If you’re looking for the best penny stocks to buy today, you should be well-prepared to deal with high volatility. Whether it’s the latest debt ceiling crisis, pandemic fear reemerging, today’s Fed meeting minutes from May, or speeches by Janet Yellen and Federal Reserve members, there are plenty of headlines to contend with.
It doesn’t have to all be doom and gloom. In fact, penny stocks are some of the most resilient during times of market downturn. Their unique makeup tends to offer immunity to some of the overreaching headwinds that broader market stocks face.
Case in point, look at any of the premarket penny stocks today that are climbing on scanners. Gigacloud Technology (NASDAQ: GCT), for example, was trading below $5 earlier this month. On Wednesday morning, GCT stock exploded to highs of over $10 thanks to earnings news.
Smart For Life Inc. (NASDAQ: SMFL), another penny stock, rallied from Tuesday’s close of $2.05 to premarket highs of $3.15 thanks to news that it’s launching a line of Sports Illustrated protein bars.
Meanwhile, shares of Bioventus Inc. (NASDAQ: BVS) extended a multi-week move thanks to a filing that showed one of its directors picking up millions of dollars worth of BVS stock.
At the same time, the stock market’s major indexes, including the S&P 500 and Nasdaq, continued falling. In this article, we look at a handful of some of the most volatile names: penny stocks under $1.
Even the slightest drop of pop in price can equate to outsized gains, making them high-risk prospects. But for some, it’s precisely what they’re looking for. The first place to begin is with a list and to know what’s propelling the latest moves.
Penny Stocks To Watch
Minerva Surgical Inc. (UTRS)
Shares of Minerva Surgical took flight on Wednesday, just one day after the company was granted a new US Patent. This patent was titled Medical Systems and Methods (For Resecting And Extracting Tissue). For those unfamiliar, the company develops minimally invasive solutions for uterine healthcare needs. Its product line is designed to address common causes of Abnormal Uterine Bleeding and can be used in various treatment settings.
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No further updates have come out from the company regarding the development. However, that hasn’t stopped the market from reacting to the USPTO website posting. Minerva recently appointed a new Chief Executive Officer who appears optimistic about the company’s prospects.
“As our new CEO, I spent the first quarter meeting with customers, partners, and our commercial team, and those conversations have truly underscored my belief that Minerva is uniquely positioned to serve the healthcare needs of women with our best-in-class surgical products,” Todd Usen, Minerva Surgical’s Chief Executive Officer, said in the company’s recent earnings update.
Getaround Inc. (GETR)
Getaround, a carsharing marketplace, has been in the news following recent M&A activity. The company announced the acquisition of a once-popular penny stock, HyreCar. Getaround reported closing on the purchase of the company to speed up its profitability path and shore up its worldwide gig carsharing industry position. According to Getaround, the company anticipates this deal to contribute $75 million of run-rate annualized gross booking value. It also expects it to contribute to a positive adjusted EBITDA.
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“This transaction unites two pioneering companies in the carsharing space. More than just sound economics for Getaround on our path to profitability, acquiring substantially all of the HyreCar assets will strengthen the business,” said Sam Zaid, CEO and Founder of Getaround.
But it may not be the only thing traders are looking at right now. Getaround also appointed a new SVP of Finance & Strategy this week. On top of that, a recently filed Schedule 13D showed an increased stake by one of the company’s largest investors. Mudrick Capital’s filing shows a stake of more than 26.26 million shares, roughly 22% of the company’s shares.
Altamira Therapeutics (CYTO)
Altamira stock exploded during the premarket session on Wednesday but cooled off soon after the market opened. The therapeutics development company reported positive trial data on Wednesday, which prompted the initial move.
Altamira announced top-line data from its Bentrio clinical trial in seasonal allergic rhinitis. The candidate met its primary efficacy endpoint and was rated good or very good regarding tolerability and efficacy by study patients.
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Thomas Meyer, Altamira Therapeutics’ founder, Chairman, and CEO, explained, “The large magnitude of the reduction of nasal symptoms demonstrates that effective protection against seasonal allergic rhinitis is very well possible with a drug-free treatment. There are many patients who do not respond well to medicated nasal sprays either for lack of efficacy or due to tolerability issues with preservatives or other ingredients. I would like to extend my sincere appreciation to all the patients and investigators involved in the NASAR trial who helped us to reach this important clinical milestone.”
List Of Penny Stocks
- Minerva Surgical Inc. (NASDAQ: UTRS)
- Getaround Inc. (NYSE: GETR)
- Altamira Therapeutics (NASDAQ: CYTO)
Getting Started With Penny Stocks?
Some of this information may be over your head or not immediately understood if you’re new to trading penny stocks. That’s ok because we’re here to help. Pennystocks.com offers an extensive database of content focused on beginners to help get the correct information and a “little bit” of education.
Penny stocks aren’t for everyone. But if you know how to trade them and use current market conditions to your advantage, they can be a promising prospect in your trading arsenal. Here are some of the latest articles written for you, someone who’s ready to learn how to trade penny stocks in 2023:
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