Most traders dream of hitting it big, and penny stocks are some of the most attractive for day traders. It can be any given session where we see at least a handful of cheap stocks under $5 explode. We aren’t just talking about 40% or 50% moves, though those are nothing to downplay. We’re talking about breakouts in the triple-digit and above range.

With a more risk-on approach to the stock market today, many who are trading penny stocks are looking for these types of home runs. The first step is identifying potential catalysts that could bring bullish momentum to the market.

Eloxx Pharmaceuticals (ELOX) Surges On Tuesday

This week, ELOX stock is the latest to join this list of penny stocks experiencing explosive moves. The company had been in a significant downtrend for weeks following a sell-off after earnings. The worse-than-expected results sent shares lower and ultimately tipped the scales for the penny stock in the wrong direction.

So what’s going on with Eloxx Pharmaceuticals (NASDAQ: ELOX) in the stock market this week? If you’re looking for names to add to your list of penny stocks to watch, chances are this is on it. The biotech company specializes in ribosomal RNA-targeted genetic treatments. Earlier this week, Eloxx announced the publication demonstrating the power of its TURBO-ZM platform for therapeutic benefit.

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“We are incredibly pleased with this publication, as it highlights the power of our TURBO-ZM platform to target the human ribosome to develop new potential therapeutics. Importantly, for the first time, we also demonstrate that MYC overexpressing cancers can be targeted by exploiting ribosome heterogeneity, as ZKN-157, a novel RMA, demonstrated activity against subtypes of colorectal cancer,” said Vijay Modur MD, PhD, Head of R&D of Eloxx.

Why ELOX Stock Is Up Today

While the July 10th news has had over 24 hours to circulate, the latest update from analysts at Oppenheimer has prompted more bullishness. The firm’s Hartaj Singh maintains an Outperform rating but raised a $50 price target to $55. Considering ELOX stock was sitting below $4 as recently as Monday, the target was over 1,270% higher. Shares would ultimately surge to highs of $9.88 on Tuesday, once again testing levels from the last time the penny stock broke out in May.

The question of the day, now, is, can this trend last? So far, history has not proven consistent in favor of the bulls. The last few times ELOX stock experienced explosive moves, it was quickly greeted with just as quick of a pull-back during the weeks to follow the initial move. What may also have become a potential catalyst in the stock market today is a focus on low-float stocks.

best penny stocks to buyElox Pharmaceuticals ELOX stock chart

In this case, the lower the float, the fewer the number of actively tradeable shares available in the market. Basic supply and demand theory suggests, higher demand and lower supply equates to higher prices. This is something we saw on Tuesday and could have stemmed from ELOX stock having a float of less than 10 million shares. The sympathy sentiment resulting has also placed a focus on other companies with the same type of criteria.

Other Low-Float Penny Stocks To Watch

Dragonfly Energy Holdings Corp. (DFLI)

Although its stills sitting below $5 per share, Dragonfly Energy and its microscopic float have attracted the attention of traders this week. The penny stock traded some of its highest single-day trading volumes of the year on Tuesday. The move came after Dragonfly announced an expanded partnership with nuCamp RV to fully integrate power systems supplied by Dragonfly’s Battle Born Batteries. With a float of under 10 million shares, DFLI stock has gained momentum with this micro-trend in low-float penny stocks today.

best penny stocks to buy Dragonfly Energy Holdings DFLI stock chart

TC Biopharm Holdings (TCBP)

Some outlets show the TCBP float sitting below 5 million shares, making it one of the lowest on this list of penny stocks to watch. TC Biopharm specializes in specific types of T-cell therapies for cancer. In particular, it is developing gamma-delta T cell products, including OmnImmune, which is in Phase 2b/3 for acute myeloid leukemia. TC’s CryoTC technology platform is being used to provide frozen products to clinics.

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best penny stocks to buy TC Biopharm TCBP stock chart

Bone Biologics Corporation (BBLG)

Another one of the low-float penny stocks trending in the stock market today is Bone Biologics. The company provides orthobiologic products for the spine fusion market. There have also been no new updates from the company since the financing news in June. The company raised $5 million at a discount to the market price at the time of the news.

This sent BBLG stock reeling lower. This week, however, there were some signs of bullishness in the market as shares started perking back up without any new catalysts. Needless to say, there could be sympathy sentiment playing a role as BBLG stock’s float sits below 10 million shares.

best penny stocks to buy Bone Biologics BBLG stock chart

List Of Low Float Penny Stocks

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