Are you on the hunt for the next big thing? Ready to catch the wave before it crests? Then, chances are you’re familiar with penny stocks and looking for the next round of names to add to your watch list. In this article, we’re breaking down some of the top penny stocks creating a buzz this week, making waves in the news, and catching the keen eyes of retail traders.
Unveiling the Penny Stock Phenomena
When it comes to investing, penny stocks are like distant stars that twinkle with potential. These low-priced shares typically trade below $5 as defined by the U.S. Securities and Exchange Commission (SEC). But they can present significant opportunities for investors who know how to spot them. And when they start appearing in the news, that’s when things can really heat up.
Riding the News Wave
But why does news matter? Simply put, news can be a powerful catalyst. From earnings reports to corporate announcements, new information can send ripples through the market and stir interest among traders. Regarding penny stocks, this can translate into significant price movement. Yes, that means both directions, as news can prompt bullish and bearish reactions in the market. After all, these stocks are highly volatile, which is part of their allure and risk.
Retail Traders: The Stock Market’s New Influencers
In recent years, retail traders have become a force to be reckoned with in the stock market. Armed with user-friendly trading apps and a wealth of online resources, these individuals are shaking up the trading scene and influencing market trends. When retail traders collectively set their sights on a particular penny stock, you’d best believe there’s potential for serious price action.
Ready to know which penny stocks are capturing attention this week? Whether they’re making headlines with groundbreaking news or have caught the eye of the retail trading crowd, we’ve got a list of some of the most active names. Remember, while the potential for massive gains is part of the penny stock appeal, they’re also fraught with risk. It’s vital to tread carefully, do your research, and make informed decisions.
Penny Stocks To Watch
Lexicon Pharmaceuticals (LXRX)
Though Lexicon shares have slumped recently, that hasn’t taken away from the interests thanks to insider trading activity in the penny stock. Lexicon specializes in gene targeting, including discovering and developing medicines to treat various diseases. Treatments have a wide range of focus, including heart failure, neuropathic pain, diabetes, and metabolism indications.
Late last month, Lexicon announced FDA approval of its INPEFA for treating heart failure. “The approval of INPEFA, along with the breadth of the label, is a major milestone in Lexicon’s path to fulfilling its mission of pioneering medicines that transform patients’ lives,” said Lonnel Coats, Lexicon’s chief executive officer. “We expect this important innovation to be commercially available in the U.S. market by the end of June 2023.”
This week the company issued an update to that milestone, and the market seems to have responded favorably during aftermarket trading on Thursday.
Virgin Galactic Holdings (SPCE)
Space stocks have skyrocketed this week, with Virgin Galactic leading the charge. The aerospace company has focused on making space travel (somewhat) accessible to the general population. It has placed a focus on spaceflight for private citizens as well as researchers.
This week the company announced the commencement of commercial spaceflight service, Galactic 01. It’s planned to fly next week between June 27 and June 30. There will be a second spaceflight, Galactic 02, that will take to the skies in August. This first mission is designed as a research mission hosting members of the Italian Air Force as well as the National Research Council of Italy. They will conduct microgravity research while on the spaceflight.
Sidus Space (SIDU)
Also taking flight on Thursday was Sidus Space. The company is a space and defense satellite company. It provides mission-critical hardware as well as launch planning and mission operations. On the heels of upbeat sentiment surrounding space stocks thanks to SPCE, SIDU stock benefited from sympathy sentiment and news of its own.
This week Sidus announced it would host a virtual fireside chat with Carol Craig, Founder & CEO. Ms. Craig will discuss the company’s upcoming milestones, Space, and Defense-as-a-Service business model during the event. There will also be a focus on the opportunities the industry’s growth presents for Sidus Space. If SIDU is on your watch list, keep Thursday, June 29th at 10:30 a.m. ET in mind.
Telecom stocks have pulled a bit of an about-face in recent weeks thanks to the surge of the overall market. Wipro is part of this niche, and its stock price has followed the trend. The company is focused on building solutions that address “digital transformation needs” for its clients. Wipro has over 250,000 employees and business partners across 66 countries. Last month, Wipro also expanded its partnership with Palo Alto Networks (NASDAQ: PANW) to provide customers with “best-of-breed Zero Trust” security capabilities.
This week the company announced the opening of its new 5G Def-i Innovation Center in Texas. The Center will utilize Wipro’s 5G Def-i platform and offer integrated offerings for 24X7 product qualification, compliance, pre-certification, and interoperability testing with industry accreditation.
“Wipro and Palo Alto Networks together have long been trusted partners to global organizations, helping them stay secure as they transform their business,” said Anand Oswal, Senior Vice President, Palo Alto Networks. “Collaboration, and especially strategic partnerships, are essential to accelerating the adoption and impact of 5G technology, and we look forward to joining forces with Wipro in paving the way toward a safer digital landscape.”