Penny stocks are some of the most volatile types of stocks out there. This article looks at a handful of cheap stocks to watch as the stock market crash continues. Why would anyone want to take on so much risk during times like these? The simple answer is capitalizing on volatility. The S&P 500 today is having what’s considered an inside day. There haven’t been major directional moves (so far), and things are relatively choppy.
The latest housing data came out with muted response from the market as traders await the Federal Reserve’s next move. This should give some idea of what its monetary policy will be moving into the rest of the year. While the major indexes fail to provide clear direction in the stock market today, several penny stocks are doing the opposite. This list of penny stocks covers some of the most active stocks today.
Penny Stocks To Watch
- Alaunos Therapeutics (NASDAQ:TCRT)
- Quoin Pharmaceuticals (NASDAQ:QNRX)
- Banco Bradesco (NYSE:BBD)
- AMTD IDEA GROUP (NYSE:AMTD)
Biotech Penny Stocks To Watch
1. Alaunos Therapeutics (NASDAQ:TCRT)
This year has been a strong one for Alaunos and despite a significant sell-off day last week, TCRT stock has maintained its uptrend in the stock market this week. Much of the bullishness has stemmed from the progress with its TCR-T cell library of targeted candidates.[Read More] Wall Street Stock Market Today: Penny Stocks To Watch Before Fed Meeting
This month the company highlighted early clinical data showing objective clinical response using its platform from a Phase 1/2 trial. Kevin S. Boyle, Sr., Chief Executive Officer of Alaunos, explained, “We believe this reinforces our approach targeting shared tumor-specific hotspot mutations using our non-viral Sleeping Beauty technology. We look forward to presenting additional details at the CICON conference on September 30.”
Data is also scheduled to be presented during a proffered talk at CICON On September 30th. The event is being held in New York, NY, from September 28 – October 1, 2022. With this event coming up next week, speculation may have already begun building in the stock market this week.
2. Quoin Pharmaceuticals (NASDAQ:QNRX)
Another one of the biotech penny stocks we’ve discussed in the past is Quoin Pharmaceuticals. In the article “4 Penny Stocks Making A Comeback In September, Time To Buy?” we discussed QNRX stock after its share price, and volume exploded at the beginning of the month. Analysts from Alliance Global began covering the penny stock.
Alliance started QNRX with a Buy rating and a price target of $20. One of the focus points was on what analyst James Molloy cited as his expectations for Quoin’s QRX003 for the treatment of Netherton Syndrome. Molloy wrote that it “has a clear, rapid path to possible approval” and discussed the value of priority review vouchers.
The upgrade comes after an announcement earlier in the year that the company received FDA acceptance for an Investigational New Drug Application for Quoin’s QRX003. The candidate is designed for treating Netherton Syndrome. Quoin previously licensed a formulation, Invisicare, from Skinvisible.
The company continues opening trial sites for its ongoing study. Three have already been opened, with three remaining sites expected to come within a “matter of weeks,” according to a September 13th press release. This seems to be something the market has grasped ahold of for a point of interest and source of speculative trading action in the stock market today.
Financial Penny Stocks To Watch
3. Banco Bradesco (NYSE:BBD)
It isn’t just biotech penny stocks gaining ground this week. Even as the stock market crash heats up, some smaller financial penny stocks are getting a boost. Banco Bradesco is Brazil’s second-largest private bank, and recent quarterly earnings have helped propel BBD stock since August. The company reported an increase in net income to 7.08 billion Brazilian reais (roughly $1.4 million). That was up from the previous year’s period of 5.97 reais. Operating income also increased from 9.52 billion reais to 10.35 billion, with net interest income jumping from 15.74 billion reais to 16.36 billion.
In its last earnings call, Managing Executive Director Leandro Miranda explained, “…The Brazilian economy is a bit better, which led us to increase our GDP growth expectation to 2.3% in 2022. The cycle of rising interest rate in Brazil has already advanced rapidly. This has led us to report a less optimistic view for 2023 with a 0 gross projection for GDP.”[Read More] Best Penny Stocks Under $4 in Late September? 3 to Watch
Looking at the basic technicals on the chart, the major moving averages, including the 200-day and 50-day, have begun to converge. If the 50 crosses up and above the 200, this would be a technical Golden Cross and generally a bullish sign. This is yet to be seen, and upcoming market volatility could play a role. For now, BBD stock has gained some attention as shares rise for a second day this week.
4. AMTD IDEA GROUP (NYSE:AMTD)
One of the wildest periods in the stock market this year was when HKD stock exploded over $2,550 from just $12.05. This matters because AMTD Idea Group is a subsidiary of AMTD Group Company Limited. According to AMTD Idea, it was expected to own 88.7% of the issued and outstanding shares and 99.4% of the total voting power in AMTD Digital following the IPO.
Shortly after the IPO of AMTD Digital, AMTD IDEA Group entered into an asset agreement to inject a 100% stake in AMTD Assets Group, which owns a real estate portfolio worth half a billion dollars. The plan was for AMDT IDEA to transfer this to AMTD Digital in exchange for over 515 million HKD class B shares. There are many moving parts to this story and plenty of volatility to go along with it, but so far, retail traders have focused on volume and momentum.
In the stock market today, AMTD stock surged over 15% without any news. But as far as financial stocks to watch, AMTD IDEA fits the mold as it focuses on financial services and digital solutions. As momentum builds, it will be interesting to see how the penny stock performs later this week. Is the move sustainable, or is another significant pullback coming?