Another week of trading is underway and marks the first full week of March 2023. Whether you’re trading penny stocks or searching for the next mega-cap tech stocks to buy, research is the first place to begin the trading journey. Obviously, when it comes to cheap stocks, volatility and speculation can play leading roles. That can also coincide with higher levels of risk.

Even though broader market events don’t tend to impact penny stocks, they are worth noting as they could lead to different industry trends. Whether it results in the next energy stock boom or raises questions on the outlook for technology stocks, the “big picture news” is good to know.

This week is all about Fed Chair Jerome Powell’s testimony and, more importantly, the Q&A portion. Will it swing markets to the upside or push stocks lower? That’s something to be seen. But Tuesday and Wednesday this week could be full of heightened volatility trends.

In this article, we look at a handful of penny stocks gaining ground in the stock market today. They’ve benefited from company-specific catalysts as well as sympathy trading trends. Are they worth watching in March, and are they the best penny stocks for 2023? I’ll leave that up to you to decide. For now, let’s look at the recent catalysts in play so you can have a better handle on what’s going on in the market with these cheap stocks.

hot penny stocks to buy

Hot Penny Stocks Today

Vallon Pharmaceuticals (NASDAQ: VLON)

Shares of Vallon Pharmaceuticals have seen its share price surge over the last several weeks. Initially, the catalyst came as the company was preparing to release its financials. The company reported a loss, but management mentioned that its focus during the latter half of 2022 was on evaluating strategic alternatives to advance its shareholder value.

CEO David Baker explained, “We believe that merging with GRI Bio and advancing a potentially deep pipeline, leveraging its innovative NKT regulator technology represents the best path forward for Vallon shareholders in the near and long term. We continue to work towards the successful closing of our proposed merger agreement with GRI Bio, which we expect to be completed early in the second quarter of this year.”

Best Penny Stocks To Buy Under $1? 4 To Watch Now

With the GRI transaction expected to close in the second quarter of this year, speculation has begun rising. This week VLON stock has caught a surge of momentum and raised eyebrows for the beginning of the month.

Immunic Inc. (NASDAQ: IMUX)

Small- and micro-cap biotechnology stocks have been heating up recently, and Immunic is one of the names that has traded higher over the last few months. The company is developing chronic inflammatory and autoimmune disease treatments. Its IMU-935 is targeting psoriasis and castration-resistant prostate cancer and is in clinical proof-of-concept trials. Immunic’s other candidate, IMU-856, is being developed to restore intestinal barrier function and regenerate bowl epithelium for gastrointestinal diseases.

This week the company kicks off its series of March investor conferences with BioCapital Europe. CEO Daniel Vitt, Ph.D., presents an overview on March 9th. Immunic also participates at the 2023 American Academy of Dermatology Annual Meeting and the Society for Virology during the second half of the month.

With a slew of data expected this year from various trials and a cash position of over $116 million at the end of Q4, traders could be looking for clues from these upcoming events. In particular, the IMU-935 phase 1 program in psoriasis could be set for the nearest term event. Immunic plans to provide further updates and guidance on potential next steps for the trial “towards the end of the first quarter of 2023.”

Bullfrog AI Holdings Inc. (NASDAQ: BFRG)

If there’s one thing that’s been a hot topic of discussion recently, it’s artificial intelligence and AI stocks. Thanks to platforms like ChatGPT, the market is getting its taste on the potential of this technology. Even more, the rise of so-called “ChatGPT stocks” has captivated the market’s interest this quarter. It has also prompted companies, including Alibaba (NYSE: BABA), Bidu (NASDAQ: BIDU), and Alphabet (NASDAQ: GOOGL), to release ChatGPT-related headlines. Most of the news focused on the design of a competing technology.

With the AI wars beginning to heat up, traders are hunting for the next start-ups and small companies to watch. Bullfrog AI has come into the picture as one of the lower-price stocks to watch. Its recent IPO was a lackluster event for shareholders, but a turnaround in price over the last few sessions has brought back some optimism to the market.

Bullfrog uses machine learning in precision medicine. Multiple collaborations with research institutions like Johns Hopkins University has seen the company’s tech advance drug development. Its bfLEAP AI platform allows it to achieve that goal by predicting which patients might respond favorably to specific therapies.

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However, the latest surge in momentum has stemmed from sympathy sentiment regarding other AI stocks. (NYSE: AI), for example, reported strong Q4 financial results last week. In turn, more bullishness favored a wide range of AI penny stocks and higher-priced stocks alike.

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