Why The Stock Market Is Down Today
The stock market is down today because of the latest round of August CPI data. The numbers came in higher than expected and what many hoped to be another month showing inflation was slowing became the stark reality that Fed Chairman Jerome Powell’s caution was warranted. He
recently discussed his stance on inflation and whether or not he feels it is lessening after July’s read-out.
“While the lower inflation readings for July are welcome, a single month’s improvement falls far short of what the Committee will need to see before we are confident that inflation is moving down.”
It looks like the stock market was a bit too optimistic going into today’s CPI read. This data kick starts more economic reports coming later this week. Tomorrow’s Producer Price Index – PPI data is on the docket and could be another market-moving event. Check out the remaining economic events this week in our article, “Stock Market This Week: What To Watch 9/12-9/16.”
Best Penny Stocks To Buy
Will the action in the stock market today mean that there’s no hope for the bulls? The short answer is no, and there are plenty of cheaper stocks to watch right now that have gone against the bearish trend. This article looks at a handful of low-priced stocks to watch today. Some have gained attention as short squeeze stocks, while others have turned heads thanks to unusual or irregular market activity.
Since volatility is likely in the near term, especially as we approach the next Fed meeting, it’s important to note that daily trends can quickly change. Your approach to the market and personal trading strategy will guide you in determining whether this list of penny stocks includes ones to buy or avoid entirely.
Biotech Penny Stocks To Watch
Aprea Therapeutics (APRE)
Even with the stock market down today, there are plenty of biotech penny stocks to watch. Aprea Therapeutics is one of the hot hands in the sector as shares of APRE stock surged more than 20% overnight.
Momentum began building during the early afternoon session on Monday as the H.C. Wainwright Global Investment Conference kicked off. The company presented a corporate overview at the event during the lunch hour. Aprea’s exhibit focused on its pipeline treatments, including ATRN-119, ATRN-W1051, Eprenetapopt, and Repli-Biom, for identifying oncology targets and patient populations that could most benefit from treatments.
One of the things that may be contributing to some bullish speculation are previously stated plans for this pipeline. In particular, ATRN-119 is expected to begin a Phase 1 clinical trial during the third quarter. ATRN-W1051 is expected to start IND-enabling studies during the second half of the year as well. Since we are in Q3 and H2, APRE stock could be making moves thanks to the potential of these upcoming catalysts.[READ MORE] Hot Penny Stocks to Know About Right Now? 3 to Watch
Seelos Therapeutics (SEEL)
Shares of Seelos Therapeutics have continued climbing this week even in the face of the stock market meltdown on Tuesday. SEEL stock has gotten folded into the list of psychedelic stocks to watch, and this week, the company’s psychedelic portfolio is in focus. Here’s what Seelos’ pipeline looks like:
- SLS-002 Has the Potential to Transform the Treatment of Acute Suicidal Ideation and Behavior (ASIB) in Major Depressive Disorder (MDD) and Post-Traumatic Stress Disorder (PTSD)
- SLS-003 (sublingual ketamine wafer) focuses on a chronic indication where sublingual delivery is better suited and continues developing SLS-002 (intranasal racemic ketamine) in the acute setting, such as ASIB in MDD.
This week the company announced the participation of Acadia Healthcare (NASDAQ:ACHC) in a Proof of Concept study of SLS-002for acute suicidal ideation and behavior in patients with major depressive disorder. According to the details on ClinicalTrials. gov, the estimated primary completion of this study is December 2022. In light of the timing of all of this, SEEL stock is back on the penny stocks watch list as it continues making new H2 highs this week.
Ardeliyx Inc. (ARDX)
Like Seelos, Ardeliyx has managed to tick consistently higher for the better part of the second half of the year. In our article “4 Hot Penny Stocks To Buy Now According To Top Hedge Funds,” we discussed some of the big names holding positions in ARDX stock. Steven Cohen’s Point72 Asset Management, Millennium Management, Citadel Advisors, BlackRock, Jim Simons’s Renaissance Technologies, and Vanguard Group are among the top names.
The company is developing treatment targeting multiple indications, including its IBSRELA. It is Ardeliyx’s first approved product available in the US. Just months into the official launch of the treatment platform, the company has begun building relationships with GI practices as it builds out its sales and marketing initiatives.
Ardeliyx presents at several conferences throughout September. These include HC Wainwright’s Global Investment Conference on the 13th and Ladenburg Thalmann’s Healthcare Conference on the 29th. Last week, the company presented at Citi’s BioPharma Conference on September 8th.
Gritstone Bio Inc. (GRTS)
The clinical-stage biotech company Gritstone Bio has quietly climbed in the market over the last several weeks. Its vaccine treatment portfolio bills itself as being able to “train” different areas of the immune system to attack disease targets. Earlier this week, it reported positive initial Phase 2 data in solid tumor patients treated with the company’s SLATE vaccine platform. According to a September 12th update, its SLATE-KRAS and SLATE v1 immunotherapies showed favorable safety and tolerability profiles. Early evidence also showed the treatment’s efficacy based on molecular response rates from the study.[READ MORE] Penny Stocks To Buy: 3 Short Squeeze Stocks To Watch Right Now
“We are highly encouraged by the early signs of efficacy from the SLATE immunotherapy program, in particular, from our product candidate targeting multiple KRAS oncogenic mutations in patients with advanced, treatment-refractory disease (SLATE-KRAS),” said Andrew Allen, M.D., Ph.D., Co-founder, President, and Chief Executive Officer of Gritstone.
Other than this most recent development, Gritstone also has other irons in the fire. These include three Phase 1 studies of its SARS-CoV-2 vaccine program. Each is expected to report data during the second half of the year. In addition, Gritstone has an HIV platform collaboration with Gilead Sciences, which was cleared for an investigational new drug application last December.
According to Gritstone, if Gilead moves forward with development beyond Phase 1, it would exercise an exclusive option, and the company would receive a $40 million option exercise fee. Both of these are still outstanding, but speculation has already begun buzzing.