Penny Stocks To Buy According To 5 Wall Street Analysts
Contrary to popular opinion, penny stocks aren’t just lottery tickets or no-name companies. This year, more than others, this has become a fact, especially considering the massive sell-off in the broader markets. Household name brand companies are trading below the $5 penny stock threshold.
That might not be great for anyone investing in those companies before the drop. But now, anyone reading articles on PennyStocks.com is gaining insight into these companies. Analysts are also following many penny stocks closely. Today, we look at five companies with bullish upgrades in November and price targets set to 353% higher than recent trading levels.
5 Penny Stocks To Buy [according to analysts]
CorMedix Inc. (NASDAQ: CRMD)
Analyst CRMD Stock Forecast: Needham, Buy, $13 target
Biotech penny stocks seem to be a strong focus of analysts in November; With that, we see Needham boosting its target to $13 and pairing that with a Buy rating. At current trading levels, the forecast is 285% higher.
The treatment development company focuses on products like DefenCath to prevent bloodstream infections associated with catheters. Earlier this year, the company received a complete response letter from the FDA saying that it couldn’t approve a New Drug Application until deficiencies at its contract manufacturing organization were resolved. Since then, CoreMedix has pushed to transfer its technology to another contract manufacturing organization and to submit a supplement to its New Drug Application by the end of next quarter.
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In a quarterly update this week, CEO Joe Todisco explained, “We have created parallel pathways to mitigate risk to secure FDA approval of DefenCath in 2023. We look forward to providing additional updates as we aim to deliver on our commitment to patients receiving hemodialysis via central venous catheters.”
Purple Innovation Inc. (NASDAQ: PRPL)
Analyst PRPL Stock Forecast: Craig-Hallum, Buy, $6 target
Mattress company Purple Innovation is likely a brand you’ve seen if you do your share of online shopping or use social media. The direct-to-consumer brand prides itself on unique bedding and cushions using Hyper-Elastic Polymer gel technology.
This week Purple reported its latest round of earnings beating estimates for earnings-per-share and sales. Analysts expected a loss per share of five cents. Purple came in with an earnings per share of three cents. Sales of $143.28 million were also above the $139.18 expectations. The recent acquisition of Intellibedhelped strengthen its product offering as Purple steps into the luxury mattress category with that deal.
Chief Executive Officer Rob DeMartini, “Execution of our manufacturing and supply chain efficiency initiatives, along with earlier actions to right size headcount and align marketing spend with the current demand environment fueled a meaningful increase in our third quarter Adjusted EBITDA.”
Considering the recent rating from Craig-Hallum, it’s one of the more modest forecasts among the others on this list of penny stocks. The firm has a target roughly 37% higher than current trading levels. The firm also upgraded its Hold rating to a Buy.
Matterport, Inc. (NASDAQ: MTTR)
Analyst MTTR Stock Forecast: Piper Sandler, Overweight, $6 target
The spatial data company, Matterport has a platform that has become popular among interior designers, real estate professionals, and builders. Like Purple, Matterport reported earnings this week. It missed EPS estimates after reporting a loss per share of 20 cents compared to the 13-cent loss expected.
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However, Matterport beat sales estimates with nearly $38 million and came in with revenue guidance in a higher-than-expected range. Revenue for the quarter was also a record for the company, with services revenue, in particular, rising over 200% year-over-year.
JD Fay, Chief Financial Officer of Matterport. “Subscription revenue grew to a record $19.0 million, and services revenue grew 204% year-over-year to a record $10.0 million. In addition, we were able to ship through our product order backlog during the third quarter. Finally, our focus on operational efficiency began yielding savings a quarter earlier than planned, and with our strong revenue growth, enabled non-GAAP net loss to improve by 24% sequentially, resulting in a narrower loss relative to our guidance range.”
Shares of Matterport stock are receiving some bullish interest from analysts. Piper Sandler is the most recent to weigh in. It has an Overweight rating but recently boosted its target to $6, around 98% higher than the latest closing levels.
NRX Pharmaceuticals (NASDAQ: NRXP)
Analyst NRXP Stock Forecast: Ascendiant Capital, Buy, $4 target
Biopharmaceutical company NRX Pharmaceuticals has steadily risen over the last few weeks. However, it remains under the $1 threshold making it one of the cheapest penny stocks to watch on this list. It focuses on developing therapies for treating central nervous system disorders, including suicidal depression and post-traumatic stress disorder.
Its lead candidate is NRX-101targeting patients with bipolar depression and suicidal ideation. The platform is in a Phase 3 trial under an FDA Special Protocol Agreement and Breakthrough Therapy Designation. Earlier this month, NRX announced the release of the first batches of NRX-101 manufactured in the US, and plans to initiate a phase 3 trial in bipolar depression are expected to begin soon.
Stephen Willard, JD, Chief Executive Officer of NRx Pharmaceuticals, explained in an update this week that “NRx Pharmaceuticals made the initial investment for the building of a U.S. commercial manufacturing capability to offer the drug to patients at the earliest possible moment, should NRx Pharmaceuticals demonstrate efficacy and safety in the upcoming phase 3 clinical trial.”
Based on recent analyst targets from Ascendiant Capital, the firm set its forecast 353% higher than current trading levels. It’s also worth noting that the company publishes its next round of earnings next week on November 14th. Keep that in mind if it’s on your list of penny stocks to watch.
Adaptimmune Therapeutics (NASDAQ: ADAP)
Analyst ADAP Stock Forecast: Roth Capital, Buy, $10 target
Another one of the biotech penny stocks on the list today is Adaptimmune. The company develops cell therapies to treat cancer and has been making big headlines over the last month. One of the most notable was on October 25th, after announcing that GSK would transfer its NY-ESO cell therapy program and right to the PRAME cell therapy program to the company.
In response to the transfer agreement, Adaptimmune’s CEO Adrian Rawcliffe commented, “While we remain focused on delivering our flagship MAGE-A4 program, we are even better positioned with this portfolio to lead the field of engineered T-cells for the treatment of cancer well into the future.”
What captured attention this month wasn’t company earnings (though it did beat sales estimates). It was details published on the Clinical Trials website. It showed Adaptimmuned sponsored a study of ADP-A2M4CD8 as a monotherapy and combined with Nivolumab in ovarian cancer. This has prompted analysts like Roth Capital to gain a more bullish outlook on the company. Right now, Roth has a Buy rating and price target roughly 350% higher than Thursday’s close.
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List Of Penny Stocks In This Article
- CorMedix Inc. (NASDAQ: CRMD)
- Purple Innovation Inc. (NASDAQ: PRPL)
- Matterport, Inc. (NASDAQ: MTTR)
- NRX Pharmaceuticals (NASDAQ: NRXP)
- Adaptimmune Therapeutics (NASDAQ: ADAP)
