Are These Penny Stocks Worth Buying With AMC Stock
By midday, a rally with meme stocks including AMC stock and GME stock, helped to shed light on penny stocks. At 10:30 AM EST shares of AMC Entertainment Holdings Inc. (NYSE: AMC) and GameStop Corp. (NYSE: GME) were up by over 9% and 14% respectively. This brings AMC’s five-day gain to over 20% and GME’s to over 35%. This is a big deal as these two stocks were some of the earliest meme stocks to spark the retail trader movement.
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If you’re unfamiliar, at the beginning of the year, a group of traders came together to fight back against a large institutional short position held for GME stock. This caused shares to rocket higher over the course of a few trading days. Shortly after, a similar situation occurred with AMC stock, and thus, the meme stock revolution was born. So now, we see this happen regularly with penny stocks and blue chips of all shapes and sizes.
One thing to understand if it wasn’t already clear is that meme stocks are highly volatile. This means that prices are likely to change regularly with little to no notice. While this can present an opportunity to make money with penny stocks, it can also lead to quick losses. So, understand what you’re looking at and have a thought-out trading strategy. With that in mind, let’s take a look at three penny stocks to watch as AMC stock and GME stock go to the moon.
3 Penny Stocks to Watch With Meme Stocks Going to the Moon
- Allena Pharmaceuticals Inc. (NASDAQ: ALNA)
- Petros Pharmaceuticals Inc. (NASDAQ: PTPI)
- Uranium Energy Corp. (NYSE: UEC)
Allena Pharmaceuticals Inc. (NASDAQ: ALNA)
One of the bigger gainers of the day is ALNA stock, pushing up by over 23% at midday. While many large gains like this occur without news, Allena made a big announcement at midday. But before we get into it, let’s talk about what Allena does. As its name suggests, Allena is a biopharmaceutical company working on its groundbreaking biologics platform. It uses this to create oral enzyme therapeutics to treat metabolic diseases.
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This includes its leading product candidate, reloxaliase, which is in Phase 3 trials to treat enteric hyperoxaluria. In its pipeline are other compounds such as ALLN-346 for the treatment of hyperuricemia. Today, the company announced that it received Fast Track Designation for its ALLN-346 compound. This is a major deal as is the case with any FDA-related update.
“We are delighted to have received Fast Track Designation for ALLN-346. ALLN-346 has a novel mechanism of action for this indication as it is designed to exert its effect in the intestinal tract, leading us to believe that this oral biologic may represent a meaningful new approach to treat gout patients with advanced chronic kidney disease, if approved.”
The CMO of Allena, David J. Clark, M.D.
The announcement made today is more than likely the reason for ALNA stock’s major gain on November 3rd. So, with that in mind, does it deserve a spot on your penny stocks watchlist?
Petros Pharmaceuticals Inc. (NASDAQ: PTPI)
The biggest gainer of the day so far is PTPI stock, which climbed by over 90% at midday. Again, we see a clear reason for this gain in the form of an announcement made during premarket today. At 9:15 AM EST, the company stated that through its marketing agreement with Hims and Hers Inc., it has generated 476% in YoY growth with its STENDRA tablet sales.
“Our continued relationship with Hims supports an industry-leading telehealth platform that allows individuals to inquire about and address erectile dysfunction with discretion and by way of a convenient method of healthcare engagement.
With significant growth year-over-year of STENDRA tablet sales through Hims, we are excited to expand our collaboration with Hims and enhance access to STENDRA through this critical channel.”
The President and Chief Commercial Officer of Petros, Fady Boxtor,
STENDRA is currently an FDA-approved compound, and the company states the only 25% of men with erectile disfunction, are using medical interventions. This means that there could be a large market share left to capture for the company. Considering this big announcement and the company’s major momentum, is it worth adding to your list of penny stocks to buy?
Uranium Energy Corp. (NYSE: UEC)
Another big mover so far today is Uranium Energy Corp., pushing up by over 7% during midday trading on November 3rd. We’ve been covering UEC for quite some time now, and in the past month, shares have climbed by more than 40% with a YTD and one-year gain of over 130% and 370% respectively.
These are very sizable gains and they reflect the recent and current state of the uranium industry. Around a week ago, the company filed its annual report, touching on several aspects of its business. In the report, the company posted $235 million in cash and liquid assets. Additionally, it states that it grew its physical warehoused uranium portfolio to 4.1 million pounds at an average cost of $32 per pound. And, the company managed to reduce its debt by more than $8 million to $10 million.
Lastly, it stated that it launched a new initiative based on ESG (environmental, social, governance) principles, in order to benefit the future of the company. Right now, energy penny stocks are heating up. And, because uranium is one of the most efficient sources of renewable energy, many investors are betting on its long-term future. Whether this makes UEC stock worth buying or not is up to you.
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Are These Penny Stocks Worth Buying Following GME And AMC’s Rise?
Finding valuable penny stocks to buy is all about knowing where to look. While it can be challenging given the sheer amount of factors impacting the stock market right now, it is nowhere near impossible.
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And with the right research on hand and a commitment to a well-thought-out investing strategy, making money with penny stocks can be completely doable. With all of that in mind, do you think that these penny stocks are worth buying or not?
