One of the best parts about penny stocks is that there are so many of them right now. Similar to what we saw during the pandemic, hundreds of companies had fallen victim to the broad sector sell-offs this year. It hasn’t only been “start-ups” either. Plenty of household name companies are trading below the $5 threshold.

Taking OTC penny stocks out of the equation still leaves hundreds of Nasdaq and NYSE listed companies trading at low prices. As of June 9th’s premarket session, more than 1,700 companies are sitting at $5 or less. This is, by far, one of the most significant counts of cheap stocks available to traders in the stock market today.

What does this mean for investors? For starters, it will likely introduce plenty of them to this volatile world of penny stocks. Some of the most recognizable companies, many a part of multi-million dollar SPAC deals in 2021, are facing the music of the 2022 stock market crash. But there’s hope, at least for traders right now. Penny stocks have offered up some of the most considerable potential for short-term gains compared to most other asset classes. Today we look at a few that analysts have become bullish on. They’ve even gone as far as setting price targets of up to 675%.

Penny Stocks To Watch

  1. Wejo Group Limited (NASDAQ: WEJO)
  2. ContraFect Corp (NASDAQ: CFRX)
  3. Bluejay Diagnostics Inc. (NASDAQ: BJDX)

1. Wejo Group Limited (NASDAQ: WEJO) $5 Target

It’s not often you see penny stock companies mixing with market leaders. However, it isn’t entirely out of the question either. Wejo Group is in the spotlight this week for exactly that reason.

The cloud and software analytics company specializes in connected, autonomous, electric vehicle data and just extended collaboration with a well-known tech company. Microsoft (NASDAQ: MSFT) and Wejo will expand an existing deal with Microsoft Maps. The agreement aims to facilitate Microsoft’s ability to gain real-time insight from Wejo data and improve mapping capabilities overall.

While no financial specifics of the expansion were detailed in today’s update, traders have reacted bullishly during premarket trading. What’s more, WEJO stock will be joining the Russell 3000 Index on June 27th, which could be something traders are following right now.

[Read More] What to Know About Buying Penny Stocks on June 9th

WEJO Stock Forecast

What do analysts think about WEJO stock? Several firms are covering the penny stock. However, the latest rating from Baird puts a bullish outlook with an Outperform rating. There’s also a $5 target, which sits 123% higher than its closing price on June 8th.

penny stocks to buy now analyst forecast Wejo Group Limited WEJO stock chart

2. ContraFect Corp (NASDAQ: CFRX) $9 Target

The clinical-stage biotech company, ContraFect has gained significant momentum this year. Most of the focus has been on its pipeline candidates, namely its direct lytic agents (DLAs) development. In an update earlier this week, ContraFect announced vital presentations at the upcoming ASM Microbe 2022 Conference this weekend.

ContraFect presents two posters at the conference that cover its Breakthrough Therapy designated candidate, exebacase. The treatment is in a pivotal Phase 3 study right now. It has previously shown bactericidal activity against Staph aureus (MRSA).

Looking ahead, July could be an important month for the company. In its first-quarter update, CEO Roger Pomerantz, M.D., said, “We turn our attention to the interim futility analysis, which…will enable the Data Safety Monitoring Board, or DSMB, to assess the probability for exebacase to achieve superiority on the primary efficacy endpoint of the study. Once the data necessary for this analysis is collected, processed, and delivered to the DSMB, we will be informed of their recommendation regarding study continuation. We expect this to occur during the first week of July.”

If the response is positive, the company said it would move toward a potential Biologics License Application submission.

CFRX Stock Forecast

Several analyst firms are covering CFRX stock. The most recent update from SVB Leerink places an Outperform rating and a $9 target on the stock. Though this target is down from the previous $14 PT, it remains 130% higher than June 8th’s closing price.

penny stocks to buy now analyst forecast ContraFect Corp CFRX stock chart

3. Bluejay Diagnostics Inc. (NASDAQ: BJDX) $10 Target

Last on this list of penny stocks is one of Thursday’s high-flyers, Bluejay Diagnostics. Biotech stocks, in general, haven’t been in the best favor of the stock market this year. Look at the Nasdaq Biotech ETF (NASDAQ: IBB), and you’ll see what I’m talking about. The IBB dropped as much as 30% this year in the wake of the stock market crash.

Regardless, the trend hasn’t stopped short-term breakouts in different pockets of the sector. Bluejay Diagnostics caught a strong surge of momentum this week, thanks to milestone news. The company announced that the FDA agreed to consider its plan to pursue a De Novo submission for its Symphony IL-6 Test. This test is under development for near-patient testing to determine the proper care and monitoring processes.

Adding to the excitement were comments from CEO Neil Dey giving a rough timeline of a potential marketing application submission to the FDA. Dey said, “This confirms our belief that the Bluejay Symphony IL-6 Test has the potential to provide an innovative solution to the market. Bluejay continues to advance the Symphony IL-6 Test towards the Company’s anticipated marketing application with the FDA, expected by year-end 2022.”

BJDX Stock Forecast

What do analysts think about BJDX stock? If analysts at Dawson James are to be believed, there could be much more to look out for with this penny stock. That’s not only based on the firm’s Buy rating but also a price target 675% higher than Wednesday’s closing price. Dawson James has its target set at $10 right now.

penny stocks to buy now analyst forecast Bluejay Diagnostics BJDX stock chart

Best Penny Stocks To Buy

Analyst ratings can be great to use as part of your overall due diligence process. However, they shouldn’t be the only tool to use. News, filings, and even retail sentiment can play a large part in different stock market trends. For that reason, it’s important to dive deeper and then determine if certain stocks should earn a place on your watch list or not. Today we looked at 3 with optimistic outlooks from analysts. Will they become the next round of top penny stocks to buy in June, or did analysts miss the mark? Let us know in the comments section.

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