Cheap Stocks To Buy [or avoid]

Want to make money trading in the stock market today and use penny stocks to do it? Be prepared for volatility. Not only are cheap stocks increasingly volatile, but so is the stock market today, in general. With so much concern abuzz about the stock market crash, interest rates, inflation, and the global economy as a whole, there’s no shortage of speculative and aggressive swings in stocks. Does that mean its’ time to head for the hills?

Is it time to run and hide with what little cash you have left? You do what you want, but there are plenty of retail traders hunting for opportunities in this wild market with penny stocks in focus. Today’s article dives into a few of the stock market’s cheap penny stocks to buy.

We look into what the companies are up to and give some insight into specific catalysts in play. Once you understand, you can decide if they’re the best penny stocks to buy now or if they should be avoided entirely.

Hot Penny Stocks To Watch In October

  • Clene Inc. (NASDAQ:CLNN)
  • Adverum Biotechnologies Inc. (NASDAQ:ADVM)
  • Spero Therapeutics Inc. (NASDAQ:SPRO)

Penny Stocks To Watch #1: Clene Inc.

The stock market crashed in 2022, and so have plenty of small-cap stocks. Clene Inc is one of the companies that has followed suit. Its share price dropped from over $5 to under $2 in less than a year, but recent developments have made it one of the penny stocks to watch heading into October.

What Does Clene Inc. Do?

Clene is a biotech company developing neurodegenerative disease treatments. Its amyotrophic lateral sclerosis treatment candidate, CNM-Au8, has been in focus recently thanks to topline data from its HEALEY ALS platform trial. It demonstrated a “statistically significant” reduction in mortality and has already received European Orphan Drug Designation from the European Medicines Agency Committee for Orphan Medicinal Products.

CLNN Stock & What To Watch

Clene announced it will report topline results from its CNM-Au8 regimen of the HEALEY ALS trial next week. Since the details will be notified before the opening bell, CLNN stock could be in focus early, and the next move could be entirely based on the positive or negative outcome of what these data show.

HOT PENNY STOCKS TO WATCH CLENE INC. CLNN STOCK CHART

2. Adverum Biotechnologies Inc.

Another one of the biotechnology penny stocks that could be on the radar in October is Adverum. Its share price has ebbed and flowed through the course of the past few months as it reaches milestones and pushes the ball forward on its portfolio.

What Does Adverum Biotechnologies Inc. Do?

The company develops gene therapies for ocular disease and is focused on its ADVM-022 platform. ADVM-022 is designed as a one-time IVT injection for treating wet age-related macular degeneration.

ADVM Stock & What To Watch

This week the company presented data at the American Academy of Ophthalmology meeting. The data were from its OPTIC Phase 1 study, and considering the late afternoon presentation came during the final half hour of the stock market being open on Friday, chances are that the market will react in October. That reaction depends greatly on how attendees digest the presentation at the AAO meeting.

In a post-market update from Adverum on Friday, Chief Medical Officer Richard Beckman, M.D. said, “These data suggest that continuous and consistent expression of aflibercept has a stabilizing effect on the volume of both intraretinal and subretinal fluid, something that bodes well long-term. The connection between fluid fluctuations and long-term visual acuity is the subject of active research, and several studies have demonstrated that less fluid fluctuation is associated with better visual outcomes.”

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Next week the company participates in the Chardan Genetic Medicines Conference. So if ADVM stock is on your list, make sure to be on the lookout for any new details from the company’s 4 PM ET presentation on Monday.

HOT PENNY STOCKS TO WATCH ADVERUM BIOTECHNOLOGIES INC. ADVM STOCK CHART

Spero Therapeutics

Since the beginning of the year, Spero Therapeutics has experienced a wave of selling pressure. However, since the beginning of August, SPRO stock has maintained a much more bullish position in the stock market. Today, the penny stock held its recent trading channel while the broader markets imploded to fresh 2022 lows.

What Does Spero Therapeutics Inc. Do?

Spero is a clinical-stage biotech company focused on treatments to address bacterial infections and rare diseases. Its pipeline includes several candidates, including SPR720 in rare-orphan pulmonary disease, SPR206 for multi-drug resistant gram-negative infections in hospital settings, and Tebipenem HBr for treating complicated urinary tract infections.

SPRO Stock & What To Watch

Analysts have recently grown bullish on the penny stock. Evercore ISI lifted its In-Line rating to Outperform. Other firms, including HC Wainwright, also carry a Buy on the stock. Analysts at HC also have a $6 target on SPRO stock. One of the possible reasons for the optimism behind Spero right now could be its new deal with GSK (NYSE:GSK).

Earlier this month, the two entered into an exclusive license agreement for Spero’s Tebipenem HBr. As discussed in the article Hot Penny Stocks To Watch As The Stock Market Crash Continues:

GSK will get an exclusive license to develop and commercialize the treatment in all territories except Japan. Spero will handle the execution and costs of follow-up of the Phase 3 trial. Spero has the potential to receive milestone payments up to $225 million based on net sales targets, commercial milestone payments on delivery of a phase 3 program, royalties on sales over $1 billion, in addition to an upfront payment of $66 million. Meanwhile, GSK also committed to purchasing $9 million in SPRO stock.

Considering the relative strength compared to broader markets, SPRO could be on the list of penny stocks to watch in October.

HOT PENNY STOCKS TO WATCH SPERO THERAPEUTICS SPRO STOCK CHART

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Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | news@pennystocks.com

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