AMAM Stock Explodes & Sheds Light On Cheap Low Float Stocks
One of the exciting things about penny stocks is that they can break out big even if the stock market is down. On top of that, it doesn’t take any significant catalyst to spark a rally. Many catalysts that trigger a retail trading frenzy have less to do with companies directly and more to do with other factors. Things like low float, high short interest, price ranges, and more can contribute to momentum-fueled moves. Sympathy sentiment is at the heart of some of the biggest breakouts in the stock market this year.
What is sympathy trading? This topic involves stocks that make a move because they have similar traits as other stocks that have already made a big move. Think about the meme stock explosion last year.
Many stocks had little to do with movie theatres or video game retail sales and more to do with high short interest, among other things. Today we look at a different sympathy sentiment in play that includes a few criteria: stocks under $1 and a low float.
For this list of penny stocks, we looked at Ambrx Biopharma (NYSE: AMAM) for clues.
Why Is AMAM Stock Up Today?
Ambrx Biopharma was probably something that never hit your watch list. It has done nothing but drop since its public debut. On top of that, AMAM stock rarely traded any significant or noticeable volume during that period. This week, however, it all changed, and AMAM stock skyrocketed following the news of “encouraging” preliminary safety and efficacy data from its ARX788 platform in HER2-positive metastatic breast cancer.
“This preliminary safety and efficacy data in a heavily pretreated population further reinforces our view of the stability and precision underlying Ambrx’s proprietary drug-linker and site-specific conjugation technology for ADC design,” said Daniel O’Connor, Chief Executive Officer of Ambrx.
In addition to this critical development, AMAM stock was trading below $1 and has a public float of fewer than 20 million shares. Some outlets put this number even lower at around 5 million shares. Low-float penny stocks are known to make extreme moves quickly. When you throw in low prices, that can amplify things even further. AMAM stock screamed to highs of over $4.40 one day after hitting fresh 52-week lows of $0.38.
This is one of the catalysts retail traders have seen, and now the hunt is on for low-float penny stocks under $1 today. Obviously, there is an extreme risk due to multiple factors, and you must understand that. But if you know how to manage risk, then you’ve already got some steps in mind to take before adding certain companies to your list of penny stocks to watch.
Low Float Penny Stocks To Watch
- HTG Molecular Diagnostics Inc. (NASDAQ: HTGM)
- Wearable Devices Ltd. (NASDAQ: WLDS)
- Hillstream BioPharma (NASDAQ: HILS)
HTG Molecular Diagnostics Inc. (HTGM)
If you’ve been trading penny stocks throughout the year, HTG Molecular may have been on your watch list. The company’s shares surged during the summer following the publication of a peer-reviewed journal article that featured HTG’s Transcriptome Panel. The article was published in Frontiers in Medicine by a participant in the company’s HTP early adopter program. Amid the broader market sell-off, HTGM stock followed suit.
Fast-forward to this week, and the company is back in focus. HTG announced the next event in its RNA Profiling in Drug Discovery webcast series. Key opinion leaders (KOL) will participate in the webinar titled “The Role of RNA Profiling in Drug Discovery and Analysis” next Tuesday.
The company also said it would present results from the application of its transcriptome-informed approach to drug discovery. The goal is to design and refine small-molecule chemical libraries and enable the selection and characterization of de-risked candidate molecules for selected therapeutic targets.
But it may not have been the news alone that prompted momentum in the market. HTG also has a price point below $1 and a public float of under 20 million shares. AMAM stock’s move could have helped spark some additional attention in light of these other factors. The question now is, can it continue?
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Wearable Devices Ltd. (WLDS)
Another one of the low-float penny stocks under $1 to watch today is Wearable Devices. The company made its public debut in September, which would be the highest price WLDS stock would see since then. The company is developing non-invasive neural input interface technology via wearables, including wristbands. Wearers can control digital devices using things like subtle finger movement to do so.
Last month the company showcased the use of its brain neural commands to operate an autonomous construction robotics solution, Spot.
“Collaborating with Wearable Devices is another step forward in our mission to transform the way our customers interact with and operate robots and machinery,” said Aviad Almagor, Vice President, Technology Innovation at Trimble. “A new interaction paradigm is required to effectively merge the digital and physical environments, and we believe that neural input technology can play a major role in achieving this.”
While not very many updates have gotten released since then, December has become a much more active month for the penny stock. On multiple occasions, it saw an uptick in relative volume during the first two weeks of the month. Furthermore, AMAM stock’s breakout to over $4 may have also become a factor, at least as far as Friday’s action in low-float penny stocks is concerned.
Hillstream BioPharma (HILS)
Like all penny stocks on this list, Hillstream experienced a strong downtrend throughout the year. Shares of HILS stock put in new 52-week lows right before the start of December. But news from earlier this month woke up the penny stock.
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Hillstream announced it is developing targeted biologics it calls Knob Quatrabodies (HSB-1904). It also signed collaboration agreements with a subsidiary of OmniAb (NASDAQ: OABI) and Minotaur Therapeutics to build upon its Picobodies against unreachable and undruggable epitopes in “high-value validated targeting” beginning with PD-1, a protein found on T cells.
Hillstream CEO Randy Milby also explained, “The Picobodies which OmniAb brings to this collaboration combined with our Quatramers to create a novel and disruptive Knob Quatramer platform will be a great addition to our portfolio starting with HSB-1940. We are doubly excited that Dr. Vaughn Smider, a pioneer in the discovery, engineering, and understanding of these unique proteins, will be leading Minotaur’s services. The Quatramer is a key Hillstream platform which is now poised to create novel therapeutics using “smart carriers” with multiple approaches for enhancing targeted cancer immunotherapy.”
With a price under $1 and a float of fewer than 10 million shares, HILS stock found its way on this penny stocks watch list today.
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