Are These Penny Stocks To Buy Right Now Or Avoid Entirely?
This article will discuss penny stocks to buy. Specifically, the “to buy” part is based on several Wall Street analysts. It’s also a continuation of our article 3 Penny Stocks With 1,000% Upside Potential According To These Analysts, and we’ll provide the complete list of penny stocks at the end.
Analysts can be a great tool to use for your trading and investing due diligence process. It’s important to understand that they aren’t the only thing to use. Understanding what Wall Street’s so-called “smart money” is looking at can help give you some insight regarding what to pay attention to when it comes to company fundamentals or the longer-term prospects and expectations based on specific events.
Whether we’re talking about biotechnology penny stocks, tech companies, or even cannabis stocks, getting a feel for what could move the market in one direction or another can put you at a great advantage. The advantage comes in both forms of capitalizing on opportunities or avoiding losing propositions before they happen. At the end of this article, you can decide whether you agree with the analyst forecast or not and use it as part of your broader research plans.
Penny Stocks To Buy [according to analysts]
Doma Holdings Inc. (NYSE: DOMA)
Look at any stock chart, and you’ll see that Doma hasn’t had a great year at all. But for some reason, analysts have remained bullish on the penny stock. As a real estate technology company, headwinds from the overall housing market blunder haven’t helped things as far as the stock price is concerned. Nevertheless, The company continues working on new advancements in its platform. The company offers ways for buyers and sellers to close deals more easily.
Earlier this month, the company launched a new home equity financing solution to support lenders and their businesses. “In an environment of fluctuating interest rates and housing inventory, Doma addressed the need from lenders to close loans faster and minimize costs to better serve their customers in the current market,” said Max Simkoff, CEO of Doma.
DOMA Stock Forecast
Where do analysts stand on DOMA stock? Right now, JMP Securities has a Market Outperform rating on the penny stock and has a $4 price target. Based on current trading levels of around $0.55, the target is 614% higher.
Oblong Inc. (NASDAQ: OBLG)
Penny stocks under $1 have been growing in popularity this year. That stands to reason, as the stock market crash has slashed valuations. In many cases, stocks that investors would never have imagined would trade so low have breached the $5 level, and some have dropped even lower.
OBLG stock has begun waking up in the stock market this month. The company specializes in multi-steam collaboration technology. As discussed earlier this week, the company hasn’t released much news since its Q2 update. But one thing specifically that may have sparked some speculation is what was discussed in that update in CEO Pete Holst’s comments:
“We also remain focused on exploring strategic alternatives, including a potential sale or merger, to maximize value for our shareholders.”
Companies making a pivot through strategic alternatives have become somewhat similar to the attention that SPACs received a few years ago. The “alternatives” can result in M&A activity, though not always the case. But until the actual event is confirmed, investors will bet on what the outcome might be. This could be what has come about in the market recently in light of a lack of material events.
OBLG Stock Forecast
Earlier this year, when OBLG stock was trading around similar levels, analysts at Dawson James weighed in on the company. The firm has a Buy on the stock and a $1 price target. That might seem low, but considering where OBLG is trading, the target sits more than 100% higher at this time.
Quoin Pharmaceuticals (NASDAQ: QNRX)
Quoin Pharmaceuticals has seen market activity pick up in the stock market this week. The move comes after the pharmaceutical company announced plans to begin a second clinical trial in Netherton Syndrome patients.
The news comes after Quoin established a patient-specific website allowing for patient awareness and participation in clinical studies. In particular, the clinical study open to participation via the website is Quoin’s study evaluating its QRX003 for treating Netherton Syndrome.
Earlier in the year, Quoin received FDA acceptance for an Investigational New Drug Application for QRX003 and continues opening trial sites for study. In addition to the website, 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 a source of speculative trading action in the stock market today.
[READ MORE] Best Penny Stocks To Buy? 4 Short Squeeze Stocks To Watch TodayQNRX Stock Forecast
Analysts from Alliance Global began covering the penny stock earlier this year. Alliance started QNRX with a Buy and a price target of $20. The analyst James Molloy cited his expectations for Quoin’s QRX003 to treat Netherton Syndrome. He wrote that it “has a clear, rapid path to possible approval” and discussed the value of priority review vouchers.
Based on current trading levels around $2.50, the QNRX stock target price is 700% higher.
Viking Therapeutics (NASDAQ: VKTX)
Finally, Viking Therapeutics is on this list of penny stocks to watch following a surge of momentum this week. Shares of the biotech company jumped from $3.27 last Friday to highs of $4.16 so far this week. The company specializes in therapeutics for metabolic and endocrine disorders, including non-alcoholic steatohepatitis (NASH) and fibrosis.
In particular, its VK2809 Phase 2b VOYAGE Study is advancing, and the expected enrollment completion is this quarter. The treatment candidate is used by patients with hypercholesterolemia and non-alcoholic fatty liver disease.
There’s also potential to see initial results from an ongoing Phase 1 Study of Viking’s Dual GLP-1/GIP Agonist VK2735. According to the company, “The primary objectives of the study include an evaluation of the safety and tolerability of single and multiple doses of VK2735 delivered subcutaneously, as well as the identification of doses suitable for further clinical development. The trial will also evaluate the pharmacokinetics of VK2735 following single and multiple doses.”
VKTX Stock Forecast
One of the most recent ratings comes from SVB Leerink, which has an Outperform rating on the penny stock. The firm also has a $12 target on Viking, which sits roughly 200% higher than current levels.
[READ MORE] Best Penny Stocks To Buy Now? 3 Under $1 To Watch This WeekFinding The Best Penny Stocks To Buy
Analyst targets are great. Watching the market’s volatility is exciting. But it’s essentially useless if you don’t know how to trade or find the best penny stocks to buy. If you’re new to penny stocks or new to trading, in general, learning the ropes first will be your biggest asset.
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List Of Penny Stocks To Buy According To Analysts
This is a continuation of our article 3 Penny Stocks With 1,000% Upside Potential According To These Analysts. Here is the complete list of penny stocks to buy according to analysts:
- Doma Holdings Inc. (NYSE: DOMA)
- Oblong Inc. (NASDAQ: OBLG)
- Quoin Pharmaceuticals (NASDAQ: QNRX)
- Viking Therapeutics (NASDAQ: VKTX)
- Applied Therapeutics (NASDAQ: APLT)
- MindMed Inc. (NASDAQ: MNMD)
- Canoo (NASDAQ: GOEV)
