Penny stocks are picking up steam this month. Thanks to a constant search for volatility, these cheap stocks are the shining light amid a sea of red in the broader markets. Some may use ETFs like the Russell Small-Cap ETF (NYSE:IWM) to gauge retail sentiment. But I’ll be the first to tell you that doing that would skew reality entirely. The fact of the matter is that no matter what broader markets or ETFs are doing, there’s sure to be at least a few penny stocks to watch. It’s this exact reason we say day traders constantly seek out the next meme stock or trending short-squeeze penny stocks to buy.Top Penny Stocks For You Watch List
Something to consider when reading any article about penny stocks (even this one) is that volatility can change at a moment’s notice. This means that “today’s” trend may be completely different tomorrow. It also means that having a keen understanding of how to trade stocks, in general, will be important. Assuming you’ve got your plan in place and a strategy outlined, here’s a list of penny stocks that traders are watching this week.
- CASI Pharmaceuticals (NASDAQ:CASI)
- Ampio Pharmaceuticals (NYSE:AMPE)
- Clovis Oncology (NASDAQ:CLVS)
- Conformis Inc. (NASDAQ:CFMS)
- Eyegate Pharmaceuticals (NASDAQ:EYEG)
Some insider buying late last month brought retail attention to CASI Pharmaceuticals. CEO Wei-Wu He picked up 480,000 shares between $1.26 and $1.29. This came shortly after the company reported its second-quarter financial results and business update. Leading the revenue growth for the quarter was the company’s EVOMELA. This is CASI’s multiple-myeloma treatment in the US. Based on this expansion, CASI revised its guidance for the full year’s revenue growth to more than 80% compared to 2020.
Looking ahead, CASI has begun dosing patients in its Phase 1 trial of the treatment CID-103 for relapsed or refractory multiple myeloma. The drug candidate previously demonstrated strong preclinical efficacy and safety in preclinical tests. With multiple treatments in its pipeline, commercial growth from EVOMELA, and ongoing trials to report data on, CASI stock has been one to watch recently.
Furthermore, from a technical perspective, a quick look at the chart also shows that it continues to hold levels above a major technical level, the 50-day moving average. This has long been a level of constant resistance this year. The recent spike above this area may also have technical traders monitoring the daily action more closely.2. Ampio Pharmaceuticals (NYSE:AMPE)
Ampio has followed the trend of GMVD after releasing news of its own. In this case, the biotech company reported top-line results from its AP-013 Phase 3 study. This tracked progress in the company’s Ampion treatment in patients suffering from pain due to osteoarthritis in the knee.
Accordingly, the company explained that there was a “significant reduction” in pain and an improved function after 12 weeks. CEO Mike Macaluso also added that “We will complete the analysis of the AP-013 study and present all data to the FDA with the goal of filing a BLA for Ampion.”
New research last month helped bring more optimism to the potential of Ampion. In a research manuscript, “LMWF5A demonstrated an Anti-Inflammatory Mode of Action and Similar Drug Targets to Dexamethasone in Activated PBMC,” details surfaced. This showed that preclinical research done on the mode of action of Ampion demonstrated that it could be used to treat conditions supported for dexamethasone with “fewer or less harmful” side effects. With these latest developments, AMPE stock has been one to watch over the last few weeks.3. Clovis Oncology (NASDAQ:CLVS)
One of the short squeeze penny stocks we’ve discussed recently is Clovis Oncology. While it hasn’t surged like its cohorts so far, that doesn’t mean it hasn’t become a point of focus for some. Based on recent figures, the short float percentage for CLVS stock sits at around 26%. Despite the overall float being more than 100 million shares, this percentage is still considered high by most accounts.
The company focuses on developing cancer treatments. Clovis’ lead candidate, Rubraca, has also gotten some recent attention. This treatment is being developed for numerous cancer tumor types. Ovarian and prostate are among the different cancer tumors. The treatment is already approved in the US for maintenance treatment in adults with recurrent epithelial, ovarian, fallopian tubes, or primary peritoneal cancers. Last month, Clovis announced that Rubraca is now available and reimbursed in Switzerland.
According to the company, with 3 phase 3 read-outs for Rubraca in the next “6-18 months,” the market appears to be cautiously focused on what comes next for the company. All that being said, with excitement surrounding “short squeeze stocks,” it could be another reason why CLVS has become one of the penny stocks to watch right now.4. Conformis Inc. (NASDAQ:CFMS)
Conformis is in the middle of a circuit of investor presentations this month. Earlier in the week, the company presented at HC Wainwright’s Global Investment Conference. Next week, Conformis will be at Oppenheimer’s Healthcare Life Sciences & MedTech Summit.
The medical technology company develops joint replacement implants and instruments custom-made for its clients. Its iFit Image-to-Implant technology allows the company to individually size and shape its customized replacement implants for all types of patients.
It also recently conducted the first “Identity Imprint” procedure. This is the company’s knee replacement system. “Identity Imprint integrates elements of personalized design with the convenience and flexibility of an off-the-shelf system, which is advantageous for surgeons and patients alike,” said Mark Augusti, President and CEO of Conformis. With this progress, CFMS continues to be one of the medical device stocks on the watch list right now.5. Eyegate Pharmaceuticals (NASDAQ:EYEG)
Eyegate was one of the penny stocks we discussed earlier this week. In that article (4 Penny Stocks To Buy According To Analysts & Price Targets Up To 507%), we talked about how analysts were bullish on EYEG stock. Earlier this month, HC Wainwright analyst Yi Chen reiterated a Buy on the stock and currently has an $11 price target. But why is this so bullish?
EyeGate recently announced that it finished its target enrollment in a Phase 2 proof-of-concept study. The company’s PP-001 treatment will be evaluated for ocular surface inflammation. Further to this, topline data is expected next quarter. There are also plans for submitting an Investigational New Drug filing next quarter for the treatment candidate.
With momentum as a tailwind, upcoming data to look at, and bullish analysts, EYEG could be another one of the penny stocks to watch this month.Can You Make Money With Penny Stocks?
Making money with penny stocks is easier said than done at times. However, as discussed earlier, your plan matters. Have a strategy in mind before jumping into any trade. If you’re brand new, here are a few articles that should help get you started: