Penny Stocks To Buy According To 5 Wall Street Analysts
Are analysts the ultimate factor in deciding the best penny stocks to buy? In my opinion, they are not, and if you are using analyst ratings in your research, it’s sometimes best to take them with a grain of salt. But are these reports and ratings worthless? No, and in general, they can be used to gain additional insight into the fundamentals and future potential catalysts that so-called “smart money” is looking at.
In this article, we look at five penny stocks to buy according to analysts right now. Once you see the details of the ratings and stock forecast price targets, you can decide whether they’re suitable for your watch list.
Penny Stocks To Buy [according to analysts]
Taysha Gene Therapies (TSHA)
Analyst TSHA Stock Forecast: Canaccord Genuity, Buy, $16 target
Taysha Gene is a gene therapy company developing what is known as AAV-based treatments. In particular, it focuses on treating monogenic diseases of the central nervous system. This week the company released its latest quarterly results, and like more biotechs, the financials weren’t as important as management commentary (though Taysha managed to beat EPS estimates).
RA Session II, President, Founder, and CEO of Taysha explained, “In 2023, we expect to provide an update on the regulatory pathway for TSHA-120 in GAN in January following our Type B end-of-Phase 2 meeting with the FDA. In addition, we intend to disclose preliminary clinical data for TSHA-102 from the first cohort of adult patients with Rett syndrome and initiate a Phase 1/2 trial for TSHA-102 in female pediatric patients with Rett syndrome in the first half of 2023.”[Read More] 4 Hot Penny Stocks With Unusual Options Activity, Time To Buy?
TSHA Stock Forecast
As you see above, Canaccord analysts have a Buy rating on the penny stock. Furthermore, with the price sitting around $2.15, the TSHA stock forecast target price of $16 is roughly 644% higher as of this article.
National CineMedia (NCMI)
Analyst NCMI Stock Forecast: Wedbush, Outperform, $3.50 target
Movie theatre stocks haven’t been entertaining for bulls this year. Whether you’re talking about popular meme stocks like AMC Entertainment (NYSE: AMC) or National CineMedia, 2022 has been a rough year. More specifically, National CineMedia’s focus on cinema advertising has been directly impacted by this lull in moviegoers.
NCMI stock is in focus right now, thanks to a reported sales beat this week. The company also reported guidance at the top end of its estimates and exceeded expectations. National CineMedia stated, “For the full year 2022, the Company expects to earn total revenue of $242.5 million to $252.5 million, compared to total revenue for the full year 2021 of $114.6 million and Adjusted OIBDA in the range of $47.3 million to $57.3 million for the full year 2022 compared to Adjusted OIBDA for the full year 2021 of negative $24.7 million.”
NCMI Stock Forecast
Wedbush has an Outperform rating on NCMI stock, and at a current market price of around 0.572, the $3.50 target (though lowered from its prior target) is still about 511% higher.
McEwen Mining Inc. (MUX)
Analyst MUX Stock Forecast: HC Wainwright, Buy, $10.50 target
Thanks to the uptick in uncertainty about the pending recession and higher inflation, precious metals and mining stocks have gained some attention in the stock market. Today we saw plenty of action in gold and silver stocks, especially penny stocks.
McEwen Mining reported its Q3 results this week, which seems to have helped compound an already bullish mining market. It cut its production guidance for 2022 after third-quarter output fell about 17% from a year ago. McEwen dropped its guidance to 134,600 to 141,800 gold equivalent ounces. It said this reflects a decrease of approximately 6,500 ounces at its Fox Complex in Canada and 14,000 ounces at the Gold Bar Mine in the U.S. The reason for this was due to the carbonaceous material encountered throughout 2022.
“I believe there is considerable potential value in MUX, and that is a big reason why I have a personal financial commitment of $220M in MUX and McEwen Copper. Another way to look at MUX is that its current share price of $3.66 reflects the low end of potential value of the company’s ownership in McEwen Copper and you get all the other assets for free,” said Rob McEwen, Chairman, and Chief Owner.
MUX Stock Forecast
Even with the lower guidance, analysts remain bullish on the penny stock. HC Wainwright has a Buy on MUX, and its $10.50 target sits around135% higher than the current $4.46 level.
Oncolytics Biotech (ONCY)
Analyst ONCY Stock Forecast: Maxim Group, Buy, $3 target
Biotech penny stocks have been red hot, and Oncolytics is a shining example. Over the last three sessions, ONCY stock has rallied from under $1.30 to highs of over $1.85. The most recent catalyst was its interim Phase 1/2 GOBLET study results. They showed a 70% objective response rate in pancreatic cancer using Oncolytics’ pelareorep in combination with Roche’s atezolizumab.
Third-quarter earnings were also reported, wherein management commentary was the particular focus. Dr. Matt Coffey, President and Chief Executive Officer of Oncolytics, explained, “In breast cancer, we remain on track to report an expansive dataset from our randomized BRACELET-1 trial in the first half of next year. This phase 2 trial was carefully designed to validate the statistically significant survival benefit provided by pelareorep in a prior phase 2 study, and its results are expected to inform the optimal design of a subsequent registrational trial. In pancreatic cancer, we plan to discuss our new data with regulators to enable the program’s expeditious advancement into a pivotal study.”
ONCY Stock Forecast
Maxim’s Buy rating conveys a bullish outlook from the analyst community. Its $3 target also suggests potential as it sits around 63% higher than the current $1.84 level.
Abeona Therapeutics (ABEO)
Analyst ABEO Stock Forecast: Cantor Fitzgerald, Overweight, $40 target
Sticking with the biotech penny stocks trend, Abeona Therapeutics rounds out this list of penny stocks. Among all analysts discussed, Cantor set the highest price target at $40 for a stock trading below $5.
The company recently announced Phase 3 data in its VITAL study evaluating EB-101. According to the company, it met two co-primary efficacy endpoints. There were also more significant pain reduction benefits observed in a post-hoc analysis for EB-101-treated wounds. There are now plans to submit a Biologics License Application to the FDA.[Read More] Best Penny Stocks To Buy? 5 To Watch For November 2022
Vish Seshadri, Chief Executive Officer of Abeona, stated in a November 3rd PR, “The VIITAL study is differentiated from any other pivotal study in RDEB by the co-primary endpoint measuring patient-reported pain. We believe the significant result in this endpoint supports EB-101’s potential for improving the daily life of RDEB patients. Based on the efficacy and safety profile of EB-101 in VIITAL, we are looking forward to sharing the VIITAL study results with the FDA and progressing toward submission of a BLA.”
ABEO Stock Forecast
Cantor’s $40 target isn’t only the highest set in this article, it also makes its outlook the highest in terms of percentage difference from current trading levels. With ABEO stock sitting around $3.65, Cantor Fitzgerald’s forecast is 995% higher.