Ready to dive into the volatile world of penny stocks? You’ve got your work cut out for yourself if this is your first foray into the stock market. Today, there are many catalysts to keep track of that are enough to make your head spin. Whether it is the Russia/Ukraine war, the Iran-Hamas war, inflation, earnings season, or the October-November FOMC meeting, this week is packed full of macro-catalysts. That doesn’t even take into account things like company-specific news or industry stock market news.
The important thing to remember is that speculation is king when it comes to finding the best penny stocks to buy today. The slightest development or rumor can ignite a tidal wave of bullish or bearish sentiment. Of course, this translates in the market to heavy buying or selling pressure. Needless to say, if you’re armed with the right war chest of trading strategies, you can weather most conditions appropriately.
What’s Happening In The Stock Market Today?
This leads us to dive into what’s going on in the stock market today to determine if there are any specific industries or sectors to follow more closely. In a nutshell, the stock market’s mixed responses, steadying Treasury yields, and looming Fed decisions painted a complex financial picture. Each nuance, be it the mixed corporate profit reports, escalating Treasury yields, or the specter of global geopolitics, combined to shape the market narrative. Meanwhile, investors and analysts alike await cues from the Fed’s policy meeting this week.
Based on the volatility in the market and more uncertainty created by recent events, you may have your pick when it comes to trading penny stocks. One of the first steps to take in creating your watch list is identifying trends you like. Are you trying to find the most active penny stocks based on volume? Has news become your main point of interest? Are you looking for a list of penny stocks with insider trading? These are some of the many questions you can ask when putting together your penny stocks to watch list. In today’s update, we take a closer look at a handful of names gaining attention, overall, ahead of tomorrow’s Fed Meeting press conference.
Penny Stocks To Watch
- BioXcel Therapeutics (NASDAQ: BTAI)
- G1 Therapeutics Inc. (NASDAQ: GTHX)
- Sirius XM Holdings Inc. (NASDAQ: SIRI)
- Parazero Technologies (NASDAQ: PRZO)
1. BioXcel Therapeutics (BTAI)
BioXcel Therapeutics recently disclosed favorable findings from a third-party audit. This was concerning data integrity at a TRANQUILITY II Phase 3 Trial site. There was no further misconduct or fraud found beyond a previously reported instance.
The audit also supports the reliability of the trial data and a potential supplemental New Drug Application (sNDA) submission for BXCL501 for treating agitation in probable Alzheimer’s disease.
The positive audit results, alongside the statistically significant trial data, may bolster investor confidence. That may be one of the reasons that BTAI stock has climbed. This week has continued placing a spotlight on the company after Bioxcel reported that the Centers for Medicare & Medicaid Services issued a permanent and product-specific J-Code for its IGALMI for treating agitation related to schizophrenia and certain bipolar disorders.
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The company also gave its official notice of upcoming financial results. BioXcel reports its third-quarter earnings on November 14, 2023. Since these come before the market opens on that Tuesday, these could be a potential catalyst to factor in if BTAI stock is on your watch list.
Penny Stocks To Watch 2. G1 Therapeutics Inc. (GTHX)
Biotech penny stock G1 Therapeutics is showing strength in the stock market this week. Shares have been on a multi-week upswing following a series of updates. Initially, the oncology company, announced that its COSELA was recommended as a myeloid supportive agent in an updated American Society of Clinical Oncology small cell lung cancer guidelines.
“The inclusion of COSELA in these new ASCO SCLC guidelines is essential, as they inform treatment decisions by U.S. physicians caring for people living with small cell lung cancer,” said Raj Malik, M.D., Chief Medical Officer of G1 Therapeutics in response to the news.
The company also announced the presentation of 4 posters offering real-world data showing that trilaciclib lowers hospitalizations and myelosuppressive events in patients with extensive-stage small-cell lung cancer. G1 also said the presentations may show improved survival in the same patients as well. Analysts at Wedbush reiterated their rating on GTHX stock this week. The firm has an Outperform rating and a $5 GTHX stock forecast price target.
3. Sirius XM Holdings Inc. (SIRI)
The audio entertainment company has been a long-standing name in satellite radio. Shares have made a rebound over the last few sessions, thanks to recent M&A news.
This month, the company announced the extension of its deal with FOX News as well as increasing its quarterly dividend by 10%. However, what has come into a more certain focus is the company receiving an offer from Liberty Media Corporation to combine Liberty’s Liberty SiriusXM tracking stock group with SiriusXM.
Analysts appear optimistic about the proposal. Deutsche Bank Securities said in a note that this will help the company achieve its goal of eliminating the net asset value discount.
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This week, momentum continues in the penny stock after earnings. Sirius reported an EPS and revenue decline. However, the company maintains its 2023 revenue guidance. Sirius XM reiterated revenue outlook of $9.0 billion, in line with the consensus. It also maintained an adjusted EBITDA of $2.75 billion. The mixed results brought about mixed trading action in the stock market today with shares holding green during the early afternoon session.
Penny Stocks To Watch 4. Parazero Technologies (PRZO)
Shares of Parazero Technologies continue attracting attention. The penny stock exploded during the beginning of October. The move came after the company announced an Australian regulator approved the first commercial drone flights in populated areas using ParaZero safety systems.
In a press release, Aaron Gliner, ParaZero’s director of business development and regulation, explained, “We are honored that ParaZero’s technology has been approved to enable a new global territory to conduct advanced drone operations with our SafeAir product line.”
The company also announced the closing of a recent funding round. Parazero raised $5.1 million in a deal that closed this week. With fresh capital and new deals on the table in October, PRZO stock has been one of the penny stocks to watch over the last few weeks.
