Interested in discovering the top penny stocks to invest in? You’re certainly not the only one. Capitalizing on the stock market’s opportunities is the key to this process. However, the precise method of execution varies based on each individual’s trading style and approach.

Are you a swing trader seeking consistent, multi-day shifts? Perhaps you’re a day trader aiming to enter and exit trades within the same day. Or maybe you’re a scalper chasing after profits from short-term volatility? And what about those seeking to invest in penny stocks; how do they identify the right corporations?

Numerous factors must be examined in today’s stock market to identify the most promising low-cost stocks for immediate investment. Assuming you’re proficient in trading, the first step is to assemble a list of penny stocks to monitor.

This article presents a list of penny stocks to buy, according to Wall Street analysts. We’ll examine their ratings, price targets, and recent triggers that might influence the market. Based on this information, you can decide whether they are some of the top penny stocks to watch. This penny stocks watch list continues our article 4 Cheap Penny Stocks to Buy According To Analysts, Targets Up To 471%.

Penny Stocks to Buy According To Analysts

Rigel Pharmaceuticals Inc. (NASDAQ: RIGL)

penny stocks to buy Rigel Pharmaceuticals RIGL stock chart

HC Wainwright has high hopes for Rigel Pharmaceuticals. The firm recently reiterated its stance on the small-cap pharma company. There’s a Buy rating associated with the penny stock and a price target set at $15. Based on Friday’s close of $3.19, the RIGL stock forecast for HC is 1,090%.

So what might have the firm so excited about the company? Rigel specializes in small-molecule drug development. Specifically, its pipeline of candidates targets those with hematologic disorders, rare immune diseases, and certain cancer. Last month, Rigel announced “promising data” from a Phase 2 study evaluating its REZLIDHIA (olutasidenib) in acute myeloid leukemia. The data were presented at the EHA2023 Hybrid Congress, and management appeared optimistic about the treatment’s prospects.

CEO Raul Rodriguez explained, “These data reinforce REZLIDHIA as a valuable treatment option for these patients, a historically challenging population to treat.”

Last December, the FDA approved REZLIDHIA capsules for treating adult patients with R/R AML with a susceptible IDH1 mutation as detected by an FDA-approved test. REZLIDHIA became commercially available. It was eventually added to the NCCN Clinical Practice Guidelines in Oncology (NCCN Guidelines®) for acute myeloid leukemia (AML) this past January as a recommended targeted therapy for adult patients with R/R AML with isocitrate dehydrogenase-1 (IDH1) mutation.

Blade Air Mobility Inc. (NASDAQ: BLDE)

penny stocks to buy Blade Air Mobility BLDE stock chart

Another one of the penny stocks to watch with high hopes from analysts is Blade Air Mobility. The company specializes in offering access to air mobility. What does that mean? If you want to rent a helicopter or amphibious aircraft, Blade grants access to civilian customers. The company has also become one of the largest air medical transporters of human organs.

With mounting attention on second-quarter earnings, the market seems anxious to see how Blade performed. Its first quarter results were mixed despite beating estimates. Rob Wiesenthal, Blade’s Chief Executive Officer, said, “We continue to demonstrate our unique value proposition in Medical through the addition of new customers while supporting added volume and transport distances amongst our existing customer base. In Passenger, our number one focus remains driving the business to profitability, providing our investors with an asset-light, manufacturer-agnostic play on urban air mobility that is without peer and well-positioned to generate free cash flow, while standing ready to benefit from broader adoption with the commercialization of Electric Vertical Aircraft (“EVA”).”

With Q2 results in their sights, investors are looking for Blade to give more insight. August 9th has been set as the date when Blade will deliver its next round of financial results. Meanwhile, analysts have begun to make some moves. Ladenburg Thalmann started up coverage on BLDE stock. The firm has a Buy rating and set a $13 price target. Based on its previous close of $4, the BLDE stock forecast sits 225% higher.

Rockwell Medical Inc. (NASDAQ: RMTI)

penny stocks to buy Rockwell Medical RMTI stock chart

Shares of Rockwell Medica ran into some serious resistance last week as shares plummeted from over $6 to below $3. One of the main catalysts came after the company announced its acquisition of Evoqua Water Technologies’ hemodialysis concentrates business.

The deal was an all-cash deal, with Rockwell paying $11 million upfront with a few milestone payments built-in over the next two years. Mark Strobeck, Ph.D., President and CEO of Rockwell Medical, explained, “Evoqua’s hemodialysis concentrates business is profitable, complementary to Rockwell’s business, and immediately accretive to our top and bottom line. Additionally, this transaction enhances Rockwell’s presence in the hemodialysis marketplace and offers us technological solutions that will enable us to automate our processes and add significant capacity to our production line. This is the first of many opportunities that we plan to pursue so that we can serve more clinics and, in turn, more patients.”

Despite the sell-off, RMTI stock has bounced at the start of this week. One of the latest developments coming to the rescue is maintained coverage by HC Wainwright analysts. The firm has a Buy on the penny stock but raised its price target. Instead of $9, HC’s new RMTI stock forecast price is set to $11. This represents a 245% premium to Friday’s closing price.

Complete List Of Penny Stocks To Buy According To Analysts

  1. Rigel Pharmaceuticals Inc. (RIGL)
  2. Blade Air Mobility Inc. (BLDE)
  3. Rockwell Medical Inc. (RMTI)
  4. Dragonfly Energy Holdings (NASDAQ: DFLI)
  5. Canoo Inc. (NASDAQ: GOEV)
  6. The Metals Company Inc. (NASDAQ: TMC)
  7. Organogenesis Holdings Inc. (NASDAQ: ORGO)

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