Why would anyone want to buy penny stocks? They’re extremely risky. Most of the companies are start-ups or have fallen on hard times. They tend to lack liquidity and most major news networks decide to ignore them entirely. Now that we’ve got these topics out of the way, let’s explain why penny stocks are worth it for those who understand how to trade them.

What Are Penny Stocks?

Penny stocks are shares of companies trading for less than $5 per share. We’re offing a bit of background to help set the stage. Traders will choose to make a list of penny stocks to buy based on their ability to offer the potential for outsized gains in short periods.

Even the most “expensive” penny stocks to watch – the ones near $5 – only need to move about 5 cents to record double-digit gains (or losses). That can’t be said for most other stocks that are in the headlines like Apple or Tesla. Furthermore, the moves for these cheap stocks to buy can be heavily fueled by social sentiment and speculation over longer periods of time than just a day or two.

TUP Stock Explodes 451%

Take Tupperware (NYSE: TUP), a company that we were discussing over the last week. In the article Best Penny Stocks To Buy? 3 To Watch Before Next Week, we first highlighted the company following some initial attention identified among a few retail traders. The day the article was published, July 21st, TUP stock was trading around $0.68. Since then, it has rallied as high as $3.75, marking a move of 451% in 5 trading sessions.

trading penny stocks

One of the initial catalysts was the TUP stock short percentage. The company’s recent collaboration with Vera Bradley has also helped keep it in the spotlight. This news and speculation-fueled triple-digit move is exactly why traders look for penny stocks to buy, daily. In this article, we look at a handful of other cheap stocks to watch in the stock market today.

As we did with TUP stock, we’ll dive into some of the recent events and milestones. We’ll also look for any additional information that may have attracted attention in recent sessions. Then you can decide if they deserve a spot on your list of penny stocks to watch.

Penny Stocks To Watch

  1. TC Biopharma Holdings (NASDAQ: TCBP)
  2. Coherus BioSciences Inc. (NASDAQ: CHRS)
  3. Pagaya Technologies Ltd. (NASDAQ: PGY)

TC Biopharma Holdings (TCBP)

With outlets becoming more active regarding the moves that TUP stock has made, some traders are hunting for sympathy trades. Some are hunting for penny stocks under $1, while others are looking at stocks with momentum. TC Biopharma has been caught in the crosshairs. It currently sits at around $0.50 and has experienced some of its highest trading volumes in weeks on Thursday.

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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.

Some outlets show the TCBP float sitting below 5 million shares, making it one of the lowest-float penny stocks to watch right now.

Coherus BioSciences Inc. (CHRS)

The share price of Coherus continued ticking higher in the stock market today. CHRS stock has steadily bounced back following the big pullback in June. That was when the company announced its acquisition of Surface Oncology Inc. (NASDAQ: SURF), which develops targeted treatments for tumors. The stock-for-stock transaction is valued at $65 million. Coherus also projected $48 million to $53 million of net product revenue during Q2 with affirmed 2023 guidance for revenue and expenses.

Despite the pull-back, management seemed optimistic about the deal. “This transaction is well-timed, as it coincides with the accelerating growth of our biosimilar revenues driven by the launch of CIMERLI® and near-term launch of YUSIMRY®. With the agreement to acquire Surface and the expected near-term approval of toripalimab, Coherus is positioned to become one of the very few I-O companies with demonstrated commercial expertise, significant product revenues, and unique, competitively positioned R&D programs addressing critical unmet medical needs,” said CEO Denny Lanfear.

This month, the company continued putting out press and announced the launch of its YUSIMRY in addition to the national distribution set to begin with the help of Superior Biologics. This is a biosimilar of Humira. Furthermore, it will be sold at nearly an 85% discount to Humira’s $6,922 per carton price. Anyone with CHRS stock on their watch list will also likely keep August 2nd in mind as this is when the company will deliver is Q2 earnings & financial update.

Pagaya Technologies Ltd. (PGY)

The last several months were very active for Pagaya Technologies. May through July, in particular, saw some of the highest daily average trading volumes. The AI-centric fintech infrastructure company was in the headlines, which seems to have helped boost sentiment in the market. Pagaya announced the closing of PAID 2023-5 with ~$800 million of capital raised, last week.

CFO Paul Limanni explained, “This transaction continues our benchmark programmatic issuance activity and shows how our unique funding model, AI capabilities and relationships across our partners and investors provide ample size for thoughtful investment in consumer credit with lower cost of capital.”

Best Penny Stocks To Buy Now? 6 Under $1 To Watch Now

As AI stocks remain a focus, PGY has pushed higher. Shares of the company reached highs of $2.59 this week, a level not traded at since 2022. This week, analysts have also added some fuel to the fire, stoking speculation. B. Riley Securities initiated coverage on the penny stock. The firm has a Buy rating and announced a $4 price target. Based on trading prices of around $2.40 at the time of this article, that puts the B. Riley PGY stock forecast price roughly 67% higher.

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