Hot Current & Former Penny Stocks To Watch Right Now

Is it crazy to think that investing in penny stocks is worth it? Based on mainstream sentiment, these cheap stocks are “built for speed.” But when it comes to a buy and hold strategy, your average trader says to stay far away. Is that the right way of thinking? It may have been a few years ago before the pandemic. But thanks to a global shutdown in 2020, millions flocked to the stock market for money-making opportunities.

In doing so, the move actually created a massive pool of investment dollars, which has actually had a meaningful impact on the market. GameStop (NYSE:GME), for instance, is one of the favorites among Reddit traders. The historic January short squeeze spoke to the fact that retail traders aren’t the “dumb money” that Wall Street’s heavyweights previously assumed. In fact, GME stock exemplified exactly what is possible investing in penny stocks the right way.

[Read More]Trading Penny Stocks? 3 Biotech Stocks To Watch Before June 2021

But GME isn’t a penny stock…today. This is true. However, look back less than a year ago, and you’ll see that shares of this “SuperStonk” were trading below $4 a share. Based on the definition of penny stocks, GME fell under the $5 threshold outlined by that iteration of the term. Fast-forward a few months, and shares of GME stock are trading north of $200 this month. Furthermore, the former Reddit penny stock managed to reach all-time highs of $483 at one point this year.

Hot Penny Stocks To Watch Right Now

This wasn’t an outlier either. Countless “former” penny stocks also surged to new heights. You can check out some of our articles on Reddit penny stocks that broke out big right on PennyStocks.com. The point of this is that not all penny stocks are short-lived movers. Many actually possess a longer-term potential, and a lot of that comes down to a solid mix of market momentum and corporate development.

While attention remains on GME stock and even rumors of a GME NFT, which has sparked more interest, other names have also started trending in the stock market today. The industries range from biotech to cannabis, then you’ve got blockchain and even NFT stocks.

Retail traders have their “run of the mill” right now. With plenty of factors to consider in determining the best penny stocks to buy right now, here’s a quick list of names traders have begun watching. Now you can decide if they’re the best current and former penny stocks to add to your list before June 2021.

Former Penny Stocks To Watch: GT Biopharma Inc. (NASDAQ: GTBP)

GT Biopharma has shown strength in the stock market this year. Not only that but some of our readers may remember the company from last year before it uplisted to the NASDAQ. Shares were trading around $2 as the company continued adding more patients to its Phase 1/2 trial for its lead therapeutic TriKE candidate GTB-3550. The target patient group included those with acute myeloid leukemia and myelodysplastic syndromes.

Jumping ahead to 2021 and the escalation study reported meaningful preliminary results and no adverse events even at higher dosing levels. So far, results have been observed in 10 of the current patients in the trial. Dr. Jeffrey S. Miller, the company’s Chief Scientific Officer, explained on a conference call last week that there is now an 11th patient in the study, but no current data was available at the time.

On the call (playback call can be accessed by clicking here & using Replay Access Code: 10156826), Miller explained how these early data were somewhat unexpected based on there still being no adverse events so far. He further emphasized the potential of the company’s TriKE treatment technology being a core reason that this may have been the case.

Based on this, GT Biopharma has continued advancing the treatment indications for TriKE candidates. GT Biopharma’s other solid tumor TriKEs will target cancers expressing HER2 (GTB-6550), PD-L1 (GTB-4550), and B7H3 (GTB-5550). Multiple cancer treatments will be evaluated in indications that include breast, lung, gastric, colorectal, and ovarian. With this as the current backdrop in the stock market, analysts have also gotten strongly behind the company. Roth Capital, B. Riley, and HC Wainwright all have a Buy rating on the company and price targets ranging from $21 to $25 for the former penny stock.

best penny stocks to watch GT Biopharma Inc. GTBP stock chart

Tilray Inc. (NASDAQ: TLRY)

Another one of the former penny stocks to watch right now is Tilray. It’s become one of the more heavily discussed marijuana stocks this year. This came after its proposed and then closed deal to acquire Aphria (F/k/a APHA). In doing so, Tilray gained a much larger market share. The “new” Tilray is expected to generate roughly $81 million in annual pre-tax cost synergies in the next 18 months.

