One of the first catalysts to look for when trading penny stocks is news. Company headlines are some of the most prominent and easily accessible pieces of information. In most cases, sporadic moves in the market can be associated with significant updates from companies. Think of it as the first line of communication between management and the retail trading public. Today we look at a few penny stocks with news that have experienced explosive moves during premarket hours on Friday. The biggest question now is will these updates be enough to fuel a move beyond today.

Penny Stocks To Watch

hot penny stocks to watch this week

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Does penny stock news have a bearing on your trading strategy? That will depend on your timeline and your plan. In many cases, news catalysts can be more short-term in nature as far as market momentum is concerned. It’s important to realize that’s because when it comes time to formulate a trading plan, the time horizon of your trade will come into question.

Will the news spark a sell-off? Can bullish updates fuel a continuation in an uptrend, or will traders take advantage of the higher price and take a profit? These are great questions to answer, especially when it comes to penny stocks. In this list, we’ll go over some of the recent events, and then you can decide for yourself.

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Penny Stocks To Watch: Society Pass Incorporated (NASDAQ: SOPA)

Shares of Society Pass have steadily climbed during the second half of May and into the first week of June. Thanks to reports of solid revenue growth for its first quarter and positive expectations for the year, SOPA stock has turned heads this quarter.

The company specializes in loyalty and eCommerce platform technologies in Southeast Asia. Society Pass focuses on user data analysis to offer loyalty rewards and connect consumers and merchants, having amassed over 1.6 million registered consumers and more than 5,500 merchants.

SOPA Stock News

SOPA stock made an early move in the stock market today on the back of a new update. Society Pass announced the acquisition of Singapore-based Gorilla Networks. The company is a web3 and blockchain technology operator targeting the mobile side of virtual networks. Gorilla offers contract-free mobile services as non-fungible tokens (NFTs). One of the unique parts of its platform is that users can convert unused data into digital assets.

Dennis Nguyen, Society Pass CEO, expanded on the opportunity that Gorilla presents to the company.

“Gorilla’s technology platform aligns well with our acquisition strategy as we incorporate Gorilla’s blockchain and Web3 capabilities into the SoPa ecosystem and enable the new meta-economy for all our portfolio companies. From our Leflair lifestyle e-commerce platform to our Pushkart/Handycart F&B delivery services, as we roll out the Society Pass loyalty platform in the coming months, we leverage Gorilla’s technology to drive customer retention for merchants and create innovative revenue models for our ecosystem.”

Applied Therapeutics Inc. (NASDAQ: APLT)

Another one of the penny stocks to watch is Applied Therapeutics. The biotech company is developing drug candidates in indications for high unmet needs. This includes diseases like galactosemia, for instance. It is a rare hereditary disorder of carbohydrate metabolism that targets the body’s ability to convert galactose to glucose. It’s also the point of interest for traders in the stock market today.

APLT Stock News

Applied Therapeutics announced the designation of its AT-007 (gavorestat) as an orphan medicinal product by the European Medicines Agency (EMA). This designation was for the treatment of Galactosemia.

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Shoshana Shendelman, Ph.D., Founder, and CEO of Applied Therapeutics. “Orphan designation for AT-007 marks an important step towards advancing our regulatory initiatives in Europe. We plan to meet with the EMA in the third quarter to discuss a potential MAA submission in Europe for conditional approval based on available biomarker data or for full approval based on expected clinical outcomes data.”

Penny Stocks To Watch: Exela Technologies Inc. (NASDAQ: XELA)

One of the most active penny stocks under $1 this month has been Exela Technologies. While this activity hasn’t necessarily translated into huge price moves, its range-bound trend has seen 5-cent bounces, which, at this price, are good for 20% or more. This year, the business process automation company faces a similar trend as the overall markets, pulling back to new lows. However, the latest headline seems to have fueled some momentum, at least in the short term.

XELA Stock News

This week, Exela Technologies announced a new customer win. According to the press release, this is worth over $18 million during a 3-year timeframe. Specifically, the contracts will involve Exela’s Exchange for Bills and Payments. This is its platform blending payment processing, workflow, and digital mailroom technologies the company provides.

“These new wins demonstrate the flexibility and potential that XBP offers customers. Additionally, we have a pipeline of new opportunities that we are pursuing that leverage the strength of the XBP platform,” noted Lakshmi Narayanan Chandramohan, SVP and Business Manager – Exchange for Bills and Payments.

Amarin Corporation plc (NASDAQ: AMRN)

The pharmaceutical company Amarin Corporation saw an early move in the stock market today. The company’s cardiovascular disease management platform has attracted the attention of significant funds in more recent months. That will be an essential topic to remember later in this section.

One of the reasons why there’s been growing interest is that AMRN stock imploded earlier this quarter. The drop came after the company announced worse-than-expected earnings results and suspended its 2022 sales guidance. Nevertheless, that hasn’t put a pause on its development prospects.

To this point, in May, the company presented research on the potential impact and cost-effectiveness of its VASCEPA platform. Amarin detailed the “significant potential” to reduce major cardiovascular events and related costs.

AMRN Stock News

This week’s “news” isn’t found on its press wires. You’ve got to look at the filings. In this case, an amended 13D filing from Sarissa Capital Management shows that it intends to seek representation on Amarin’s board. Specifically, the filing states that Sarissa believes “the Shares continue to be significantly undervalued.”

Against this backdrop, AMRN stock jumped on Friday.

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