Best Penny Stocks to Buy Under $2? Check These 3 Out
Penny stocks and the entire stock market are making big moves today. This comes only a day after a very disappointing trading session. And if it seems confusing, it’s worth noting that this is the normal trajectory that penny stocks take.
When a correction occurs, it is usually followed by a spike in value as investors work to buy the dip. This is precisely the case of the past two days of trading. So, with plenty of penny stocks to buy today, which ones are most investors watching?
Well, the easiest answer would be to look at the largest gainers of the day. This is a great way to see which penny stocks are moving right now. But, this also means that you need to do your due diligence to decide whether or not it will keep moving or drop in value.
Additionally, we can look at the crypto market, to see that there is a lot of bullish sentiment there as well. At the time of writing, the Bitcoin price is up by around 10%, Doge price up by around 20%, and Ethereum up by around 18%. These are highly encouraging numbers and could reflect in penny stocks as well moving forward.[Read More] Best Penny Stocks to Invest in 2021? Here’s 3 To Check Out
So, considering today’s bullish market trajectory, we could see a resumption of positive sentiment with stocks moving forward. And while this could be a short-term spike, there’s no doubting that investors want to see the market go up.
Additionally, if we look at Robinhood penny stocks, we see even more bullish sentiment. This is due to the access and ease of use that Robinhood provides. Considering these factors, here are three penny stocks on Robinhood making big moves today.
3 Penny Stocks on Robinhood With Large Volume on Thursday
1. Advaxis Inc. (NASDAQ: ADXS)
Advaxis is a penny stock that we’ve covered multiple times in the past few weeks alone. For those who aren’t familiar, it is a clinical-stage biotech company working on commercializing Lm-based antigen delivery products.
This includes immunotherapies that utilize Listeria monocytogenes which are bioengineered to secrete antigens in the body. These work with T cell immunity, as well as stimulating the immune system to protect itself and eliminate tumors.
So, while ADXS stock has been on the rise in the past few weeks, another exciting announcement came out yesterday after hours. The announcement is the company’s presentation on updated clinical data regarding its Phase 1/2 trial of ADXS-503 at the American Society of Clinical Oncology 2021 Annual Meeting. The data showed that this compound was able to control the rate of disease at around 44% which is highly encouraging.
“We are encouraged by these updated results which continue to support the potential of ADXS-503 to enhance and/or restore sensitivity to checkpoint inhibitors. The clinical activity observed to date in this challenging patient population, combined with a favorable safety profile, suggests that ADXS-503 may be an important new off-the-shelf immunotherapy treatment option.”Ken Berlin, CEO of Advaxis Inc.
This is exciting news as presentations always are. And it shows that the company is working tirelessly to get this product off the ground. Considering this, will ADXS be on your penny stocks watchlist?
2. Tyme Technologies Inc. (NASDAQ: TYME)
One of the larger gainers of the day so far is Tyme Technologies Inc. By 10:45 AM EST, shares of TYME stock pushed up by around 14%, indicating solid bullish sentiment. While no company-specific news came out today, we can look at some older events that may help to explain this gain.
Big news struck a few months ago when the company announced a major registered direct offering worth around $100,000,000. This is always encouraging for biotech penny stocks, as it offers funding for the foreseeable future. And, it’s equally encouraging considering the work that Tyme Technologies is doing right now.
While it is primarily a company producing cancer treatments, recently it moved into the production of a therapy for Covid-19 known as TYME-19. This is a compound that utilizes the body’s immune system to produce bile acids that could have therapeutic indications.
Although Covid cases are dropping in the U.S., around the world the story is less positive. And many scientists believe that Covid could be a seasonal virus, much like the Flu. So, the need for viable Covid treatments and medicines could remain intact for some time.[Read More] 4 Crypto Penny Stocks to Watch With Bitcoin Below $40k
A few days ago, the company announced the appointment of a new CFO, Frank L. Porfido. Porfido brings with him more than 25 years of strategic financial leadership advice. Richie Cunningham, CEO of Tyme, states that “the appointment of our Chief Financial Officer is an important milestone for the Company as we are diligently working to finalize the strategic review of our pipeline development programs.” So, with all of this exciting news in mind, TYME stock could be worth taking a look at.
3. New Gold Inc. (NYSE: NGD)
Moving away from biotech for a moment, we see New Gold Inc., a mining penny stock, is making big moves today. While no big news was announced today for NGD, many investors are showing confidence in the future of the intermit gold mining company. In its most recent fiscal year, New Gold Inc. posted a loss of around $79 million.
However, some believe that the company could be on the right path to profitability. According to the 8 Canadian Metals and Mining Analysts, the company may post a final loss for the end of 2020, however, it could break even within the next 12 months. The same analysts state that the company could post a $122 million profit in 2021 which would be big news for the company.
So as you can see, a lot is riding on New Gold Inc.’s coming months. In its latest Q1 results for 2021, posted early in May, Renaud Adams, CEO of NGD, stated that “the first quarter saw Rainy River deliver to plan and I am proud of the progress New Afton has made as it continues to safely and sequentially ramp up operations.”
The company was hit hard by Covid restrictions on mining, but now it can begin to resume operations. Its revenue for the period came in at around 4165 million, which net earnings of $15 million. And, it ended the quarter in a very cash advantageous position with $435 million in liquidity. Considering all of this, New Gold Inc. looks like it could be a penny stock to watch if it can keep up the good work.
Which Penny Stocks Are You Watching in 2021?3 Penny Stocks To Buy According To Analysts; 100%-290% Price Targets
Considering corrections we’ve just witnessed, now could be a great time to find companies for your penny stocks watchlist. But, make sure that you do the proper research into each and every one. Considering all of this, which penny stocks are you watching in 2021?