Best Penny Stocks To Buy According To Insiders
On their own, penny stocks are some of the most volatile and carry some of the biggest potential for significant gains quickly. Over the last few months, traders have seen explosive gains upward of thousands of percentage points. This isn’t the case for all penny stocks. However, it has given reasons why traders are hunting for things like “stocks with 1000% upside potential” and other popular queries right here on PennyStocks.com.
So how are you supposed to find breakout stocks, to begin with? The first step is to make a list and identify possible themes in play. One way traders are doing this right now is by following the money. This strategy involves something other than news headlines. In most cases, what we’re going to discuss in this article isn’t something that is generally put front and center by companies.
But traders who can take a few extra steps, they might stumble upon some very interesting information, to say the least. This article looks at a few penny stocks to buy, according to insiders, in October. We check out who’s doing the buying, how they acquired shares, and give insight into what the companies are up to that could be important to know this month.
Best Penny Stocks To Buy
- Tango Therapeutics (NASDAQ: TNGX)
- Douglas Elliman (NYSE: DOUG)
- Applied Therapeutics Inc. (NASDAQ: APLT)
Penny Stocks To Buy [According To Insiders] 1. Tango Therapeutics (NASDAQ: TNGX)
Tango Therapeutics has steadily risen in the stock market this month. A good amount of momentum began building after the company announced a presentation of some preclinical data. This is on its TNG260 candidate and some of its discovery platform progress. The overview will be done at the November Society for Immunotherapy of Cancer Meeting.
“We are looking forward to presenting data on TNG260, a novel, highly selective CoREST inhibitor with the potential to reverse the immune evasion driven by STK11 loss-of-function mutations. STK11 mutations occur in approximately 15% of non-small cell lung cancers and render those tumors resistant to checkpoint inhibitors,” said CEO Barbara Weber, M.D., in a press release earlier this month.
If TNGX stock is on your watch list right now, keep November 10th and 11th in mind. Those are the exact dates when Tango presents. But that isn’t the only thing to account for, as you’ll see in the next section.
Follow The Money On TNGX Stock
Tango also has substantial insider activity to monitor. This week a 10% owner, Boxer Capital, reported purchasing 237,000 shares of TNGX stock in October. Its trades totaled more than $1 million, bringing its total holdings above the 7 million share mark. This buying spree continues Boxer’s accumulation of TNGX stock in October. Earlier this month, the firm reported purchasing 182,000 shares in trades worth over $700,000.
2. Douglas Elliman (NYSE: DOUG)
Douglas Elliman is one of the few penny stocks with a dividend. Last month the real estate broker declared a quarterly cash dividend on its common stock of 5 cents per share. Other than that, there haven’t been many new developments. The residential real estate market has cooled thanks to rising rates and underpinnings of higher inflation restricting buyers.
However, DOUG stock managed to ramp up over the last few days, even with a hot PPI inflation report and an even hotter CPI inflation report this week. The latest minutes from the Federal Open Market Committee’s September meeting revealed that consumers likely have more pain ahead. FOMC members voted to raise the Fed Funds Rate target for the end of the year to 4.4%, 4.6% at the end of 2023, and 3.9% in 2024. Meanwhile, they identified that interest rates have risen to highest level since 2008.
Even against this backdrop, it hasn’t scared away big money bets on DOUG stock. October has been an active month for management and directors to buy penny stocks.
Follow The Money On DOUG Stock
The CFO, Bryant Kirkland III, Director Michael Liebowitz, and CEO Howard Lorber collectively snagged more than 200,00 shares in October. Based on their average prices per trade, the buying spree accounted for more than $600,000 in DOUG stock for October.
3. Applied Therapeutics Inc. (NASDAQ: APLT)
The cheapest penny stock on this list is Applied Therapeutics. That hasn’t sent traders in the opposite direction. What’s more, APLT stock has mounted a strong comeback over the last few days from lows of around $0.50 to highs this week of over $0.65. This was a welcome sign for anyone who had APLT stock on their watch list earlier this month. That’s because news related to a data readout on one of its platform candidates missed its mark. In particular, its lead candidate pediatric study failed to reach a statistical significance level. The company mentioned that the trial would continue to 18 months in the blinded format.
Regarding the event, Riccardo Perfetti, MD, Ph.D., Chief Medical Officer of Applied Therapeutics, explained, “The data to date in the ACTION-Galactosemia Kids study provides hope for patients and families living with this disease. We know that entering a child in a long-term placebo-controlled study is a difficult decision, and we are truly thankful to the families who are participating in the ACTION-Galactosemia clinical program.”
Follow The Money On APLT Stock
Since the trial news broke on Applied Therapeutics, insiders have been buying shares despite the pullback in the stock market. This week, CEO Shoshana Shendelman filed 2 Form 4s showing the purchase of more than $60,000 worth of APLT stock. The average purchase prices of the trades fell in the range of $0.504 and $0.5768.