If you’re looking for penny stocks to buy, you’ll want to have a game plan in mind before hitting the trade button. One thing to use is the daily market trends, which helps to figure out what’s actually driving momentum. In the stock market today, meme stocks are on high alert as AMC Entertainment’s (NYSE: AMC) preferred equity units (NYSE: APE) began trading today in a flurry of speculatively fueled volatility. Almost as soon as APE stock began trading, shares began halting.
While the preferred equity units figure out where they want to go, what this “event” has done is boost attention on cheap stocks. In this article, we look at a handful of trending penny stocks today and see what’s behind the moves so you can decide if they’re worthy of a position on your watch list this week.
Hot Penny Stocks To Watch
- LianBio (NASDAQ: LIAN)
- Neptune Wellness (NASDAQ: NEPT)
- AnPac Bio-Medical Science (NASDAQ: ANPC)
- Bright Minds Biosciences Inc. (NASDAQ: DRUG)
Best Penny Stocks to Buy Now?
Thanks to more volatility in the stock market today that has trickled down into all industries. Specifically, this list of penny stocks is made up of several hot biotech & wellness names gaining momentum in recent weeks. Several have seen massive insider trading, while others are moving thanks to other catalysts that we’ll look at.[Read More] Are These Penny Stocks on Your September Buy List?
LianBio (NASDAQ: LIAN)
The first name on this list has experienced more than $2 million of insider transactions within the last two trading sessions. One of the company’s 10% owners, Perceptive Advisors, snagged an additional purchase of nearly 1 million shares at an average price of $2.40. For those doing the math at home, that’s a value of more than $2.3 million made on August 18th.
What’s Going On With LIAN Stock?
Other than the insider activity, LianBio has several things going on that have boosted sentiment. Earlier this month the company announced that it completed enrollment in its Phase 3 EXPLORER-CN trial of its mavacamten. Conducted in healthy Chinese volunteers, the trial focuses on treating symptomatic obstructive hypertrophic cardiomyopathy.
CEO Yizhe Wang, Ph.D. explained that “We expect to report topline results in mid-2023 and, if positive, will use the data from EXPLORER-CN and our pharmacokinetics study in combination with the data generated in the global Phase 3 EXPLORER-HCM clinical trial to support a New Drug Application submission in China.”
Neptune Wellness (NASDAQ: NEPT)
Shares of Neptune Wellness have been on the list of penny stocks to watch this month. Last week we touched on NEPT stock after a company Tweet sparked momentum in the name.
Neptune’s Twitter account made a post on Thursday:
“Sprout products are now in 27,000 doors vs 18,500 doors a year-ago, with some of the newest doors expected to show up in Nielsen data soon, as we scale.
· Sales have outperformed Wal-Mart’s expectations by over 150%.
· Launching new Up Age heat and serve Mealz”
This helped boost things substantially, ultimately resulting in some profit-taking on Friday.
What’s Going On With LIAN Stock?
This week, shares of NEPT stock are back on the move. What is the catalyst? Another Tweet from the company has reignited momentum in the stock market today. Neptune Tweeted out:
“Sprout secured several distribution gains with leading retailers, including Target, Walmart, and major supermarket chains. And the largest national pharmacy chain in the United States in 5,000 of their 9,900 doors.
#Nept #sprout #stockmarket #trading #investing”
A similar response has come about thanks to this Tweet as traders hunt for some alpha with the overall stock market down today.
AnPac Bio-Medical Science (NASDAQ: ANPC)
The US and China-focused biotech company, AnPac Bio-Medical caught a strong surge of bullish trading momentum on one of its highest volume days in over a year. The company specializes in early cancer screening and detection.
The company recently appointed a co-CEO, Yuyang Cui. According to AnPac, Cui will help find and present potential business opportunities to the company and oversee capital markets strategy for the company. Other than that, not much has come about in the form of news or updates.
What’s Going On With ANPC Stock?
Even without news or filings, there could be some catalysts to keep in mind. One of these has to do with attention on China-related names. A recent string of IPOs has focused on companies with exposure to the country. Furthermore, with a float of fewer than 20 million shares, ANPC stock also falls into the low float penny stocks category. These are typically known for higher levels of volatility. Starting this week, AnPac has shown this as its share price popped to highs of $0.42 from a previous close of around 21 cents last week.
[Read More] How to Invest in Meme Penny Stocks in 2022
Bright Minds Biosciences Inc. (NASDAQ: DRUG)
Another one of the penny stocks we’ve discussed recently is Bright Minds Biosciences. The company gained momentum in the market as other neurological healthcare companies gained momentum. In particular, MindMed saw a boost in price after activist investors came to the table with a hopeful outlook on the company. In the article, Penny Stocks To Buy Now? 4 Biotech Stocks To Watch This Week, we highlighted how 20-year-old student and investors Jake Freeman and his uncle Dr. Scott Freeman, a former pharmaceutical executive, recently amassed an activist stake in MNMD stock.
As for Bright Minds, the company specializes in drug development, leveraging therapeutic aspects of psychedelics and serotonergic compounds.
What’s Going On With DRUG Stock?
Like some of the other names on this list, DRUG stock is also considered a low float stock. Having fewer than 10 million in the float, according to most outlets. With a general focus on momentum trading right now, Bright Minds could be one of the speculative bets being placed by retail traders in the stock market today.
Penny stocks may not be for everyone but if you know how to trade and handle risk, they can be well worth it. Over the last several months, day traders have prevailed over long-term investors while the stock market pulls back. With this week’s Jackson Hole meeting, there is certainly more wild action expected. With that in mind, it’s always important to make sure your trading strategy alligns with current market conditions. The ability to easily pivot from one trend to another and remain nimble can be a huge asset especially in times like these.