Penny stocks are great tools to make money in the stock market. While they don’t come without risk, there are plenty of ways to ensure you find the top names to watch. One of the first steps is looking for specific catalysts. These could be anything from unusual trading activity to more formal catalysts like corporate filings or news. Today we look at several trending stocks to watch premarket that have released big updates. As traders, it’s up to you to decide whether this news is something that has lasting potential or if it’s just a one-day move best suited for day traders.
Best Penny Stocks To Buy? Start With A Watch List
Here’s a list of penny stocks to watch after releasing big news to start the week:
- Clovis Oncology (NASDAQ: CLVS)
- Mullen Automotive (NASDAQ: MULN)
- Quoin Pharmaceuticals (NASDAQ: QNRX)
- Amarin Corp. (NASDAQ: AMRN)
Considering all of the action in the stock market today, there seems to be pent-up demand for risk-on assets. However, in light of recent economic developments, that demand remains a bit more muted. Nevertheless, daily trends are critical for day traders and swing traders alike when it comes to penny stocks. Let’s see what’s moving some of these cheap stocks today.
Penny Stocks To Watch: Clovis Oncology (NASDAQ: CLVS)
Last week Clovis Oncology saw a strong pop into the weekend. Part of the move may have been a lead-up to this month’s American Society of Clinical Oncology Meeting. Numerous biotech companies have and are still set for presentations at the conference. Clovis is on Monday’s list and presents Monday morning.
CLVS Stock News
This wasn’t the only thing driving attention to the penny stock. Clovis also announced that the data it presents today would be from its current Phase 3 ATHENA trial of its Rubraca. Accordingly, the company also released details that showed Rubraca could significantly improve survival compared to a placebo in women with ovarian cancer.
With more details today, CLVS could be one of the penny stocks to watch this week.
Mullen Automotive (NASDAQ: MULN)
One of the recently popular penny stocks among retail traders is EV maker Mullen Automotive. The company’s stock has seen its share of volatility in the stock market. However, the latest trends have become more bullish than bearish. That’s because of several contributing factors, including speculation from unusual options activity and milestone updates.
In particular, Mullen announced results from a recent solid-state polymer battery test. The data showed that Mullen’s battery exceeded expectations. Furthermore, management appeared confident that its battery could deliver over 600 miles of range at scale on a full charge. These results were robust enough to turn heads in light of current EV offerings from companies like Lucid and Tesla.
MULN Stock News
Why is MULN stock moving today? Once again, the company has released a big update. Mullen reported that the penny stock would be added to the Russell 2000 and 3000 Indexes at the end of the month. David Michery, CEO and chairman of Mullen Automotive, explained, “I believe that our inclusion in the Russell Indexes will bring Mullen Automotive great visibility within the institutional investment community. This is an excellent milestone for our Company, which will provide increased liquidity and investor awareness.”
Since the actual inclusion date is June 27th, it will be interesting to see how MULN stock trades leading up to the event.
Penny Stocks To Watch: Quoin Pharmaceuticals (NASDAQ: QNRX)
Low float penny stocks are some of the most exciting to watch. That’s based on supply and demand dynamics, in general. Lower supply (IE. a lower float) and higher demand tend to offer a landscape where price spikes aren’t unlikely. In this case, Quoin Pharmaceuticals, with a float of less than 10 million, is on the list of penny stocks to watch with lower floats.
The biotech stock hasn’t been the most active. However, its orphan disease pipeline has become a more recent focus. Quoin specifically develops treatment candidates for Netherton Syndrome, Peeling Skin Syndrome, Palmoplantar Keratoderma, and Epidermolysis Bullosa, among others.
QNRX Stock News
This week Quoin announced receipt of FDA acceptance of its Investigational New Drug Application (NDA) for its QRX003 candidate. The treatment is designed to treat Netherton Syndrome, which affects skin, hair, and the immune system. Quoin licensed a formulation, Invisicare, from Skinvisible previously, and both companies have come into the spotlight today.
CEO of Skinvisible, Terry Howlett, commented, “With the IND approved, the clinical trial will be underway shortly. We look forward to assisting Quoin in their success and potential FDA approval as well as potentially bringing a treatment to patients suffering from Nethertons Syndrome.”
Amarin Corp. (NASDAQ: AMRN)
Last week we discussed Amarin Corp as its shares continue attempts to bounce back from a recent sell-off. The initial drop came after the company announced worse-than-expected earnings results and suspended its 2022 sales guidance. However, according to the company, new data from its VASCEPA platform is said to have “significant potential” to reduce major cardiovascular events and related costs.
Specifically, the cardiovascular disease management platform has attracted the attention of significant funds in more recent months. An amended 13D filing from Sarissa Capital Management earlier this month shows that there is still strong support for Amarin. In particular, the filing stated that Sarissa believes “the Shares continue to be significantly undervalued” and that it seeks a board position.
AMRN Stock News
This week, AMRN stock continues trading higher after another update. The company named a new CFO and simultaneously announced a comprehensive cost reduction plan to tackle its U.S. business market dynamics.
“We have completely reshaped our investment plan for the future. We have tremendous confidence in our multi-billion dollar revenue opportunity for VASCEPA/VAZKEPA globally, where we remain on track to launch in six markets and receive up to eight reimbursement decisions this year. These comprehensive actions will enable us to better serve patients while creating value for shareholders over the long-term,” explained CEO Karim Mikhail. AMRN stock has been on the watch list for some traders this month in light of these latest developments.
Best Penny Stocks To Buy Now
News is one specific aspect of trading that’s worth accounting for. Whether it’s good or bad and what the details are can determine the overall impact it has. Today we looked at a few penny stocks to watch after news hit the wires. Most have gotten a strong boost higher as far as premarket trading is concerned. The biggest question now is can the trend continue beyond Monday’s session, or will the excitement fade?