Top Penny Stocks To Watch Right Now
Whether you’ve got your list of penny stocks to buy right now or just making a watch list, this week will definitely be one to remember. The major markets are selling off thanks to new COVID cases across the U.S. This has put a bit of a lid on the increasingly upbeat euphoria traders felt a few weeks ago with hopes of economic reopening. one thing that we need to keep in mind is that there are plenty of headwinds to fight against, this is true. But there are still opportunities to make money in the stock market today and thereafter.
The 11 days leading up to today were increasingly bullish. In fact, only 2 out of those 11 saw the stock market closing green for the day. Wednesday looks to extend that trend to a 12th day. Given the state of the market, it’s easy to simply cross your arms and do nothing.
However, the smart money bets are looking for opportunities right now. There’s a reason that an “oversold” indicator exists and that has everything to do with finding potentially bottomed out stocks. Do all penny stocks with oversold indicators rebound? No, and many end up continuing lower, still.
But when it comes to lower trading levels, many traders look at those as a “heads up” of sorts. The same can hold true for penny stocks that are in “overbought” territory as well. Does that mark the top? Again, not necessarily but it acts as a signal. So keep all of this in mind especially during times like right now. Though there aren’t hundreds of breakout penny stocks today, there are several that have turned heads to some extent. Are they on your watch list right now?
Penny Stocks To Watch: Mustang Bio Inc.
Despite the market experiencing a strong sell-off this week, there are pockets of stocks to watch. Many of which have been in the biotechnology space. Mustang Bio Inc. (MBIO Stock Report) is one of the biotech penny stocks to watch this week as it has made attempts at a bit of a recovering. Since reaching highs of over $4 in September, MBIO stock has been in a perpetual decline. The penny stock hit a low of $2.42 earlier in the week and that’s when things began turning around. On Wednesday, MBIO shares bounced back to highs of $2.84 with a bit more volume than it saw on Tuesday.
On Monday, the company announced initial Phase 1 data on its MB-105 in patients with a certain type of prostate cancer. Manuel Litchman, M.D., President and Chief Executive Officer of Mustang, said, “We are encouraged by the initial data presented by City of Hope from the ongoing Phase 1 trial of Mustang’s CAR T cell therapy MB-105. We see potential for this PSCA-targeted CAR T in the treatment of prostate cancer, as well as other difficult-to-treat solid tumor cancers.”
While this news was positive, it has taken a few days for the market to react. Furthermore, Mustang anticipates providing further data in the second half of next year. Considering how far of a drop MBIO stock has seen, will this finally mark a turn around on the chart?
Penny Stocks To Watch: Heat Biologics Inc.
Another one of the more active biotech penny stocks to watch on Wednesday was Heat. Biologics Inc. (HTBX Stock Report). Similar to Mustang, HTBX shares have been under pressure recently. The penny stock reached a high of $4.30 on July 21st and has been getting sold into ever since. On Wednesday, it hit early lows of $1.11 but promptly bounced right after. By the end of the day, HTBX stock had closed just shy of $1.20 on more than 5.9 million shares traded.
The company’s most recent focus has been on immune treatments. Heat’s gp96 combination platform therapy was in the spotlight recently after being issued a new US patent. it covers the compositions of matter that are part of this platform in combination with a T cell immune booster. The idea behind this combo is to boost immunity to potentially overcome an immunosuppressive tumor. The patent further adds to the company’s growing list of patents around its gp96 technology. Thanks to these milestones, analysts have also grown more bullish on the penny stock. A few weeks back, B. Riley initiated coverage on Heat giving it a Buy rating and a $4 price target.
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With cancer stocks taking a heavier focus in the stock market recently, HTBX could be on the list of penny stocks to watch. One of the key technical indicators to focus on, in this case, will be volume and the 50-day moving average on the HTBX stock chart. This level continues acting as a resistance point.
Penny Stocks To Watch: Aptinyx Inc.
Let’s stick with this trend of penny stocks and sell-offs. Aptinyx Inc. (APTX Stock Report) is another name that has fallen far from its recent high. Last week the company announced positive, statistically significant top-line data from a Phase 2 study. This was of its NYX-783 treatment for patients with PTSD. In light of the news, shares of APTX stock soared to a high of $6.47.
However, that was very fleeting and the penny stock dropped almost immediately after the initial gap up. Was it the data that was in question? In my opinion, it was more the follow-up announcement of a share offering that sent traders into sell-mode. Ultimately, the company closed this offering, which ended up being priced at $3 per share for gross proceeds of $48.3 million.
It’s important to understand that discounted share offerings can be dilutive. But they can also help when it comes to corporate growth. In light of this, the company plans to use net proceeds for the development of its pipeline treatments including NYX-783.
This week has been full of additionally bullish catalysts including an analyst Overweight rating on the stock, a $10 price target and big insider buying. Piper Sandler initiated its covering while Director Adam Koppel did the buying. After Tuesday’s close, a FORM 4 showed Koppel reporting the purchase of 3,333,333 shares at an average price of $3. Given this and the reversal in trend on Wednesday, will APTX be on your list of penny stocks to watch before next month?
Penny Stocks To Watch: BiondVax Pharmaceuticals
Similar to the other names on this list of penny stocks, BiondVax Pharmaceuticals (BVXV Stock Report) was slammed earlier this month. The move came after BiondVax reported topline results from its Phase 3 trial of the company’s universal flu vaccine candidate, M-001. As you might imagine, the reason it’s a penny stock is that the trial failed to meet efficacy endpoints. While some of these stocks dropped a few bucks, BVXV shared plummeted from nearly $40 to lows of $2.81.
However, as soon as the penny stock reached that low, BVXV stock began bouncing. Whether or not this is a dead cat bounce is obviously to be seen. However, right now, the biotech penny stock has managed to recover by about 30% so far.
In their October 22nd PR, Dr. Ron Babecoff, Founder, President, and Chief Executive Officer of BiondVax said, “Unfortunately, this study did not have the efficacy outcomes that we anticipated for M-001 on a standalone basis…We have developed expertise and IP in pursuit of our goals, and we retain a state-of-the-art manufacturing facility. Going forward, we will examine options to maximize the value of these assets.”
While this was a vague response to these data, it could be a point of speculation for traders looking for a reason to “bottom feed”. Which BVXV stock hit a new low Wednesday morning, it also was able to bounce back by as much as 49%.