If you’re looking for penny stocks to buy, you’re not alone. One of the main attractions to this niche in the stock market today is the potential for quick gains. Not only that, but in many cases, these gains can be extreme. On an almost daily basis, you’re sure to see at least a few penny stocks exploding by more than 100%. While risks are high, the reward potential tends to drown out the negative side of the coin.

With CPI data incoming this week, it’s tough to say where markets will end up by the end of the week. However, this time Tuesday, all will be revealed, and we’ll get a glimpse of how “new CPI” inflation data is reported. Furthermore, we’ll also see if inflation has been tamed compared to the last CPI read. Thanks to a statement from Fed Chair Jerome Powell this month, there’s a bit more caution in the market.

Powell explained at the Economic Club of D.C, “There has been an expectation that [inflation] will go away quickly and painlessly; I don’t think it’s guaranteed that’s the base case…It will take some time.”

No matter if the stock market is down, economic data is bad, or, in this case, CPI comes in worse than expected, the exciting part about penny stocks is that they are less connected with the broader market trends. If you know what you’re doing, you can quickly find candidates to add to your list of penny stocks to watch. Today we look at a few of the cheaper names in the market; ones trading for under $3. We look at what recent catalysts are in play and any potential events that could be on the horizon that are worth paying attention to.

Penny Stocks To Watch

Selecta Biosciences (SELB)

Since the end of 2023, shares of Selecta Biosciences have been in rally mode. The biotechnology penny stock slipped to lows of $0.90 right before the New Year but has managed to reclaim levels it had traded at when the fourth quarter began.

What To Watch With SELB Stock

best penny stocks to buy Selecta Biosciences SELB stock chart

Earlier this year, Selecta and Astellas announced an exclusive licensing and development agreement. This involved the IdeXork platform. The company explained that it is being studied as a possible immunoglobulin G (IgG) protease that Astellas will develop for use with a treatment for late-onset Pompe disease, AT845.

Selecta is responsible for developing and manufacturing Xork and maintains rights to develop additional indications beyond Pompe disease. Selecta will also receive a $10M upfront payment and is eligible to receive up to $340M for particular additional development and commercial milestones plus royalties.

10 Top Penny Stocks Under $1 To Watch For February 2023

This week SELB stock could be on the radar for some. Management will participate at the SVB Securities Global Biopharma Conference. So if this is one of the names on your list of penny stocks to watch, keep Valentine’s Day in mind, as this is when Selecta hosts its portion of the event.

Troika Media (TRKA)

Troika Media has been one of the cheap penny stocks to watch this year. TRKA stock started the year trading around 11 cents and has since climbed as high as $0.304. The most significant focus for traders right now is on Troika’s situation with Blue Torch Finance.

Last month, the two companies entered a further limited waiver of certain events of default under an original March 2022 finance agreement. There are currently “good faith” negotiations between the companies to amend the deal and mitigate events of default. According to the amended filing, the Limited Waiver expires this month if it isn’t terminated sooner by Blue Torch. The two have continued pushing the expiration date forward, with the latest being February 10th.

What To Watch With TRKA Stock

best penny stocks to buy Troika Media TRKA stock chart

Considering the timing, it could be something helping to spark speculation in the stock market for TRKA stock. In addition, a new 13G filing shows Kevin James VanBeek and Andrea Lynn VanBeek taking sizeable stakes in the company.

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According to the filing, “As of February 10, 2023, Kevin James VanBeek directly and beneficially owned 8,381,656 shares of Common Stock, representing approximately 12.4% of the issued and outstanding shares of Common Stock, and Andrea Lynn VanBeek directly and beneficially owned 4,227,243 shares of Common Stock, representing approximately 6.2% of the issued and outstanding shares of Common Stock.”

With this, TRKA stock has continued grabbing attention in the stock market this week.

Atossa Therapeutics (ATOS)

Like Selecta, Atossa has made 2023 a much more bullish year than how it ended 2022. The biotechnology stock has bounced back more than 50% since it hit 52-week lows of $0.50 in December. The company has focused on advancing its breast cancer program using its endoxifen platform as a Selective Estrogen Receptor Modifier. There are Phase 2 studies ongoing in preventing and treating the disease.

In a January shareholder letter, CEO Steven C. Quay, M.D., Ph.D., explained, “Our goal is to both help reduce the incidence of breast cancer and change the treatment paradigm for patients who are not benefiting from currently approved drugs.”

There are plans to enroll 175 patients for its mid-stage breast cancer trial.

What To Watch With ATOS Stock

best penny stocks to buy Atossa Therapeutics ATOS stock chart

This week, the company released its first update of February. Atossa said it was recently granted a patent (11,572,334) directed to “endoxifen encapsulated in an enteric capsule.” According to the company, it reinforces its IP portfolio related to the platform.

Commenting on the milestone, Dr. Quay explained, “There are a number of research-level medical applications of endoxifen outside of breast cancer, including in bipolar disorder disease in adults and in modulating genetically modified, cell-based therapies for cancer and immune diseases, that may require access to our endoxifen patents and technologies.”

Amneal Pharmaceuticals (AMRX)

Shares of Amneal Pharmaceuticals have experienced significant volatility in the stock market this year. The company focuses on supplying and developing generic and specialty pharmaceuticals with a portfolio of over 250 products. A steady move higher earlier this month ended in a massive sell-off toward the end of the week last week.

Amneal has been relatively quiet this year except for a few updates in January highlighting several significant milestones. These included collaborating with Finnish Orion to expand in Europe and Asia Pacific. The company said the initial portfolio will include a mix of generic products commercially available in the U.S., as well as “select high-value pipeline products currently under development.”

What To Watch With AMRX Stock

AMRX stock q code

This week the company was granted a CMS permanent product-specific reimbursement Q-code for the fylnetra injection. The summary identified that the treatment was approved by the FDA under a Biologics License Application pathway last year in patients with non-myeloid malignancies receiving certain anticancer drugs.

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Looking ahead, Amneal is set to report its next round of earnings on March 2nd.

List Of Penny Stocks To Watch

  1. Selecta Biosciences (NASDAQ: SELB)
  2. Troika Media (NASDAQ: TRKA)
  3. Atossa Therapeutics (NASDAQ: ATOS)
  4. Amneal Pharmaceuticals (NYSE: AMRX)

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