Top Penny Stocks To Buy
Penny stocks are defined as shares of companies that trade for less than $5. But when you look at the “real” penny stocks, many traders will tell you to look for stocks trading for pennies. Today, we look at a handful of penny stocks to buy for under 99 cents. These tend to be incredibly volatile, and for good reasons.
All other things aside, when it comes to small moves in these cheap stocks, even 5 cents can equate to a meaningful percentage change in value. For this reason, if you’re looking for top penny stocks to buy in this niche, make sure you understand how to trade stocks with a higher-than-normal risk profile.
Penny Stocks Under $1 To Watch This Week
Here’s a list of penny stocks under $1 to watch this week:
- VistaGen Therapeutics Inc. (NASDAQ: VTGN)
- Ensysce Biosciences Inc. (NASDAQ: ENSC)
- MindMed Inc. (NASDAQ: MNMD)
Finding Penny Stocks To Add To Your Watch List
If you’re making a list of penny stocks to watch, make sure you know what you’re looking for. Stocks under $1 can be some of the fastest-moving names in the stock market today. So if a “calm” way to invest in penny stocks is the theme of your list, you might want to readjust a few things (insert lol emoji here). Needless to say, here are a few of the more popular penny stocks under $1 traders are watching right now.
1. VistaGen Therapeutics Inc. (NASDAQ: VTGN)
Sitting pretty at less than 20 cents, VistaGen has made attempts at recovering from a massive sell-off in July. The company’s topline data from a Phase 3 trial of its PH94B platform was inconsistent with previously positive Phase 2 data. This sent VTGN stock dropping like a rock.
Since then, the market has tried to make sense of the results and determine what’s next for the biotech company. Shawn Singh, Chief Executive Officer of VistaGen , elaborated on this in recent earnings saying, “While we examine the results of our PALISADE-1 Phase 3 study in social anxiety disorder, we have paused enrollment in our PALISADE-2 Phase 3 study and have engaged an independent biostatistician to conduct an interim analysis of data collected to date. We then plan to meet with the FDA to pursue a consensus path forward for further Phase 3 development of PH94B in social anxiety disorder.”
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With the stock popping mid-week, it will be interesting to see if VTGN stock remains a hot-ticket item among those looking for stocks under $1.
2. Ensysce Biosciences Inc. (NASDAQ: ENSC)
Another one of the biotech penny stocks to watch this week is Ensysce Biosciences. The company’s shares spiked at the start of the month following a test of new 52-week lows.
A business update earlier this month has helped ease some concerns. Dr. Lynn Kirkpatrick, Chief Executive Officer of Ensysce, said, “With a recently completed $8 million financing, we are well positioned to advance our clinical trials. We also just announced that we achieved our stated milestone of positive bioequivalence (BE) study data from trial PF614-102 of our novel ‘TAAP’ opioid PF614. This study provides significant evidence of the progress we have made towards seeking to bring to market an important therapeutic option for pain management. Ultimately, the advances in our PF614 clinical development are the building blocks that enable our platforms to fully support our mission of developing a unique pipeline of safer pain products and helping millions who experience severe pain.”
This vote of confidence, paired with this week’s corporate conference call, has helped boost sentiment in the stock market this week. ENSC popped on Wednesday, prompting attention on the sub $1 stock.
3. MindMed Inc. (NASDAQ: MNMD)
Psychedelic stocks have been hit or miss, but the last few weeks have picked up momentum for the bulk of a few hot names within the sector. MindMed is one of these companies, and you’ll see that trading volumes have picked up since the second week of the month.
Like marijuana stocks, psychedelics have slipped out of favor for most of the year. A mostly risk-off stance to investing has placed these niches on the sidelines, for the most part. But this week is a bit different, and companies like MindMed have gained some attention.
Recently the company painted a picture of a turnaround strategy. This includes proposals for cutting cash burn and eliminating an at-the-money equity offering, as suggestions were brought to light by company co-founder Dr. Scott Freemen’s FCM Holdings.
“FCM believes MindMed has underperformed—operationally, financially, and strategically—as a direct result of management’s lack of focus on its core drugs: MM-110 (18-MC) and MM-120 (LSD). FCM contends that MindMed can bring MM-120 to market in four years rather than seven to eight years by re-classifying MindMed’s Phase IIb study on MM-120 to a Phase III study.”
Following this, MNMD stock has managed to put in a new high for August this week. MNMD stock has maintained a slight uptrend but remained below the $1 threshold.
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