Tilray has a storied past among traders. But, like GME stocks, Tilray has benefitted from mounting interest in the “meme stock” community. Redditors placed their bets on the former marijuana penny stock earlier this year. The momentum would ultimately carry TLRY to highs of $67 before shares plummetted back to earth shortly after. Needless to say, with growing interest (no pun intended) in marijuana stocks recently, the Tilray and Aphria merger has helped place a brighter spotlight on the company.

This comes at a time where Tilray is planning on expanding its global footprint. Earlier this year, the company outlined its plans to pursue an international growth strategy, including enhancing its distribution network in Germany and building out production facilities in Portugal.

The beginning of June could be a busy one for the company and possibly the market. Tilray management is set to participate in the Jefferies Healthcare and Stifel Cross Sector Insight Conferences on June 1st and 8th respectively. Furthermore, even though TLRY stock has pulled back from its 2021 high, it’s still trading considerably higher than the $4.41 it was sitting at last September. Given the overal trend since then, it could be one of the marijuana stocks to watch heading into June.

best penny stocks to watch Tilray Inc. TLRY stock chart

Penny Stocks To Watch: Asensus Surgical Inc. (NYSE: ASXC)

Similar to Tilray, Asensus Surgical experienced a big move earlier this year. It has since pulled back significantly during the months to follow. The company’s shares rallied from just $0.68 at the start of 2021 to highs of $6.95by early February. What caused the downturn in the penny stock? Bad earnings and an upsized share offering at a discount to the market at the time added pressure. Ultimately, shares would pull back to around the $1.40 level. This was also a level that lined up with the 200-day moving average on the ASXC stock chart. Since then, this has remained a consistent level for the penny stock to bounce off of.

One of the points of interest for traders is the progress being made with the company’s enhance Surgical system. This system allows surgeons to control and reduce surgical variability during minimally invasive robotic surgery. Asensus expects to achieve several milestones during the second half of 2021. These include filing for FDA 501(k) clearance for the next wave of Intelligent Surgical Unit features & plans to install 10-12 Senhance Surgical Systems.

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This week, analysts at H.C Wainwright helped give ASXC stock a boost. The firm initiated coverage on Asensus with a Buy rating. There’s also a price target of $4 right now from H.C. analyst. With this latest rating, ASXC rallied higher. On May 26th, it tested the 50-day moving average for the first time since March. With recent and upcoming potential milestones, Asensus could be one of the companies to watch as the second half of the year begins.

best penny stocks to watch Asensus Surgical Inc. ASXC stock chart

Are Penny Stocks Worth It?

This is a question I asked at the start of this article. If you’re wondering if penny stocks are worth the risk, a lot of that comes down to how you handle volatility. Cheap stocks aren’t for everyone. But since there can be so much money made from smaller moves in the market, they’ve become a bigger focus in the stock market in 2021.

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Pursuant to an agreement between Midam Ventures LLC and GT Biopharma (GTBP) Midam has been paid $150,000 for a period from March 1, 2021, to April 1, 2021. This compensation is payment 1 of 12 as part of a 12-month agreement between Midam Ventures LLC & GT Biopharma (GTBP), for a period from March 1, 2021, to February 28, 2022. Midam Ventures LLC expects to be paid $150,000 per month for a total of 12 months by GT Biopharma (GTBP). Midam has been paid an additional $150,000 for a period from April 2, 2021, to May 1, 2021. This compensation is payment 2 of 12 as part of the Agreement. Midam has been paid an additional $150,000 for a period from May 2, 2021, to June 1, 2021. This compensation is payment 3 of 12 as part of the Agreement. We may buy or sell additional shares of GT Biopharma (GTBP) in the open market at any time, including before, during, or after the Website and Information, to provide public dissemination of favorable Information about GT Biopharma (GTBP).

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