This is a significant week for earnings, and mega-cap tech names will headline what’s sure to be a volatile week. Next week, the action continues with the upcoming Fed meeting and another rate hike decision. Some traders are flocking toward cheaper stocks in light of the broad stock market volatility. One of the reasons is based on the way these penny stocks trade. It’s well-known that speculation can spark momentum in low-priced stocks even when the stock market is down like it is at the start of the week.

These types of stocks tend to be more sentiment-based in their trading trends. As such, you’re sure to find at least a handful gaining bullish momentum when other, more established companies are seen as cooling off. This article looks at a few of the most active penny stocks today. We look at what might be driving momentum and track down any future or near-term events worth noting. Are they worth adding to your list of penny stocks to watch? I’ll leave that up to you to decide.

Hot Penny Stocks To Watch

Mangoceuticals, Inc. (MGRX)

penny stocks to buy Mangoceuticals MGRX stock chart

Mangoceuticals, Inc., known as MangoRx, made its public debut at the end of March. Like most IPOs in the stock market this year, it was a lackluster event that has seen share prices plummet. However, the latest action over the last two sessions may suggest more bullishness in the market.

Last week the company reported an update on its debut commercial on YouTube. The company is developing various men’s health and wellness products via a telemedicine platform. Its drug is branded “Mango” and focuses on things like erectile dysfunction. In the MangoRx update, CEO Jacob Cohen announced that the “initial virality” of its debut commercial “is a testament to the success in our marketing approach.”

The company also announced that it’s featured on Webull’s corporate communications service platform. Management explained that the ManfoRx portal on the mobile brokerage platform would allow the company to offer a direct line of communication with current and prospective shareholders. This week, MGRX stock has upheld its recent bullish trading trend as shares retested the $2.

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Nordic American Tankers Ltd (NAT)

penny stocks to buy Nordic American Tankers NAT stock chart

Shipping stocks have floated higher this year thanks to a mix of global economic developments. Nordic American is one of the penny stocks benefiting from the trend.

Nordic’s fleet consists of crude oil tankers. The state of the energy market right now has brought a bit more volatility to related stocks. In an update earlier this year, CEO Herbjorn Hansson explained why shippers could be in high demand:

“As a consequence of Russia’s invasion of Ukraine and the West’s strong reaction, energy security is of paramount concern.  Oil will have to be sourced from further away than in the past, creating longer voyages. Uncertain times also encourages hoarding among some buyers, adding to demand for oil and for the NAT tankers…I also see a longer-term trend, and that is the increased demand for oil, in particular from Asian economies.”

Against this backdrop, NAT stock has continued climbing in the stock market this week. Monday’s action saw one of the most significant single-day moves in the last few weeks.

Aethlon Medical Inc. (AEMD)

penny stocks to buy Aethlong Medical AEMD stock chart

Besides a big move during the first quarter, trading action has been relatively muted for Aethlon Medical over the last few months. Needless to say, that trend changed toward the end of last week. The company is the developer of its Hemopurifier, which is a blood filtration system. It has applications in cancer and certain infectious diseases. Aethlon was in the news during several major health outbreaks, including the monkeypox outbreak last year.

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No recent updates have come from the company, although share prices may suggest other catalysts in play. Since last Wednesday, AEMD stock has surged from around $0.40 to highs of over $0.70. Something that may have become a topic of discussion is what might happen this earnings season. In its last update, Aethlon highlighted several initiatives that could be a source of speculation. Aethlon contracted with NAMSA, a medical technology CRO to direct an oncology study in Australia and the US.

According to management, this clinical trial in oncology is “planned to be a safety, feasibility, and dose-finding trial in solid tumors failing anti-PD-1 antibodies.” The company believes the trial will help in designing future efficacy trials of its Hemopurifier in oncology. No further updates have been given on this initiative.

Onconova Therapeutics Inc. (ONTX)

penny stocks to buy Onconova Therapeutics ONTX stock chart

Onconova is a biotech company developing products for patients with cancer. Specifically, its pipeline is designed around anti-cancer agents for disrupting cellular pathways vital to cancer cell proliferation. Its proprietary narazaciclib is under evaluation in two separate trials. Its other candidate is rigosertib, which is being studied in combination with nivolumab in non-small cell lung cancer and as a monotherapy in squamous cell carcinoma.

As we discussed last week when ONTX stock exploded higher, news can play a significant role when it comes to sentiment. Onconova announced plans to present preclinical data on its narazaciclib at this month’s American Association for Cancer Research meeting. Analysts have also begun weighing in on ONTX stock. Last week, HC Wainwright upgraded Onconova to Buy and announced an $11 price target. That is significantly higher than current levels and represents a premium of more than 1,240% to recent price levels.

The momentum fueled by these recent events has continued to foster a bullish trend in the stock market this week.

Tingo Group (TIO)

penny stocks to buy Tingo Group TIO stock chart

Shares of Tingo Group have quietly mounted a strong rally in 2023. Market action has recently picked up in a major way and has seen TIO stock reach fresh 52-week highs. The company focuses on financial technology and niches within this market, including agri-fintech. Its Tingo Mobile operates in Africa with a portfolio of products like a device-as-a-service smartphone. It began expanding internationally with farmers.

Other platforms under the Tingo umbrella include a payment super app in partnership with Visa offering B2B and B2c services. Tingo Foods is a food processing business for things like rice, pasta, and noodles. It also has Tingo DMCC, a commodity trading platform and export business for agricultural commodities. With a diverse offering, there are plenty of things that traders are following for new developments.

This week Tingo announced plans to present at the Taglich Brothers investment conference next week. CEO Darren Mercer will headline the presentation and host Q&A breakout sessions. In anticipation of this event, it looks like the market has noticed.

List Of Penny Stocks

  1. Mangoceuticals, Inc. (NASDAQ: MGRX)
  2. Nordic American Tankers Ltd (NYSE: NAT)
  3. Aethlon Medical Inc. (NASDAQ: AEMD)
  4. Onconova Therapeutics Inc. (NASDAQ: ONTX)
  5. Tingo Group (NASDAQ: TIO)

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