Which penny stocks are at the top of your list today? If you’ve seen some of the biggest gapping stocks of the day, you’ll see several that we’ve discussed right here on PennyStocks.com have exploded over the last few sessions. Companies like Bright Minds Biosciences (NASDAQ: DRUG), Avaya Holdings (NYSE: AVYA), and many others have exploded recently.
Today we look at more penny stocks that retail traders are watching. While there’s no substitute for more research, we look at a few of the recent catalysts and potential drivers of these stocks to help clarify what’s happening in the stock market today. One important thing to note is that these are not just any penny stocks. This list comprises some of the most volatile names thanks to their share prices alone. We’re looking at penny stocks under $1 trending this week.
Top Penny Stocks Under $1 To Watch
- Clarus Therapeutics Holding Inc. (NASDAQ: CRXT)
- T2 Biosystems (NASDAQ: TTOO)
- Timber Pharmaceuticals Inc. (NYSEAMERICAN: TMBR)
- Palisade Bio Inc. (NASDAQ: PALI)
Clarus Therapeutics Holding Inc. (NASDAQ: CRXT)
Whenever you look at penny stocks under $1, it’s most likely expected that the chart won’t look pretty. But that doesn’t deter day traders and swing traders from having a quick look. That seems to have become the case with Clarus Therapeutics. Two days ago, shares of CRXT stock were sitting at fresh 52-week lows.
The name of the game right now is “strategic alternatives” for Clarus. In its recent quarterly update, the company expressed “substantial” doubt about its going concern and went as far as terminating certain R&D activities. Dr. Robert Dudley, President and Chief Executive Officer of Clarus, went as far as saying, “Although Clarus delivered another quarter of steady growth in net revenue driven by demand for JATENZO, it is important for us to make certain strategic changes to our business due to the difficult financing environment we face.”
[Read more] Can These Penny Stocks Explode Today? 3 to Watch
Aside from the shortfall, Clarus was able to increase prescriptions for its JATENZO during the second quarter by 72% year-over-year. It also submitted new data for the platform that was recently presented at a medical conference and will now be listed in the FDA’s Orange Book thanks to a new patent. JATENZO is the company’s commercially available testosterone replacement treatment.
T2 Biosystems (NASDAQ: TTOO)
Shares of TTOO stock have recently been in a brighter spotlight thanks to monkeypox speculation. On our Twitter account, we highlighted TTOO stock as a diagnostic company made popular during the COVID pandemic, now, for the same reasons, it recently gained acclaim as a potential monkeypox stock to watch. Believe it or not, T2 released headlines, later on, discussing plans to develop a monkeypox diagnostic test.
CEO John Sperzel went as far as saying, “Given the urgent nature of the monkeypox virus and the potential for global transmission, we have communicated with the FDA and CDC, and we are exploring the potential to develop and commercialize a test for the monkeypox virus.”[Read More] Are These Penny Stocks on Your September Buy List?
Missed earnings brought TTOO stock back to earth in the weeks to follow. However, it looks like things have picked back up ahead of another potential catalyst for the company. Next Wednesday (8/31), the company presents at the Gilmartin Group Emerging Growth Company Showcase. It will be interesting to see what, if any, information is discussed about the monkeypox diagnostic test progress.
Timber Pharmaceuticals Inc. (NYSEAMERICAN: TMBR)
Another one of the biotech penny stocks under $1 to watch today is Timber Pharmaceuticals. The company is coming off its latest earnings results and a business update that seems to have caught some attention recently.
Timber explained that its lead asset, TMB-001 has made strides. These include launching and enrolling patients into a Phase 3 ASCEND study, receiving a Breakthrough Therapy designation from the FDA, and a Fast Track designation earlier this year. TMB-001 is under evaluation for treating X-linked recessive ichthyosis and autosomal recessive congenital ichthyosis lamellar ichthyosis.
This update is important because Timber further explained that data is expected for presentation at “several” U.S. and international medical conferences in the coming months. A previous Phase 2 study has already confirmed the efficacy and a favorable safety profile of the treatment platform.
Palisade Bio Inc. (NASDAQ: PALI)
Analysts are paying close attention to Palisade Bio right now. That might be based on some of the more recent milestones reached by the company. In particular, Palisade closed an upsized $13.8 million financing round. The company also announced that the first patient was enrolled and dosed in a Phase 3 study evaluating its LB1148 platform. This is Palisade’s platform indicated in accelerating the return of bowel function in patients undergoing GI surgery.
The company explained that Phase 3 will mirror the design of its Phase 2 study that yielded positive results and showed “statistically significant improvement” in timely return of bowel function. Right now, analysts at Ladenburg have a Buy rating on PALI stock along with a $1.50 price target. Despite this being lower than the previous $5 target, it’s still over 600% higher than current trading levels. It may also be worth nothing that both Palisade’s CEO and CFO have been buying shares of PALI stock this month. Combined, the two bought 140,000 shares by participating in the $0.25 offering.
Betting Big On Penny Stocks?
Whether or not you like, penny stocks come secondary to the overall market. Believe it or not, institutional investors and corporate management have done their fare share of grabbing penny stocks at discounted prices. Here are a few articles we discuss the latest string of “big money” bets on penny stocks:
- 4 Penny Stocks Insiders Spent Millions To Buy In August 2022
- Best Penny Stocks To Watch With Unusual Options Activity Right Now
- Cheap Robinhood Stocks To Buy According To Insiders In August 2022
- Penny Stocks To Watch As BBBY Stock Explodes 300%
- 4 Penny Stocks To Watch With Bullish Buys From Options Traders