best penny stocks to watch this week

It’s hard to stay motivated when the stock market is down. Today was another one of these days where bears overwhelmed bulls, and investors continued weighing economic sentiment against more rate hikes coming next week. This article looks at a handful of penny stocks going against the grain and experiencing explosive gains.

Whether you subscribe to the idea of “the trend is your friend” or not is a personal preference. But today, we can see that it’s hard to find opportunities if you’re looking to buy low and sell high. That is, unless you were looking for penny stocks to buy, in which case, you’ve got a lot of choices to sift through.

This asset class is one of the few that remain disconnected from broader trends. One of the reasons has everything to do with the inherently speculative nature of low-priced stocks. On any given day, you might see certain penny stocks implode or explode, and it usually doesn’t have much to do with what the SPY or QQQ is doing. This list of penny stocks includes several names that have done the latter and exploded while the stock market is down today. Is it time to buy or run in the other direction? I’ll leave that up to you to decide.

High Volume Penny Stocks To Watch

  • Bright Minds Biosciences Inc. (DRUG)
  • Alaunos Therapeutics (TCRT)
  • Applied Optoelectronics (AAOI)
  • India Globalization (IGC)

Bright Minds Biosciences Inc. (DRUG)

penny stocks to buy Bright Minds Biosciences DRUG stock chart

Psychedelic stocks have become a popular topic in the stock market this year. Bright Minds caught attention this summer after the company was folded into a bullish blast of sympathy sentiment in related stocks. The company just began dosing patients in a Phase 1 clinical trial of its BMB-101 platform for treating Dravet Syndrome.

“BMB-101 was designed with the aim of improving the safety profile relative to earlier medications in this class, and we are excited about the potential to deliver an improved therapeutic to address this rare and devastating disease. Based on the strength of BMB-101’s preclinical data and encouraging scientific rationale of 5-HT2C agonism in the treatment of Dravet Syndrome, we are enthusiastic to advance our lead product into clinical trials,” stated Dr. Revati Shreeniwas, Chief Medical Officer of Bright Minds Biosciences.

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Despite no news this week, DRUG stock popped firmly on Friday. If the trend persists, it could be something to watch at the start of next week.

Alaunos Therapeutics (NASDAQ: TCRT)

penny stocks to buy Alaunos Therapeutics TCRT stock chart

Shares of Alaunos Therapeutics have been red hot over the last few months, rallying from $0.41 to highs of $4.01. TCRT stock has risen since late April thanks to bullishness originating from its TCR-T cell library of targeted candidates. In its latest quarterly update, Kevin S. Boyle, Sr., Chief Executive Officer of Alaunos, expanded on the company’s plans and outlook for the year.

“In addition to our internal efforts, we were privileged to extend our collaboration with Dr. Rosenberg and the National Cancer Institute to develop personalized cancer therapies using our novel TCR-T cell platform. We believe that Alaunos is poised for long-term success.”

One of the more prominent potential catalysts traders have speculated on was the company’s busy month of presentations. Despite the optimism, TCRT stock has experienced a significant amount of volatility this week after A post circulated regarding a patient in its TCR-T Library Phase 1/2 trial. Once details emerged, shares plunged from over $3 to below $1.30. Since then, however, shares have made a strong rebound. With another presentation coming at the end of the month, it will be interesting to see how the market responds to these latest developments.

Applied Optoelectronics (NASDAQ: AAOI)

penny stocks to buy Applied Optoelectronics AAOI stock chart

This was one of the penny stocks to watch from earlier in the week. Applied Optoelectronics was mentioned in the article Penny Stocks To Buy: 4 Short Squeeze Stocks To Watch Before Next Week. At the time of the post, the short float percentage on AAOI stock sat between 15.21% and 15.71%, according to Fintel & TDAmeritrade data. If you’ve followed the penny stock throughout the week, you’ve likely also seen trading volume has also picked up steam.

Friday morning, shares of AAOI stock surged after big news came out. Applied Optoelectronics announced an agreement to sell its Chinese manufacturing facilities and assets related to its transceiver business. The selling price was set at $150 million, and the deal is expected to close next year.

“The significant proceeds from this transaction will enable us to make strategic investments in higher margin and higher growth opportunities…we believe that this transaction opens up new opportunities for customer expansion with our existing datacenter laser business, which has a large addressable market,” said CEO Dr. Thompson Lin.

Since this is such a large gap-up, it will be essential to see how the next few days of trading action are. In many cases like these, profit-taking can drive share prices lower. Since this is the highest AAOI stock has traded in over five months, that could play a role. It may also be worth noting that AAOI has tested its 200-day moving average for the first time in months and has been a significant level of resistance.

India Globalization (IGC)

penny stocks to buy India Globalization IGC stock chart

Shares of India Globalization exploded earlier this year. The company focuses on a few diverse areas of the market, including life sciences and infrastructure. When IGC stock popped last, the company came out with news headlines that it was awarded a patent for CBD-based treatments for seizure disorders.

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Things calmed down, of course, but IGC stock has come back into focus after another round of headlines this week. The ClinicalTrials website showed India Globalization received approval to begin enrollment into its Phase 2 Alzheimer Trial. The company is using its IGC-AAD1 cannabis-based drug. The official title of the trial is “A Phase 2, Multicenter, Double-Blind, Randomized, Placebo-Controlled, Trial of the Safety and Efficacy of IGC-AD1 on Agitation in Participants With Dementia Due to Alzheimer’s Disease.”

Since the estimated study start date is September 26th, timing has come into focus. What’s more, no commentary has come from the company yet, which could be an important aspect of today’s latest move in the stock market.

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