If you’re looking for penny stocks to buy, you’re not alone. But with the latest global unrest sparking massive volatility in the stock market, it’s easier said than done. Identifying clear trends has been tougher, thanks to these wild swings. However, it isn’t impossible to find ways to make money with penny stocks. You need to know where to look at. Today, believe it or not, biotech may be the place right now.
Nasdaq Biotech Penny Stocks To Watch
- Humanigen Inc. (NASDAQ: HGEN)
- Kala Pharmaceuticals Inc. (NASDAQ: KALA)
- Arcadia Biosciences Inc. (NASDAQ: RKDA)
- Altamira Therapeutics (NASDAQ: CYTO)
Best Penny Stocks To Buy
Why mention “Nasdaq penny stocks” specifically? It doesn’t seem like a typical search term used by traders. But it has some relevance, especially right now. Thanks to the surge of new traders entering the market since the pandemic, mobile apps have become a favored platform for buying and selling stocks. There’s just one “small” problem.
Many of these apps restrict access to OTC-listed stocks. Generally speaking, this is an exchange that is typically referenced when discussing penny stocks. So if you’re using one of the popular apps, what can you do? The solution is to search for stocks under $5 trading on major exchanges like the NYSE and, you guessed it, the NASDAQ. Today we look at a handful of names to follow as several small-cap biotech penny stocks trade higher.
1. Humanigen Inc. (NASDAQ: HGEN)
Another one of the Nasdaq penny stocks to watch this week was Humanigen. The company focuses on treating “cytokine storm,” an immune response experienced by patients undergoing oncology treatments. However, COVID is once again on the radar for those looking at HGEN stock right now.
Its lead drug candidate, lenzilumab (LENZR), is being developed as a variant-agnostic treatment for the virus. According to CEO Cameron Durrant, the company made “significant progress” in developing the platform over the last year and completed a Phase 3 study in COVID-19. According to its last update, the FDA guided that if its recent Phase 2/3 ACTIVE-5/BET-B trial is successful, it can include results from that trial in an amended Emergency Use Authorization submission for lenzilumab in treating COVID-19 patients. The trial completed enrollment and is sponsored by the National Institute of Allergy and Infectious Diseases. Topline results are expected this year.
In addition to the company’s milestones, Humanigen has experienced some interesting options activities. In particular, if you look at the May 20, 2022 expiration, Call open interest is much higher compared to the Put options. The largest O/I sits with the $2.50 strike showing more than 13,000 contracts.
2. Kala Pharmaceuticals Inc. (NASDAQ: KALA)
If you’ve read our last few days of content, Kala Pharmaceuticals might be familiar to you. The company has set its sights on expanded access for eye disease treatments (no pun intended). EYSUVIS is commercially available and FDA-approved for treating dry-eye disease. The latest news has the treatment gaining ground with insurance providers.
In particular, United Healthcare added coverage for EYSUVIS with 13 million lives. The company has also gained approval from Cigan Medicare, which added the treatment as a preferred brand last month.
Todd Bazemore, President and Chief Operating Officer of Kala Pharmaceuticals, “We look forward to continuing to engage with other commercial and Medicare Part D health plans as we execute on our goal of providing broad market access to EYSUVIS for eye care professionals and their patients.”
The EYSUVIS platform is now available with ExpressScripts, Prime Therapeutics, and Cigna. Analysts have also echoed a bullish sentiment recently as KALA stock continues climbing. HC Wainwright currently has a Buy rating and a $9 target.
3. Arcadia Biosciences Inc. (NASDAQ: RKDA)
Shares of Arcadia Biosciences are again on the move, further extending gains for the month. The company has gained much more interest in March thanks to the latest milestones reached by the company. These include naming a new CEO and circulation of a new document from the World Intellectual Property Organization.
It’s worth noting that Arcadia is a differing kind of “bio” technology company. It specializes in developing health and wellness products. With the conflict in Ukraine, Russia’s sanctions are putting walls up for international trade, and everything from energy to food is experiencing volatility. Arcadia’s recent series of patent events has put particular interest on grain products related to the company. Earlier this year, it was granted a Notice of Allowance for a US Patent titled “Wheat Having Resistance to Glyphosate Due to Alterations in 5-Enol-Pyruvylshikimate-3 Phosphate Synthase.”
This week a PatentScope document was published for the company’s “Methods of Increasing Fiber In A Wheat Grain.” Thanks to the growing interest in the company, it might not be surprising knowing that analysts are also bullish right now. In particular, HC Wainwright has RKDA stock at a Buy along with a $6 price target. Meanwhile, options flow shows more significant open interest for the March 18, 2022, $2.50 Calls. As of this article, that figure is more than 6,700 contracts.
4. Altamira Therapeutics (NASDAQ: CYTO)
While headlines remain fixated on the Russia-Ukraine conflict, remnants of the pandemic still linger. There is still attention being placed on COVID treatment & prevention. Altamira’s latest news headlines suggest that optimism is alive and well for companies still developing potential therapies.
According to this week’s update, its Bentrio nasal spray showed positive in vitro efficacy data. The drug-free nasal spray is used to protect against airborne viruses and allergens. Thomas Meyer, Altamira Therapeutic’s founder, Chairman, and CEO, explained that the data “provide further confirmation that Bentrio appears to be effective across virus variants, suggesting broad applicability. We are pleased that Bentrio achieved very encouraging results, not only against the particularly infectious Delta variant but also against the highly transmissible Omicron variant.”
What’s more, low float penny stocks are gaining plenty of attention this month due to their potential for big moves. With fewer than 15 million shares outstanding, CYTO stock could also fall into this category. Importantly, if you are, searching for these elusive “low float penny stocks,” understand that volatility can play a role on both sides of the coin, bullish and bearish.
Are Penny Stocks Worth It?
We discuss speculation a lot on PennyStocks.com. In most cases, lower-priced stocks inherently have more volatility due to what traders expect in the future. Broader sector trends that trickle down to small-caps can add to this volatility in multiple ways. The most significant factor is which side of that market movement you’re on. Are penny stocks worth it? They can be incredibly profitable with the right tools and education if you know how to trade.
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