Penny Stock News Sent These Stocks Higher On Thursday
If you’re looking for the top penny stocks to buy, chances are you’re looking for a catalyst. Whether its broader stock market headlines or company-specific news, press releases are typically the first place to look. As we’ve already seen, economic data can influence sentiment.
However, the lasting impact might be a bit unclear. Case in point is the stock market today. Yesterday’s FOMC meeting minutes from January 2023 sent stocks lower amid fears or higher rate hikes later this year. You might expect the broader indexes to gap down during Thursday’s premarket session.
However, after closing Wednesday’s session at $398.54, the S&P 500 ETF (NYSEARCA: SPY) actually bounced back up over $400. Obviously, more economic data in the stock market this week could shift sentiment quickly. But the fact remains, the type of news and information that is released can determine how impactful and lasting the reaction will be for stocks.
In this article, we look at a handful of low-priced stocks that released new updates this week. We dive into what that news was and any other potential catalysts to watch. From there, you can decide if they’ll be the right names to add to your list of penny stocks to watch today.
Penny Stocks To Watch
VBL Therapeutics. (VBLT)
Penny stocks under 10 cents have actually become a popular topic among retail traders in the market this week. Wednesday, VBL Therapeutics came within two cents of reaching that range as the latest sell-off continued. VBLT stock has been in a decline since the start of February (in the short term). The company announced an agreement to “monetize” certain assets for $7.1 million. At the heart of it, this was an asset sale and is expected to close early next month.
Dror Harats, M.D., Chief Executive Officer of VBL explained it was “As “part of our previously announced strategic process,” and that “we have been seeking ways to unlock value from our assets and the monetization of our state-of-the-art facility was one of our key priorities to maximize shareholder value.”
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VBLT Stock News
This week VBL announced an agreement to merge with Notable Labs. In a related update, the company explained the deal would create a clinical-stage therapeutic platform company developing precision medicines. The new focus will be on Notable’s Predictive Precision Medicines Platform and pipeline targeting cancer. Lead asset, Volasertib, is being studied in adults with acute myeloid leukemia. Following the completion of the merge, VBLT will be traded under the symbol NTBL.
Opendoor Technologies (OPEN)
Shares of Opendoor technologies bounced back on Thursday ahead of its upcoming earnings release. The company is expected to report after the closing bell. Obviously, this presents a high-risk scenario as earnings can trigger extreme volatility for stocks. Needless to say, Opendoor has been making headlines in the stock market this year thanks to new milestones.
The residential real estate eCommerce company gained acclaim from analysts at CitiGroup earlier this month. The firm boosted its price target to $2. It also has a Neutral rating on OPEN stock. However, one of the key drivers of the recent reversal in shares may have been helped by a few news catalysts. These include speculation on upcoming earnings this week and a deal that was put in place and announced earlier this month.
Zillow said that the two would offer homeowners in Atlanta and Raleigh a new way to “explore multiple home-selling options” on Zillow’s site. The sellers can request a cash offer from Opendoor and get an estimate of their home’s potential selling price on the market with a local Zillow Premier Agent.
Ocean Biomedical Inc. (OCEA)
Biotechnology penny stocks have been red hot lately. Ocean Biomedical is the latest company to reach new heights as far as market interest. This week the company that recently completed its SPAC merger made a big splash after reaching a key milestone.
OCEA Stock News
Ocean Biomedical celebrated “the discovery of bispecific antibodies that target Chitinase 3-like-1 and immune checkpoint inhibitors, killing glioblastoma cells and melanoma cells, and blocking the metastasis of malignant melanoma cells to the lung by over 90%.”
Dr. Chirinjeev Kathuria, co-founder and Executive Chairman explained that, “Non-small cell lung cancer (NSCLC) is the leading cause of cancer death and second most diagnosed cancer in the US. Glioblastoma multiforme (GBM) is a lethal type of brain tumor that affects approximately 28,000 people in the U.S. The median survival time is about 15 months. With our discovery that CHI3L1 is a critical regulator of a number of key cancer-causing pathways by highlighting its ability to inhibit tumor cell death (apoptosis) this therapy has the potential to save thousands of lives of people effected from NSCLC and GBM.”
List Of Penny Stocks to Watch
- VBL Therapeutics (NASDAQ: VBLT)
- Opendoor Technologies (NASDAQ: OPEN)
- Ocean Biomedical Inc. (NASDAQ: OCEA)