When it comes to penny stocks to buy, most are usually looking for day trading opportunities. That means time frames are shorter term, in general. If you’re new to trading cheap stocks, you might be thinking about investing in them because of their low price. But it’s also important to remember that just because they trade for pennies, it doesn’t mean they’re any less risky.

In fact, penny stocks are some of the highest-risk assets in the stock market today. Based on this, we’re looking at some of the top penny stocks today. Volume has spiked unusually higher, and most have made a significantly larger move compared to other trading sessions.

Top Penny Stocks Today

  1. Avadel Pharmaceuticals (NASDAQ: AVDL)
  2. Blacksky Technologies (NYSE: BKSY)
  3. BitNile Holdings (NYSEAMERICAN: NILE)
  4. Inovio Pharmaceuticals (NASDAQ: INO)
  5. Allarity Therapeutics (NASDAQ: ALLR)

Avadel Pharmaceuticals (NASDAQ: AVDL)

Shares of Avadel Pharmaceuticals took a big hit this month following some bad FDA news. The company disclosed that the FDA requested more information on its narcolepsy drug. Expectations have been pushed to June of next year as far as a formal FDA decision goes. This ultimately set a bearish tone in the short term.

Why Is AVDL Stock Moving Today?

Shares of AVDL stock popped on May 27th, with analysts coming to the rescue. Though most discounted their price targets, most left their ratings at Buy or the equivalent. Oppenheimer’s analysts went as far as saying that the recent drop was an overreaction to the disclosure. The firm currently has an Outperform rating on AVDL stock and lowered its price target from $16 to $13. Other firms, including HC Wainwright, SVB Leerin, and Jefferies, all have updated their targets, which now sit between $6 and $13.

penny stocks to buy Avadel Pharmaceuticals AVDL stock chart

Blacksky Technologies (NYSE: BKSY)

Earlier this week, we discussed Blacksky Technologies on a list of penny stocks to watch before the end of the week. Shares of BKSY stock have tipped the scales for retail traders as prices jumped over 100% since May 25. The company services government agencies and commercial businesses. In particular, it offers real-time intelligence solutions to its customers.

Why Is BKSY Stock Moving Today?

This week’s momentum has continued after news surfaced about a new government contract. Blacksky was awarded a 10-year electro-optical commercial layer contract with the U.S. government. Though no terms were disclosed, Brian O’Toole, BlackSky CEO, expanded on the opportunity. In a release this week, he said, “This contract is a pivotal moment in the expansion of the partnership between commercial space and the U.S. Government. We’re proud to be selected as a long-term trusted mission partner of the NRO.”

Penny Stocks To Buy Today? 3 To Watch With Price Targets Up To 1,152%

penny stocks to buy Blacksky Technologies BKSY stock chart


Several of the business segments that BitNile has involvement in are included in industries that have come under significant selling pressure this year. Everything from Bitcoin mining to electric vehicles, though “cutting edge,” hasn’t met the risk-off stance of the 2022 stock market. Needless to say, BitNile has continued its growth, as noted by recent earnings results.

Revenue grew nearly 150% compared to the prior fiscal quarter to $32.8 million. Cryptocurrency mining revenue also came in more robust, net of $3.5 million. BitNile leadership also explained that the “key investments in Bitcoin mining, data center operations, defense, electric vehicle chargers, power electronic businesses, hotels, and a lending and investment platform” present a “bright future” for the company.

Why Is NILE Stock Moving Today?

Other than the momentum stemming from earnings, insiders seem to have fueled the momentum in the stock market today. Chairman Milton Ault III reported the purchase of millions of shares of stock at average prices of around $0.31, according to his latest Form 4 filing.

penny stocks to buy BitNile NILE stock chart

Inovio Pharmaceuticals (NASDAQ: INO)

Biotch stocks have taken flight at the end of a volatile week in the markets. Inovio Pharmaceuticals has followed suit, thanks to new updates from the company. Inovio is developing a pipeline of DNA medicines targeting infectious diseases and people with cancer & HPV-associated diseases. Despite a sideways trend, INO stock woke up on Friday.

Why Is INO Stock Moving Today?

Inovio announced new survival data on its INO-5401 + INO-9012 combined with Libtayo in treating glioblastoma. Overall, the combination showed tolerability and immunogenic responses. Data from this study will also get presented at the American Society of Clinical Oncology in June. Given the initial positive results and the upcoming presentation, INO stock is on the penny stocks to watch list for traders right now.

penny stocks to buy Inovio Pharmaceuticals INO stock chart

Allarity Therapeutics (NASDAQ: ALLR)

Another biotech penny stock taking off today is Allarity Therapeutics. The company is developing oncology therapeutics for personalized cancer care. Its pipeline includes several personalized treatments, including multiple Phase 2 trial candidates. The company is anticipating a Type C meeting with the FDA later this year to talk about potential clinical paths in support of approving its dovitinib and its DRP Dovitinib companion diagnostic. Allarity’s CEO, Steve Carchedi, expanded on this in a March update saying, “With clarification from the FDA following our requested Type C meeting, we hope to have a clinical path forward with the goal of refiling our NDA and PMA once additional clinical data are in hand.”

5 Top Penny Stocks For Your Watch List In June 2022

Why Is ALLR Stock Moving Today?

Like AVDL stock, analyst ratings are helping drive momentum in the stock market today. Ladenburg Thalmann initiated coverage on Allarity with a Buy rating. The firm also slapped an $8 price target on the penny stock. Based on current trading levels, that sits more than 200% higher.

penny stocks to buy Allarity Therapeutics ALLR stock chart

Final Thoughts On Penny Stocks

Penny stocks are exciting to trade, and some are prime long-term candidates for savvy investors. No matter your outlook on these types of stocks, the goal to make money quickly or leverage small sums to benefit from significant price movements is usually the common focus. Some of these are top names among the retail audience today. The big question now is will these trends continue into June?

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  • The Beginner’s Handbook For Trading Penny Stocks
  • Penny Stock Alerts And Ideas
  • Learn To Trade Penny Stocks
  • Free Access to The Fastest Growing Highest Rated Trading Chatroom
Privacy Policy

Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | news@pennystocks.com

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