimum price requirements.
However, this week, shares of ANPC stock are trading higher after a different update. The company announced an equity investment of $15 million from Hunan Weitou Technology Co. The investment will be made in 5 installments over the next 30 months.
Dr. Ai-Dong Chen, Chairman of the board and CEO of the Company, commented: “This long-term equity investment is significant and important to the growth of our company. It also shows investors’ confidence in the prospects of our company and its leading-edge technology. We have a very strong innovation track record, significant intellectual property, including over 260 filed patent applications and 150 issued patents, the world’s largest cancer detection data base and sample size (in new generation cancer detection technology space) according to Frost & Sullivan, and a leading edge, novel cancer detection technology which is already saving lives on the weekly basis.”
In light of this recent update, ANPC stock has bounced back strongly. The biggest question now is, can it regain Nasdaq compliance in the near term?
5. Ensysce Biosciences Inc. (NASDAQ: ENSC)
Like AnPac, Ensysce came under pressure earlier this quarter but has begun rebounding in recent sessions. In fact, since the end of February, shares of ENSC stock are up by more than 15% as of this article. Its latest business update highlighted Ensysce’s plans to capitalize on a newly completed $15 million financing round.
In particular, Dr. Lynn Kirkpatrick, CEO explained that the funds will allow Ensysce “to advance our clinical trials, the year concluded with an exceptional Company milestone as the first patients were enrolled in the Phase 1 study of PF614-MPAR™, the first product utilizing our MPAR™ platform designed to reduce drug overdose.”
Last month the company completed its clinical treatment of the Bioequivalence portion of the PF614-102 trial. The data is expected to be available by the end of this quarter, which could set the tone for supporting a 505(b)(2) regulatory path for PF614’s clinical development. In addition to this potential second-quarter catalyst, the company also expects to initiate Human Abuse Liability studies to determine PF614 labeling claims, this quarter. Based on this, ENSC could be one of the penny stocks to watch in Q2 based on these updates.
Should You Invest In Penny Stocks or Dogecoin?
Investing in penny stocks or dogecoin is entirely up to you. But it doesn’t necessarily have to be an either-or mentality. There are plenty of ways to make money with stocks and crypto. Much of it comes down to identifying opportunities presented. While Elon Musk’s latest dogecoin tweet hasn’t sparked the same bullish response, that doesn’t mean there aren’t other things to look at. Penny stocks, in particular, have gained more momentum in the stock market today, which could be worth noting as April rolls on.
