Penny Stocks To Buy Now? 3 With Ratings Up To 1,742%

In a stock market characterized by growing unpredictability, traders are leaning on every possible resource. One such indispensable tool, whether dealing with penny stocks or more expensive shares, is the insight provided by analysts.

This expertise can shed light on a firm’s underlying fundamentals, trends within an industry, and prevailing market sentiment. Analyzing the evolution of analyst ratings can guide traders toward more educated investment decisions.

Investors should pay attention to shifts in analysts’ ratings, as these can signal changing perceptions around a specific company or industry. Keeping a finger on this pulse can furnish investors with an edge in deciding the appropriate times to buy or sell. Additionally, since many investors keep tabs on analyst views, any modifications to these opinions could reverberate throughout the markets.

Investigating analysts’ perceptions allows traders to uncover crucial market trends that might otherwise remain concealed. This intelligence is pivotal for those who aspire to be ahead of the broad trading community in today’s intense stock market environment.

Armed with this supplementary insight, traders can arrive at well-informed decisions, enhancing their probability of executing successful trades. This piece examines 3 hot penny stocks that analysts are bullish on. Once we look into the recent catalysts and any upcoming milestones, you can decide if they deserve a place on your list of penny stocks to watch.

Penny Stocks To Watch

• TRACON Pharmaceuticals Inc. (NASDAQ: TCON)
• Karyopharm Therapeutics (NASDAQ: KPTI)
• Ardelyx Inc. (NASDAQ: ARDX)

TRACON Pharmaceuticals Inc. (TCON)

Shares of TRACON Pharmaceuticals have made a strong rebound over the last few sessions. The penny stock put in fresh 52-week lows last week, which was shortly after announcing that it collected an arbitration award from I-Mab Biopharma.

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“We are pleased to collect the award. As we previously announced in April, the net proceeds extend our cash runway into early 2024 and past expected full accrual of the ENVASARC pivotal trial,” said Charles Theuer, M.D., Ph.D., TRACON’s Chief Executive Officer. “We look forward to reporting the interim efficacy assessment from ENVASARC in the third quarter of 2023, which includes a futility analysis that we have already met based on responses seen to date.”

Now the market appears to be ramping up for the next round of earnings results. TRACON is set to report second-quarter data on August 14 after the market closes. Chances are the market is looking to see if any progress was made from Q1. TRACON missed EPS estimates by a wider margin but cited that once collected, the arbitration award would extend its cash runway into early 2024.

TCON Stock Forecast

What is the TCON stock forecast? Despite being one of the penny stocks under $1, some firms like Baird have high hopes for the company. Analysts at Baird have an Outperform rating along with a $7 target. Based on current levels, the TCON stock target sits 1,742% higher than where the penny stock traded at the open on Thursday.

Karyopharm Therapeutics (KPTI)

Thanks to attention on stocks with higher short interest, short-squeeze penny stocks are gaining attention. The epic breakouts of stocks like Carvana (NASDAQ: CVNA) and Tupperware (NYSE: TUP) recently amplified the attention. Karyopharm currently has a short float of around 13%, according to data from Fintel. In addition to this, the company reported its latest round of quarterly results for the second quarter and gave a glimpse into recent developments.

Karyopharm beat EPS and sales estimates for Q2. It also gave guidance for its XPOVIO (also known as NEXPOVIO® in certain countries) net product revenue in the US of $110 million to $125 million. This is its first approved compound for treating cancer.

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“As we continue to focus on our near-term Phase 3 clinical programs, driving benefit for our patients and creating value for our shareholders, we’ve also taken further actions to streamline our operations and optimize our cost structure and workforce to maximize the potential of these programs. We truly appreciate the hard work and dedication of all our employees, past and present,” said Richard Paulson, President and Chief Executive Officer of Karyopharm.

KPTI Stock Forecast

Like TCON, analysts at certain firms have higher hopes for KPTI stock. HC Wainwright recently reiterated its Buy rating on Karyopharm. Analysts also have a $10 target set. Based on where KPTI stock opened on Thursday, that target price is 455% higher.

Ardelyx Inc. (ARDX)

Ardelyx was discussed this week in the article “Best Penny Stocks To Watch After Fitch Downgrade? 3 For Your List” along with a few other popular penny stocks. Today ARDX stock continued grabbing attention.

The company reported an FDA committee backed its kidney disease drug candidate and recommended its approval. The FDA also granted Ardelyx an appeal for its treatment candidate, Xphozah, and a Complete Response letter for a New Drug Application.

In July, Ardelyx reported that its Tenapanor new drug application to treat hyperphosphatemia was accepted for review in China. “The NDA acceptance for tenapanor for hyperphosphatemia in China marks a significant step forward in Ardelyx’s commitment to bringing our novel therapies to patients with unmet medical needs and our desire to expand internationally alongside best-in-class partners who complement our capabilities and share our mission,” said CEO Mike Raab.

This week the company reported its latest financial results and provided net sales revenue guidance for its IBSRELA product. The company beat earnings and sales estimates for the quarter and expects full-year 2023 net product revenue for IBSRELA to be between $72.0 and $77.0 million.

ARDX Stock Forecast

Despite the pullback from recent highs, analysts at Ladenburg Thalmann gave an update to their outlook this week. The firm maintains a Buy rating on the penny stock. It also raised its $7.50 price target to $8.50. While it isn’t as significant a jump as the other names on this list of penny stocks, it sits 110% higher than where ARDX stock opened on Thursday.

The post Penny Stocks To Buy Now? 3 With Ratings Up To 1,742% appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.

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