We’re quickly approaching the end of the first month in Q4. With that has come ten months of wild trading activity and plenty of volatility. Heading into November, there are plenty of new catalysts to account for, including next week’s FOMC meeting. But before November begins, there are a few cheap stocks turning heads. In this article, we discuss four penny stocks to watch according to Reddit traders and FinTwitters this week. Will they continue their bullishness before next month or is a pullback coming? That’s what we’ll have to wait to find out; in the meantime, we’ll delve into what’s moving prices in the stock market today.
Penny Stocks To Watch
- CTI BioPharma (NASDAQ: CTIC)
- Globalstar Inc. (NYSEAMERICAN: GSAT)
- Assertio Holdings Inc. (NASDAQ: ASRT)
- Canopy Growth Corporation (NASDAQ: CGC)
Penny Stocks TO Watch #1: CTI BioPharma (NASDAQ: CTIC)
Biotech penny stocks have performed relatively well considering the broader stock market sell-off this month. The article “Best Penny Stocks To Buy? 5 Biotech Stocks For Your Watch List This Week” discussed the trend in more detail. In particular, “These small companies tend to move unrelated to broader markets because of their speculative nature and potential to make significant jumps on any type of news or corporate event.”
In light of this, it isn’t surprising to see companies like CTI BioPharma spiking at the end of the week. The company’s has been undertaking a management shakeup. Most recently, it eliminated the Chief Operating Officer position and reassigned the roles to other team members. The move comes as CTI continues making progress with its Phase 3 PERSIST-2 trialevaluating pacritinib in patients with myelofibrosis. In poster presentations earlier this month, pacritinib was highlighted for its impact on anemia and inhibition of activin A receptor type 1.
In an update, Dr. Stephen Oh, MD, Ph.D., Associate Professor of Medicine, Hematology Division at Washington University School of Medicine in St. Louis, said, “I am encouraged by these data, given the limited options to address anemia in myelofibrosis, especially high-risk patients with cytopenias who frequently require blood transfusions. I look forward to further investigation of pacritinib’s potential to alleviate anemia and related symptoms in this patient population.”
Something that traders are following closely is the company’s upcoming financial results and business updates. Those interested should keep November 7th in mind, as this is when the report will be published.
2. Globalstar Inc. (NYSEAMERICAN: GSAT)
Globalstar is one of the communications technology companies gaining momentum in the stock market in October. Shares of GSAT stock have continued climbing since the summer as satellite stocks came into focus and Apple-related speculation helped prompt attention on the penny stock. There was also a string of insider buying that helped boost sentiment at the end of the third quarter.
So what’s happening with Globalstar now, and why are traders paying attention? The satellite and connectivity solutions provider has an upcoming investor day in November. Ahead of that November 16th event, some are speculating on the stock already. Globalstar’s leadership will discuss upcoming strategies and their financial outlook in addition to hosting a Q&A session.
3. Assertio Holdings Inc. (NASDAQ: ASRT)
Another one of the biotech penny stocks on the watch list is Assertio Holdings. The company specializes in specialty pharmaceuticals. This week news surfaced that Assertio would acquire an exclusive license for Sympazan from Aquestive Therapeutics Inc. (NASDAQ: AQST).
In a corresponding press release, Dan Peisert, President and Chief Executive Officer of Assertio, explained, “Sympazan can offer benefits to its prescribed population, such as dosing through its oral film technology. For many LGS patients, severely restricted carbohydrate diets, such as keto, are an important treatment approach. Unlike other forms of clobazam, Sympazan has very low carbohydrate content, which aligns to this important treatment recommendation.”
On the heels of this milestone, Assertio also reports earnings at the start of November. If it’s on your list of penny stocks to watch, keep November 8th on your calendar. The company reports after the closing bell.
4. Canopy Growth Corporation (NASDAQ: CGC)
Marijuana stocks have been heating up thanks to plenty of legislation speculation. Canopy Growth and other cannabis companies have benefited from this surge of new interest in the sector. This week, more news from the state of New Jersey helped give a boost once again, to marijuana stocks. New Jersey Lawmakers approved a bill to allow cannabis businesses to claim state tax deductions as a partial 280e workaround.
In addition to this, Canopy’s upcoming earnings are gaining some speculative interest. The company reported its 2023 fiscal second-quarter results on November 9th. Heading into November, that could be an important date to keep in mind if CGC is on your list of penny stocks to watch.