In this article, we take a closer look at 5 penny stocks gaining ground after releasing big news today. Thanks to even more stock market uncertainty, retail traders have turned attention to daily trends, and rightfully so. The last week has seen markets pop and drop significant percentages each day, suggesting that right now is more a stock picker’s market. This is likely one of the reasons why so many traders are actively trading right now instead of choosing certain penny stocks to invest in.
Even the most popular meme stocks like AMC Entertainment (NYSE: AMC) and GameStop (NYSE: GME) have fallen victim to this trend. Despite two days closing green, both of these former penny stocks have put in fresh lows for 2022. So what strategies are being used to find opportunities to make money daily? Start with headlines.
What are companies announcing, and what does it mean for the company? Thanks to the growing popularity of social platforms like Reddit and trading communities on brokerage platforms like Webull, word gets out quickly once news breaks. Let’s look at five that have turned heads in the stock market today, thanks to big news.
Penny Stocks To Watch Today
1. Capricor Therapeutics Inc. (NASDAQ:CAPR)
Capricor is a biotech company developing exosome and cell-based therapies for treating various diseases. Its lead drug, CAP-1002, is currently in clinical development to address Duchenne muscular dystrophy and the cytokine storm associated with COVID-19.
CAPR Stock News
This week, the company announced a partnership deal with Nippon Shinyaku Co., Ltd to commercialize and distribute CAP-1002 in the US. Capricor is responsible for conducting a HOPE-3 trial and manufacturing CAP-1002. Further, the company will receive an upfront payment of $30 million. According to the company, there’s also potential for additional milestone payments of up to $705 million.
CAPR Stock Forecast
The latest analyst coverage comes from HC Wainwright. The firm has a Buy rating on the penny stock and boosted its $9 target to $14 at the start of Q4, 2021.
2. Checkpoint Therapeutics Inc. (NASDAQ:CKPT)
Another biotech company, Checkpoint Therapeutics has, also gained early on Tuesday. The company specializes in targeted oncology and immunotherapy. Its lead candidate, cosibelimab, is developing for treating patients with advanced and metastatic cutaneous squamous cell carcinoma. In addition, the company’s CK-101 platform is being studied as a potential treatment for patients with EGFR mutation-positive non-small-cell lung cancer.
CKPT Stock News
Checkpoint announced positive topline results from its registration-enabling trial of cosibelimab this week. The study met its primary endpoint with a 47.4% objective response rate, and a planned Biologics License Application is on track for later this year.
“Upon approval, we intend to position cosibelimab at a lower price point than currently available PD-(L)1 therapies, which we hope will lead to meaningful market share in the U.S. and international markets around the world.”James F. Oliviero , President and Chief Executive Officer of Checkpoint
CKPT Stock Forecast
B. Riley analysts are the most recent to weigh in on CKPT stock. The firm started coverage with a Buy rating and an $18 price target.
3. Imara Inc. (NASDAQ:IMRA)
Sticking with this trend in biotech penny stocks, Imara has gained ground during premarket trading on Tuesday. The company’s pipeline focuses on patients suffering from rare hemoglobin disorders, among other things. Imara is advancing its IMR-687 (tovinontrine) as a disease-modifying treatment in clinical development for sickle cell disease, beta-thalassemia, and heart failure.
IMRA Stock News
This week the company announced that it received FDA clearance for heart failure. Imara said it now plans to begin a Phase 2 trial in the second quarter. It will evaluate tovinontrine in patients 45 years of age or older with persistent HFpEF symptoms.
IMRA Stock Forecast
HC Wainwright weighed in on IMRA stock last quarter. The firm started the company with a Buy rating and a $10 price target.
4. Aptorum Group Limited (NASDAQ:APM)
Clinical stage biotech company, Aptorum specializes in commercial treatment development targeting orphan cancers and infectious diseases. Its share price has been muted for the last several months amid higher selling pressure across the biotech sector, in general. However, new developments this year have breathed life back into the company’s stock.
APM Stock News
This month the company announced receipt of an Orphan Drug Designation from the FDA for its SACT-1treatment for patients with neuroblastoma. The company now plans on filing an Investigational New Drug application to being a phase 1b/2a trial this year.
“The granting of orphan drug designation for SACT-1 for the treatment of neuroblastoma is another important step forward in the development of our drug candidate and reflects both the FDA’s and Aptorum’s commitment to addressing the unmet clinical needs of patients with neuroblastoma.”Darren Lui, President and Executive Director of Aptorum Group
There hasn’t been any recent analyst coverage on APM stock.
5. Mind Medicine Inc. (NASDAQ:MNMD)
Shares of psychedelic company Mind Medicine have started climbing back this week. This comes after new attention zeroed in on the industry at large. MindMed develops biopharmaceuticals based on psychedelic-inspired therapies in treating different brain disorders.
MNMD Stock News
This week, the company announced that the FDA cleared its Investigational New Drug application allowing a Phase 2b trial of its MM-120 in treating generalized anxiety disorder. MindMed is now working with investigators and clinical sites to prepare for enrollment, expected to be early this year.
“With a clear regulatory path, we look forward to building on this momentum and advancing this trial as quickly and efficiently as possible, bringing us significantly closer to transforming the treatment landscape for patients who suffer from anxiety.”Robert Barrow, Chief Executive Officer and Director of MindMed.
MNMD Stock Forecast
HC Wainwright analysts are the latest to cover MNMD stock. The firm currently has a Buy rating paired with a $10 target.
Penny Stocks To Watch
When it comes to penny stocks, news can be a significant catalyst. Today we look at five companies with recent headlines driving momentum. After these latest announcements, which one of these penny stocks will be on your list?
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