Thanks to an explosion of interest in penny stocks, plenty of stocks under $5 are gaining momentum in the stock market today. Whether you’re looking for short squeeze stocks, low float stocks, or simply hunting for a list of penny stocks in a specific sector, there are plenty of pockets of activity.
Now it’s time to figure out what to look at, in general. All of this action has brought plenty of noise to the retail market. Whether that’s from Twitter, Facebook, Discord, or Reddit, penny stocks are a hot topic, so it’s essential to stay focused.
Today alone saw several cheap stocks exploding on Monday. Getting the party started was Windtree Therapeutics (NASDAQ: WINT). Shares skyrocketed from under $5 to over $18.40, slumping below $10 later in the day. What was behind the move? The company announced the issuance of a new patent.
Later in the session, another name hit the list of penny stocks that exploded by triple digits. Presto Automation Inc. (NASDAQ: PRST) surged from a close of $1.39 on Friday to highs of nearly $5 on Monday. Attention on AI stocks continues sparking interest in related companies. Earlier this month, Presto announced it would host a tech summit for companies developing generative AI.
In this article, we look at a handful of popular stocks today and do a deeper dive into what’s igniting action, and then you can decide if they’re worth adding to your watch list.
Penny Stocks To Watch
Gamida Cell Ltd (GMDA)
Things were relatively quiet for Gamida Cell over the last few weeks. Other than a sell-off in March due to a bad earnings report. Fast-forward to the middle of April, and GMDA stock is trading higher on some of the most significant volumes all year.
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The company is working on turning cells into therapeutics, focusing on patients with blood cancers and solid tumors. Among other things, including a restructuring plan, Gamida outlined a strategy for advancing its cell pipeline, including launching its omidubicel and continuing a phase 1 study of its GDA-201 to eliminate tumors.
This week, Gamida hit scanners after FDA-related headlines emerged. Specifically, the FDA granted regular approval of Omisirge to Gamida. “Today’s approval is an important advance in cell therapy treatment in patients with blood cancers,” said Peter Marks, M.D., Ph.D., director of the FDA’s Center for Biologics Evaluation and Research.
“Hastening the return of the body’s white blood cells can reduce the possibility of serious or overwhelming infection associated with stem cell transplantation. This approval reflects the FDA’s continued commitment to supporting the development of innovative therapies for life-threatening cancers.”
FiscalNote Holdings Inc. (NOTE)
FiscalNote saw its stock price climb as the company continued recovering over the last few weeks. It reached fresh 52-week lows of $1.31 last month and has since reclaimed a portion of that. The company is another one of the AI stocks to watch as it offers enterprise software as a service technology in policy and market intelligence.
Last week the company secured a patent for AI-driven custom advocacy campaigns. What this means is FiscalNote can offer a proprietary solution for customers to create messages to advocates and policymakers, which can then be configured into “identity relevant” message templates. This essentially can allow for further optimization and bespoke design of messaging options.
Dr. Vlad Eidelman, Chief Technology Officer and Chief Scientist, FiscalNote. “This new patent represents an affirmation of the novel and innovative AI advancements FiscalNote continues to make every day as we partner with our customers to develop and implement advocacy communications which further their goals and objectives in policymaking at all levels of government. We look forward to continuing our mission of AI innovation, pushing the boundaries of what is possible in our industry, and breaking new frontiers in the application of AI across our portfolio of award-winning products and offerings.”
It may also be worth noting that the 5% short float in the stock has become one of the focal points of retail traders. Though it isn’t the most significant level compared to others, short-squeeze stocks or stocks with higher short interest are back in focus this week.
Praxis Precision Medicines Inc. (PRAX)
The genetic insight company Praxis Precision Medicines focuses on therapies for central nervous system disorders. Last quarter the company ran into trouble after reporting topline results from a Phase 2 study of its ulixacaltamide for treating essential tremors. The trial participants didn’t see a statistically significant change from baseline to the 56th day.
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Nevertheless, management explained its intention to engage with the FDA at the end of the Phase 2 study and to begin a Phase 3 study in the second half of this year. Overall, the treatment was well-tolerated, and there was some improvement in the primary efficacy endpoint regardless of the overall results.
This week Praxis announced upcoming presentations and events focusing on ulixacaltamide. If PRAX stock is on your list, these events may be important to note. It will present on April 23rd, May 15th, and May 18th and host several events in June. The June event schedule includes its end-of-phase 2 meeting with the FDA and a discussion on Essential1 results with insights into a Phase 3 program.
List Of Penny Stocks
- Gamida Cell Ltd (NASDAQ: GMDA)
- FiscalNote Holdings Inc. (NYSE: NOTE)
- Praxis Precision Medicines Inc. (NASDAQ: PRAX)