5 Penny Stocks To Watch In December With High Marks From Analysts
Trading penny stocks has the potential to be a very profitable technique. However, due to the volatility, these trades are seen as having a more significant risk than other types of investments. For individuals seeking to build their portfolio with a higher risk in mind and possibly greater rewards, penny stocks are a likely choice.
You can choose what trends to watch for. There’s plenty to look for, whether it’s short-squeeze stocks, insider trading activity, unusual options, or positive momentum. Usually, the most crucial step is choosing penny stocks to add to your list based on your unique trading style.
One benefit of using analyst information is using the research they will conduct. Right now, they aren’t just concentrating on price fluctuation. They are looking for fundamental catalysts based on their current operations. Wall Street firms have continued to support some of these names despite the low prices.
What transpires over the coming weeks may determine how investors and traders view the market in 2023. We examine five penny stocks to buy according to Wall Street analysts.
5 Penny Stocks To Buy [according to analysts]
Vivani Medical, Inc. (VANI)
Utilizing its unique NanoPortal platform, Vivani Medical creates biopharmaceutical implants to ensure patient adherence to their medicine. Generally, these implants are made to distribute drug molecules over protracted periods.
NPM-119, a tiny, 6-month GLP-1 implant being studied for treating people with Type 2 diabetes. It’s also Vivani’s principal initiative and is being developed within its Biopharm Division. The goal of NPM-119 is to give patients the chance to benefit from their medication while avoiding the inconveniences related to daily or weekly oral and injectable drugs.
Compared to the third quarter of 2021, when research and development costs were $2.9 million, Vivani Medical revealed in November that they had spent $3.9 million during the third quarter of 2022. Comparatively, the cost of staff and higher product development activities due to a merger were the leading causes of the increase. Notably, in August, Second Sight Medical Products, Inc. and Nano Precision Medical, Inc. completed their merger to become Vivani.
Analysts at ThinkEquity have given VANI stock a buy rating with a price target of $7.00 per share. This would represent an upside of 302% from its last closing price of $1.74.
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Y-mAbs Therapeutics, Inc. (YMAB)
Y-mAbs is a commercial-stage biotech company developing and commercializing antibody-based therapeutic cancer therapies. Its pipeline also includes bispecific antibodies. These are produced using its Y-BiClone and SADA platforms and conventional antibodies.
One FDA-approved medicine, DANYELZA®, targets cancers that express GD2. Another product candidate, OMBLASTYS®, targets tumors that express B7-H3. These platforms are included in the company’s extensive and advanced product pipeline.
Revenues from DANYELZA® reached record highs of $12.5 million in Q3 2022. This was up 28% sequentially and 40% year over year. A regulatory filing was made in Brazil, and the business was granted DANYELZA marketing authorization in Israel. The management restates its financial projections, estimating $45–$50 million in DANYELZA® sales for the entire year of 2022.
In a recent PR, Thomas Gad, President and Interim Chief Executive Officer explained, “The third quarter marked significant progress for DANYELZA. We are thrilled to report record sales of $12.5 million, a 28% increase compared to the previous quarter. In addition, DANYELZA was approved in Israel and submitted for marketing authorization in Brazil, and we look forward to our partners’ continued efforts to expand DANYELZA.”
YMAB stock has a buy rating from Canaccord Genuity Group with a price target of $27.00 per share. In this case, this target is 526% higher than its recent closing price of $4.31.
Rigel Pharmaceuticals, Inc. (RIGL)
Rigel Pharmaceuticals, Inc. is a biotechnology company developing small-molecule medications for patients with hematologic disorders, cancer, and other immunological illnesses. In its most recent financial update, Rigel reported total revenues of $22.4 million and third-quarter net product sales of $19.2 million for TAVALISSE®.
In August, Rigel also announced an exclusive license agreement with Forma Therapeutics, Inc. The duo will develop, produce, and market olutasidenib. The platform is an an experimental, oral, small-molecule inhibitor for treating R/R AML and associated malignancies. The FDA is evaluating Forma’s New Drug Application (NDA) for olutasidenib with a projected action date of February 15, 2023, under the Prescription Drug User Fee Act (PDUFA).
Rigel reported a net loss of $19.0 million, or $0.11 per basic and diluted share, for Q3 2022. This was compared to a net loss of $21.0 million, or $0.12 per basic and diluted share, for Q3 2021.
Analysts at Citigroup upgraded RIGL stock from neutral to a buy rating. The bank also gave RIGL stock a price target of $2.00 per share. It’s roughly 117% above its last closing price of $0.92.
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Eos Energy Enterprises, Inc. (EOSE)
Eos Energy Enterprises, Inc. is expediting the transition to sustainable energy through positively inventive solutions that change the way the world stores power. According to Eos, “We created the ground-breaking ZnythTM aqueous zinc battery to get beyond the limits of traditional lithium-ion technology. Our revolutionary solutions today provide utility, industrial, commercial, and residential customers a tried-and-true energy storage alternative for 3- to 12-hour applications. It is safe, scalable, efficient, and sustainable—and it is made in the United States.”
The company reported revenue of $6.1 million for the third quarter of 2022, $5.3 million more than the previous year’s period and marginally higher sequentially. Revenue from Energy Block units increased by 15% compared with last quarter.
Additionally, it has a current opportunity pipeline worth $7.3 billion, up 5% from the previous quarter, with $324.8 million in booked orders so far this year and a backlog of orders at $452.2 million. For the 80+ MWh Pine Gate Renewables Eastover Project, the manufacture of the 184th and last Energy Block was finished and dispatched on November 2, 2022.
The company has been given a buy rating and price target of $11.00 per share from Stifel Nicolaus. This target is 919% above its recent closing price of $1.08.
eHealth, Inc. (EHTH)
In the US, eHealth, Inc. runs a marketplace for health insurance that offers consumer interaction, informational, and enrollment services. The business is divided into the Medicare and Individual, Family, and Small Business sectors. Its e-commerce platforms enable people, families, and small businesses to browse, evaluate, compare, and buy various health insurance plans by organizing and presenting health insurance information in different formats.
Francis Soistman, the CEO and director of eHealth, Inc., purchased more shares in November. However, Independent Chairman of the Board Dale Wolf has made the most significant insider purchases this quarter.
The third quarter’s net cash for operating activities decreased from $71.0 million in the third quarter of 2021 to $29.6 million. For the first nine months of 2022, net cash utilized in operating activities decreased to $8.3 million from $60.3 million in the corresponding period of 2021. Compared to 2021, the company is on track to save more than $90 million in 2022.
EHTH stock has been given a buy rating from analysts at Craig Hallum with a price target of $6.00 per share. In this case, this represents an upside of 45% from its recent closing price of $4.15 if it were to reach that target.
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Penny Stocks, Risk, & Reward
The most promising equities can be found using press releases and financial data. Before selecting a position, you should do extensive research on the company. Your investing outcomes might improve as you gain expertise with technical indicators and chart patterns.
Given the present volatility of the market, short-term traders may benefit from the current market conditions. During a downturn, you might find it helpful to familiarize yourself with various trading strategies. These could be some of the best penny stocks watch for December 2022.
List Of Penny Stocks To Buy According To Analysts
- Vivani Medical, Inc. (NASDAQ:VANI)
- Y-mAbs Therapeutics, Inc. (NASDAQ:YMAB)
- Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)
- Eos Energy Enterprises, Inc. (NASDAQ:EOSE)
- eHealth, Inc. (NASDAQ:EHTH)
