3 Penny Stocks to Watch Ahead of the Stock Market Open Today
After a less than stellar day of trading penny stocks on April 11th, investors have high hopes for today. In the past few weeks, anyone who has traded either penny stocks or blue chips is no stranger to volatility.
And the recent market moves show that these large price fluctuations are not going anywhere anytime soon. So as traders, it is our job to take advantage of these large price moves by understanding what is going on in the stock market. With that in mind, let’s take a look at what you need to know about trading penny stocks today.
What to Know About Trading Penny Stocks Today
On April 12th, stock futures pointed to a higher open despite new inflation data showing prices hit a new 40-year high. During morning trading, contracts for the S&P 500 and the Dow climbed by 0.7% and 130 points respectively. In addition, we saw big gainers like Cyclacel Pharmaceuticals Inc. (NASDAQ: CYCC) and Biodesix Inc. (NASDAQ: BDSX) take hold, among others.
Right now, there is a lot going on in the stock market. With new inflation data, tensions in Ukraine, rising interest rates and more, investors are on the edge of their seats. Considering that, let’s take a look at three penny stocks that are gaining during premarket trading.
3 Penny Stocks That Are Gaining During Premarket Trading
- Polarityte Inc. (NASDAQ: PTE)
- Biocardia Inc. (NASDAQ: BCDA)
- Lixte Biotechnology Holdings Inc. (NASDAQ: LIXT)
Polarityte Inc. (NASDAQ: PTE)
One of the biggest premarket gainers during trading is PTE stock. By early morning, shares of PTE had shot up by more than 50% to over $0.32 per share. While it’s tough to say why PTE stock is climbing right now, we are seeing a sizable amount of bullish momentum in the biotech industry.
Because there is no company-specific news, we can assume that this gain may be due to its prior days losses, however, it is uncertain. Only a day prior, we did see stock market enthusiast, Zack Morris, mention it on Twitter, stating, ‘$PTE $1”. While it remains unknown, there’s no doubting that PTE could be worth adding to your penny stocks watchlist.
Biocardia Inc. (NASDAQ: BCDA)
Another big premarket gainer is BCDA stock, which climbed by more than 28% during premarket trading. The big news for Biocardia came as the FDA approved its application for BCDA-04 for use in ARDS. It states that the IND will allow the company to see if the drug can treat acute respiratory distress as a result of Covid-19.
This is a big announcement for the company and comes at a time when we’ve also seen a slight uptick in Covid cases. So, while this will likely continue to play out over the next few weeks and months, there’s no doubting that it is an exciting update. Whether this makes BCDA worth adding to your list of penny stocks to buy however, is up to you.
Lixte Biotechnology Holdings Inc. (NASDAQ: LIXT)
The largest gainer of the day so far is LIXT stock. During early morning trading, shares of LIXT managed to explode by more than 150%. This is an incredible gain and one that brings LIXT stock from around $1.10 per share to more than $2.77 per share.
The big news from the company came as it announced preclinical results from its collaboration with the Netherlands Cancer Institute. In the results, the company posted large anti-cancer activity from combinations of its LB-100 drug. This is major news for it and investors alike and should help the company to continue moving forward in the coming months. With that in mind, will LIXT be on your buy list or not?
Can Penny Stocks Climb Today?
With so much going on in the stock market right now, finding the best penny stocks to buy can be challenging. However, because there is so much to keep track of, investors need to stay on their toes to see how to take advantage of current market conditions.
As a result of the high volatility, it can also be easy to lose money with penny stocks right now. So, with all of this in mind, which penny stocks are you watching in April?