The Stock Market Is Down, But These Penny Stocks Are Moving Higher & Here’s Why
Penny stocks are known for high-risk and high-reward. They’re also known to move disconnected from whatever broader markets are doing, especially when the stock market is down. Thanks to a hawkish Fed statement and press conference from Chairman Jerome Powell, markets traded lower today. The move comes just days after fresh Consumer Price Index data suggested that inflation might be slowing.
Even with this as the case, anyone looking at penny stocks today might be pleasantly surprised at how some are performing. This article looks at a handful of names moving against broad market trends.
We look into what’s happening and what might be on the horizon that traders are watching. Whether it’s unusual trading volume, unusual options activity, insider trading, hedge fund purchases, or simple speculation, there are ways to find hot penny stocks to watch, and the first step is doing research and cutting through the noise.
Penny Stocks To Watch
Immix Biopharma (IMMX)
Shares of Immix Biopharma have been in the middle of a retail trading spotlight for the better part of the last few weeks. Since hitting fresh 52-week lows of $0.68 in November, IMMX stock has been in rally mode. The most significant move it made came in December after news that ImmixBio completed release testing and shipping of its IMX-110 for dosing in its clinical trial. It simultaneously reported patient dosing in an ongoing Phase 1b/2a IMX-110 monotherapy clinical trial.
“We are thrilled to accelerate our efforts to bring IMX-110 to patients after scaling-up manufacturing of IMX-110,” said Ilya Rachman, MD, Ph.D., CEO of ImmixBio. “Key opinion leaders at our five clinical trial sites are excited to bring IMX-110 to their adult and pediatric cancer patients as a monotherapy and as a combination with Beigene/Novartis anti-PD-1 tislelizumab.”
What To Watch With IMMX Stock
This week, the company continued making headlines after announcing that its Nexcella subsidiary in-licensed a CAR-T therapy, NXC-201. This gives the company exclusive rights to the platform, initially used in patients with multiple myeloma. CEO Rachman explained further, “Encouraged by the 100% complete response rate and 100% organ response rate in AL Amyloidosis, we are planning to enroll additional patients to validate these findings.”
This news has helped spark a late-week rally.
Healthcare Triangle Inc. (HCTI)
Like Immix, Healthcare Triangle has enjoyed a recent uptick in trading action since hitting 52-week lows in November. During that period, shares of HCTI stock have bounced back as high as $0.64. Much of that move came within the last week and may have been due partly to some social sentiment and sympathy momentum in the market. Recent market trends have placed penny stocks under $1 in focus.
What To Watch With HCTI Stock
Other than speculation and sympathy, new filings posted over the last few weeks have helped bring a bit of optimism to the market. In particular, an 8K filing late last month shows results from a recent shareholder meeting. Of note, the company’s shareholders approved the resolution to give the Board of Directors the discretion to effect the Reverse Stock Split. Now the market awaits to see what that will look like. According to the filing, it will be in a range of split ratios from 1-for-2 to 1-for-10 at any time prior to May 29, 2023.
Considering how far HCTI stock has fallen and how long it has traded below $1, this could have become a more prominent point of interest heading into the new year.
Blue Apron Holdings Inc. (APRN)
Popular short squeeze and meme stock Blue Apron Holdings has turned heads in the stock market this week. The meal kit company has pushed the limits of its original model. Blue Apron has gone as far as throwing out a subscription-only model in hopes of attracting a broader audience.
The company launched subscription-free meal kits on Amazon as well as with Walmart on its website. However, these moves haven’t been bullish enough in the eyes of investors to uphold APRN stock’s price. Shares just tagged fresh 52-week lows of $0.61 this month.
What To Watch With APRN Stock
This week APRN stock is back in focus after new headlines prompted a more bullish tone in the stock market. Blue Apron provided an update on funding from a key investor, Joseph Sandberg, and his affiliates. They have committed to funding a purchase obligation of $55.5 million at $5.65 per share under a private placement agreement.
BeyondSpring Inc. (BYSI)
Shares of BeyondSpring have been in a strong rally this month. The biotech company has seen share prices head higher since the first week of December. Coincidentally, the jump came in anticipation of data presented at three medical conferences. The data was pertaining to its plinabulin for preventing docetaxel-induced neutropenia in non-small cell lung cancer and breast cancer patients.
What To Watch With BYSI Stock
These events have aroused bullish optimism in BYSI stock. A recent update on the presentations this week highlighted the recent milestone events. Dr. Douglas Blayney, professor of medicine (oncology) emeritus at Stanford University Medical School and global principal investigator for the plinabulin neutropenia prevention studies, explained, “The data that we presented at these three conferences demonstrate that plinabulin can provide solutions for some of the challenges seen with G-CSF…Importantly, the analyses showed a reduction in mean DSN of one day or more in NSCLC patients receiving plinabulin vs. placebo (no G-CSF), which is the gold standard for regulatory review.”
However, something to keep in mind is that BYSI stock has extended hugely in a very short timeframe. It is also at a critical technical level, the 200-day moving average. Will the uptrend continue? That’s the biggest question being asked right now. Nevertheless, BYSI is one of the penny stocks traders are watching this week following these recent presentations.