With the uptick of volatility in the stock market today, there’s no question as to why penny stocks are red hot. Whether the broader markets are risk-on or risk-off, the stock market is crashing or rallying, or if there’s a significant global catalyst, cheap stocks are usually a topic of discussion. That’s because the chances of finding at least a handful climbing significantly higher on any given day are high.

Just look at the action on Thursday. Shares of companies like Barnes & Noble Education Inc. (NYSE: BNED) and Caribou Biosciences Inc. (NASDAQ: CRBU). Both penny stocks are up significantly higher overnight thanks to their latest headlines.

Penny Stocks To Watch: Why Is BNED Stock Up Today?

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The education company announced results from a recent Student Success Survey. The findings revealed a “significant impact” that First Day Complete had on students’ success. First Day Complete is Barnes & Noble’s equitable access course material model.

“We are excited to welcome a record number of new institutions to the First Day Complete program,” said Jonathan Shar, President of Barnes & Noble College. “We are seeing tremendous demand for First Day Complete across all types and sizes of institutions, and, with a strong pipeline of institutions that are currently evaluating how to best implement the program, we expect this momentum to continue.”

The penny stock exploded higher throughout the Thursday session thanks to these headlines. In fact, BNED stock tested levels it hadn’t seen since early March 2023.

Penny Stocks To Watch: Why Is CRBU Stock Up Today?

On the other hand, CRBU stock released news that triggered a move out of the penny stock range. Shares reached highs of nearly $6.90 after the biotech company announced financing news. Pfizer purchased $25 million of Caribou common shares.

In addition, Sriram Krishnaswami, Ph.D., vice president and development head, multiple myeloma, Pfizer Global Product Development, has joined Caribou. Pfizer purchased 4,690,431 of Caribou common shares at a price of $5.33 per share under the terms of a Securities Purchase Agreement.

Caribou’s CEO Rachel Haurwitz, Ph.D. commented, “We are actively advancing our allogeneic CAR-T cell therapy pipeline and look forward to providing updates from all of our programs over the next six months, including 6-month dose escalation data from our ANTLER Phase 1 clinical trial for CB-010, dose escalation updates on our CaMMouflage Phase 1 clinical trial for CB-011, and submission of an investigational new drug application for CB-012.”

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More Penny Stocks To Watch

Given the current trend in cheap stocks, many are hunting for more names to add to their watch lists. In this article, we break down the action and potential catalysts that could be boosting sentiment. We also look at any upcoming events worth noting should any of the names be on your “penny stocks to watch” list.

Incannex Healthcare (IXHL)

Like the other top penny stocks mentioned above, Incannex Healthcare took flight thanks to headlines. The company develops drugs based on medicinal cannabinoid pharmaceuticals and psychedelic products.

This week it announced that it received approval from Bellberry Human Research Ethics Committee to begin a bioavailability/bioequivalence trial on its IHL-42X. This is Incannex’s treatment candidate for obstructive sleep apnoea.

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“The BA/BE trial is a very important component of the IHL-42X pipeline. Being able to bridge to historic safety data on the reference listed drugs for dronabinol and acetazolamide accelerates the development of the drug product and reduces cost and timelines. Approval of the study by Bellberry HREC for the BA/BE study allows us to move towards patient recruitment and data collection with CMAX and Novotech,” explained CSO Dr. Mark Bleakley.

Aeglea Biotherapeutics Inc. (AGLE)

The biotech company tapped fresh 52-week lows of $0.1064 toward the end of June. However, the company recently revealed something that sparked a night-and-day difference (literally) in share price. Aeglea, specializing in enzyme therapeutics for rare metabolic diseases, announced a milestone acquisition.

It purchased Spyre Therapeutics, which holds a pipeline of candidates targeting inflammatory bowel disease. “The concurrent launch of Spyre and acquisition by Aeglea will provide immediate access to the public capital markets and the opportunity to accelerate research and development efforts for our broad pipeline of biologics,” said Cameron Turtle, DPhil, newly appointed Chief Operating Officer of Aeglea.

Following the update, this news sparked a massive move to highs of over $1 during the premarket session when the news came out. Now that the excitement has died down a bit and AGLE stock has pulled back, traders seem to have refocused on the company.

Polestar Automotive Holding (PSNY)

EV stocks have gained plenty of attention in the stock market this month, and Polestar is part of that list. The name of the game is deliveries, and Tesla isn’t the only company reporting data. This week the company announced it delivered roughly 15,800 vehicles during the second quarter. It reflected a record figure and an increase of 36% from a year ago. In addition to that, Polestar said it was on track to deliver 60,000 to 70,000 vehicles this year.

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Thomas Ingenlath, Polestar CEO, comments: “As expected, deliveries have continued to gather pace from month to month, resulting in a record second quarter. I’m confident this trend will continue into the seasonally stronger second half of the year, which will also see the first deliveries of our significantly upgraded Polestar 2, with up to 22% longer range.”

The company said it also anticipates it will report unaudited financial and operational results for Q2 at the end of August. The company’s CEO and CFO will host a live cast and discuss the results.

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