Is the stock market open on Thanksgiving? No, but that doesn’t mean the shortened holiday week won’t be packed with stock market moving catalysts. And before you ask, yes, the stock market is open on Black Friday for a half day, so there’s plenty of time to make the most of this week.
Penny stocks, typically defined as equities trading under $5 per share, have long carried a notorious reputation amongst investors. However, their low price points, limited analyst coverage, and lack of widespread publicity can also create significant opportunities during breakout moments. As we progress through the final quarter of 2023, markets continue displaying volatility, creating frequent shifts across sectors.
In this exploration of current penny stock landscapes, we unpack emerging trends, and growing industries and highlight several names exhibiting momentum. With risks attached inherently to penny stocks, we refrain from definitive “buy” calls. Instead, the goal involves providing balanced perspectives on those displaying catalysts in the near- to potential-long term.
For context, penny stocks frequently see massive percentage moves, both up and down. Their cheap share prices allow even incremental rises to translate into exponential returns. Of course, losses can compound quickly as well amid selloffs. By maintaining perspective and calculated risks, traders may capitalize during explosive runs while limiting overall exposure.
Penny Stocks To Buy: How To Find Your Own Penny Stock Picks
Emerging penny stocks to watch covered below touch on several industries. Certain names represent relative unknowns aiming to carve niches with innovative capabilities and offerings. At the same time, more tenured entities look primed to leverage sector tailwinds or execute operational turnarounds.
In all cases, the selected tickers currently trade under the critical $5 per share penny stock threshold. More importantly, however, each showcases identifiable share price catalysts on their respective timelines. These range from upcoming earnings surprises, drill results, clinical trial data or M&A deals.
With thorough due diligence, select names could deliver returns relative to overall capital risked. As in all investing, maintaining perspective and balancing risks remains key when assessing penny stocks to buy.
By covering current penny stock landscapes, catalysts and presenting balanced perspectives, our analysis aims to provide value for traders and investors of all experience levels. Those new to penny stocks can utilize the information to construct introductory lists of penny stocks to watch and build foundational knowledge. At the same time, seasoned speculative traders may discover new opportunities aligned with individual risk tolerances.
Penny Stocks To Watch
Delcath Systems, Inc., (NASDAQ: DCTH)
Signing Day Sports, Inc. (NYSEAMERICAN: SGN)
Cybin Inc. (NYSEAMERICAN: CYBN)
Delcath Systems, Inc. (DCTH)
Delcath Systems, Inc. is an interventional oncology company. They specialize in treatments for primary and metastatic liver cancers. The company recently reported third-quarter 2023 results, including significant business highlights and financial outcomes. Key developments include FDA approval for HEPZATO KIT™ for metastatic uveal melanoma with specific criteria.
Meanwhile, a study comparing CHEMOSAT® Hepatic Delivery System for Melphalan and Selective Internal Radiation Therapy showed favorable results for CHEMOSAT. The ongoing CHOPIN trial at Leiden University, studying CHEMOSAT in combination with immune checkpoint inhibitors, is progressing well, with full enrollment expected by mid-2024. Delcath is also partnering with seven clinical sites for the commercial launch of HEPZATO KIT in January.
On top of all this, Delcath insiders are purchasing shares of DCTH stock. The most recent is SVP of Finance, Sandra Pannell and Director Rosalind Advisors. Pannell picked up 30,000 shares at an average price of $2.43 this month. Rosalind Advisors nabbed 100,000 shares at an average price of $2.4041.
Signing Day Sports, Inc. (SGN)
Signing Day Sports, Inc. is a newly minted IPO that made its debut earlier this month. It develops the Signing Day Sports app, which serves high school athletes in the college recruitment process. While there haven’t been many new updates from the company considering the recent IPO, momentum has begun coming into the penny stock.
The company’s app helps student-athletes in creating recruitment profiles, which are essential for college coaches’ evaluations. The app covers multiple sports and is adaptable to various partner needs. Signing Day plans to use IPO proceeds for digital marketing, aiming to enhance student-athlete profiles and increase user revenue. Additionally, they are leveraging communication platforms to educate student-athletes on personal development and NIL opportunities.
Despite stockholder support, the company is investigating the recent decline in its stock price, suspecting illegal short selling. They aim to establish themselves as the premier recruiting technology platform for student-athletes globally. While shares initially dipped post-IPO, SGN stock has bounced over the last two sessions and some are following its developments more closely.
Cybin Inc. (CYBN)
The clinical-stage biopharmaceutical company focuses on developing innovative psychedelic-based treatments for mental health disorders. Attention has built up after Cybin announced an R&D investor briefing coming on November 30, 2023. The event will discuss Phase 2 safety and efficacy data for CYB003, a deuterated psilocybin analog developed for major depressive disorder. This briefing, titled “Understanding the Current Treatment Landscape in Depression and Therapeutic Potential of Psychedelics in Mental Health,” aims to shed light on the evolving role of psychedelics in mental health treatment.
Cybin’s mission is to revolutionize mental healthcare through its network of partners and scientists. The company is advancing its proprietary drug discovery platforms, drug delivery systems, and novel treatment approaches. Besides CYB003, Cybin is also developing CYB004, a deuterated DMT molecule for generalized anxiety disorder, and has a pipeline of investigational psychedelic-based compounds.
With this upcoming milestone, speculative sentiment seems to be a driving force for CYBN stock. It may be important to keep that in mind as the date draws near.