Penny Stocks To Watch With News This Week
One of the quickest ways to see what’s going on with specific penny stocks is to check the newsfeeds. More often than not, you’ll find an update or opinion article discussing new or potential milestones to take notice of.
In this article, we’ll take a closer look at a handful of companies with bigger news this week that has turned heads in the market. We also take a peek into any upcoming events that may be worth a closer look. It will be up to you to decide if they should be on your list of penny stocks to buy or if they should be avoided entirely.
Penny Stocks To Watch
Omeros Corp. (OMER)
Biotechnology penny stocks have been flying high recently thanks to bullish events in the industry. Omeros Corp. has followed suit with this trend over the last month. Omeros’ rally initially began after the company reached a milestone event in late December. The event triggered a milestone payment due to a previous deal with Rayner Surgical.
OMER Stock News
Omeros signed an asset purchase agreement a few years back where it sold its ophthalmology product, OMIDRIA, to Rayner. The milestone event that triggered the payment was officially received by Omeros this month. Monday’s news highlighted the $200 million payment and cited that Rayner continues to pay Omeros royalties on U.S. and ex-U.S. net sales of OMIDRIA.
Gregory A. Demopulos, M.D., Omeros’ chairman and chief executive officer. “In addition, the recently enacted CAA secures long-term separate payment for OMIDRIA in both ambulatory surgery centers and hospital outpatient departments, and we look forward to continued participation in OMIDRIA’s growth through our ongoing royalty stream.”
Muscle Maker Inc. (GRIL)
Shares of Muscle Maker Inc. have been on fire since we first reported on the company late last year. In the article “Penny Stocks To Buy: 6 Insider Picks Before December 2022,” we identified some interesting insider activities in the market for GRIL stock. Fast-forward a few months, and shares have jumped from under $0.50 to as high as $1.15 at the start of the New Year. The company’s focus has been on expanding its fast-casual dining brands.
GRIL Stock News
This week the company announced that it crossed the $200 million milestone in the first three months of business operators for the new subsidiary, Sadot LLC. This is the company’s agriculture commodity shipping and trading company, operated by AGGIA, which runs the daily ops of the company.
Mike Roper, CEO of Muscle Maker, said, “We hired AGGIA to run the day-to-day operations of Sadot…As part of our agreement with AGGIA and its key performance metrics, AGGIA earned the right to nominate two additional members to the Muscle Maker board of directors. Just last week, the company announced the addition of Hannah Oh and Ray Shankar to the Muscle Maker board of directors effective March 1, 2023. We are very excited to bring on key members with knowledge and experience in international and agricultural businesses.”
With this milestone, GRIL stock jumped during early market hours on Monday.
SoundHound AI Inc. (SOUN)
Artificial intelligence stocks have been heating up in a big way thanks to ChatGPT and the frenzies use of its dynamic platform. Now, companies are either trying to find new ways to integrate AI into their models or, in the case of SoundHound, expand their technologies further.
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SoundHound specializes in voice AI and recently announced measures to implement a more targeted focus. According to a January update, “These measures are expected to reduce costs by approximately 40% while still enabling the company to deliver revenue growth of over 50% in 2023. As a result of this restructuring, cost reductions, and revenue growth, SoundHound expects to have much lighter capital needs going forward and become operating cash flow positive by Q4 of this year.”
SOUN Stock News
This week, SoundHound continues trading higher on AI-driven speculation and excitement. The last major update came right before the end of January with SoundHound securing new funding to beef up its balance sheet. It also “pre-announced” that it plans to deliver strong 2022 results with roughly $31 million in revenue, which is at the higher end of its previous guidance. This growth is expected to speed up throughout 2023 based on a solid customer base. Key partnerships and integrations include Qualcomm, Snap, Vizio, Square, and Toast, among others.
Genetic Technologies Limited (GENE)
We discussed GENE stock last week after it reported on a key milestone. The genetic technology development company announced the upcoming launch of a risk test for breast and ovarian cancers. The test platform aims to address women over 30 years of age in the general population at higher risk of developing breast and/or ovarian cancer, not just from rare genetic mutations. It will be launched to its Business to Business and Consumer Initiated Testing channels in the US, with the test being showcased at the BRCA 2023 Symposium in May.
GENE Stock News
The company kept the flow going this week with follow-up news on last week’s developments. In particular, Genetic said that it “is in discussions with a range of US payers regarding the adoption of the geneType breast cancer risk assessment test. While no commercial agreements are in place at this time, there are commercial pilot protocols in place with a few U.S.-based payer groups.”
Express Inc. (EXPR)
In many cases, penny stocks are influenced by sympathy sentiment. This month some tailwinds have come from news that activist investor and former Chewy founder Ryan Cohen took a stake in apparel retailer Nordstrom (NYSE: JWN). This may have trickled over into other companies within the space.
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EXPR Stock News
Express shares surged at to start the week, making new 2023 highs of $1.40. Not only has sympathy sentiment helped, but news this month may have also helped. Express announced the expansion of its collegiate athlete-style ambassador program. Sara Tervo, Executive Vice President, and Chief Marketing Officer at Express, explained, “Over the last year, we have seen incredible success with this program. We can’t wait to work with these talented athletes who have great style and represent confidence and authenticity.”
List Of Penny Stocks To Watch
- Omeros Corp. (NASDAQ: OMER)
- Muscle Maker Inc. (NASDAQ: GRIL)
- SoundHound AI Inc. (NASDAQ: SOUN)
- Genetic Technologies Limited (NASDAQ: GENE)
- Express Inc. (NYSE: EXPR)
