Trading Penny Stocks This Week? 4 To Watch With Big News

Are you trading penny stocks this week? Chances are that if you’re reading this article, you have some intention of finding more info on cheap stocks. Thanks to the heightened level of volatility in the stock market today, traders, in particular, have turned their attention to low-priced stocks.

Exploring Penny Stocks: Starting Points to Consider

One might consider platforms like Twitter or Reddit as initial sources. Discussions about penny stocks on these platforms often lean towards speculative opinions. While speculations do influence insights, they aren’t the sole foundation for their predictions.

Analysts, for example, often evaluate the broader industry, and competitors, and for penny stocks, assess companies with analogous structures. It’s essential to note that positive analyst perspectives don’t always lead to stock appreciation. However, when gathering information, such insights can be valuable additions to your research toolkit.

You can also use things like stock market news to your advantage. Understanding what companies are doing, the kind of financial prospects they hold, and identifying potential opportunities are important. Keep in mind that this also includes more broad economic stock market news. Understanding micro and macro-based headlines can help you formulate the right game plan to navigate multiple trends in the stock market today.

By weighing various factors, you can make a more informed decision about including them in your penny stock watchlist. This piece highlights several stocks that analysts have shown interest in, with some even receiving ambitious price projections.

Penny Stocks To Watch

1. Ginkgo Bioworks (NYSE: DNA)
2. OKYO Pharma Corp. (NASDAQ: OKYO)
3. Esperion Therpauetics (NASDAQ: ESPR)
4. Opendoor Technologies Inc. (NASDAQ: OPEN)

Ginkgo Bioworks (DNA)

Ginkgo has been on the move amid a slew of news and insider activity. It recently announced advancing its collaboration with Novo Nordisk on expression systems for pharmaceutical products. It also reported that Ginkgo was awarded a research contract from the Intelligence Advanced Research Projects Activity.

This is the R&D arm of the U.S. Intelligence Community for Biointelligence and Biosecurity for the Intelligence Community program. The company also reported an award of a DARPA contract to reimagine manufacturing processes for complex therapeutic proteins. This is a 4-year contract with “up to” $18 million.

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Fast-forward a few weeks, and the penny stock broke down a bit after reporting second-quarter earnings. Ginkgo beat sales estimates, and EPS came in line with analyst expectations. DNA stock has managed to recover over the last few days. Something helping to promote momentum is the recent buying from Cathie Wood ARKK with a buy-in DNA stock this month.

DNA Stock News

Heading into the final days of September, DNA stock is red hot after its latest update. The company inked a deal to partner with Google Cloud to build a “next generation” AI platform for biological engineering and biosecurity. This news helped boost sentiment for DNA stock on Tuesday.

OKYO Pharma Corp. (OKYO)

Shares of biopharma company, OKYO Pharma continued climbing on Tuesday. The company’s shares have been in an uptrend for the better part of the last few weeks. It’s focus is on ophthalmology and is developing its OK-101 for treating dry eye disease.

Ever since reporting earnings, OKYO stock has been climbing. It reported a loss of $13.7 million and ended the period with $4 million in cash as of March 2023 compared to $2.7 million the previous year.

Gary Jacob, Chief Executive Officer of OKYO, commented, “We are very pleased at the advancements we have made with our flagship drug OK-101 to treat DED this year. On May 2, 2023, we announced the initiation of our first clinical trial of OK-101 to treat DED. This trial is a 240 patient, phase 2, multi-center, randomized, double-masked, placebo-controlled trial in patients with DED. This summer we are expecting to see considerable enrollment of patients in the ongoing trial and are presently on track to have top line data released in Q4 2023.”

OKYO Stock News

This week the company announced that it regained compliance with Nasdaq’s listing minimum value rule. This takes some of the pressure off in terms of being delisted from the exchange and enforces some confidence in the stock market today.

Esperion Therapeutics (ESPR)

We discussed Esperion Therapeutics in our article, “3 Penny Stocks To Buy According To Analysts, Targets Up To 1,494%.” In it, we highlighted analyst sentiment in the penny stock. HC Wainwright, in particular, recently reiterated its Buy rating on the penny stock. It also has a price target of $22. Based on the latest trading levels, HC’s ESPR stock forecast price is over 1,000% higher.

One of the more recent catalysts sparking interest is a presentation at the European Society of Cardiology Congress this month. The company gave two CLEAR outcomes study presentations with an optimal response from the market.

Sheldon Koenig, President and CEO of Esperion, explained, “These prespecified analyses further reinforce the cardiovascular risk reduction benefits of bempedoic acid in high-risk patients, not only upon an initial cardiovascular event as described in the NEJM publication, but also in those who experience more than one cardiovascular event and in patients with diabetes. Importantly, bempedoic acid use was not associated with an increased rate of new onset diabetes, which is a key differentiating feature compared to statins.”

ESPR Stock News

In addition to the analyst rating from HC Wainwright, Esperion also announced it is going to present at the HC Wainwright Global Investment Conference next month. This could have its own implications as a focus on ESPR stock continues to extend to more traders in the stock market today.

Opendoor Technologies Inc. (OPEN)

Residential real estate eCommerce company Opendoor continued trading higher as the penny stock continued its recent uptrend. It recently reported financial results showing that Opendoor outpaced its 2022 Q2 earnings per share and topped sales estimates. However, some downtrodden Q3 revenue guidance weighed heavier on the penny stock.

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“We expect the third quarter to mark our return to positive contribution margin levels. As of quarter end, 99% of the homes we made offers on between March and June of last year were sold or under resale contract, and our new book of inventory is generating positive unit economics in what continues to be an uncertain time in the U.S. housing market,” said Carrie Wheeler, CEO of Opendoor.

There’s also attention being placed on OPEN stock’s short interest. According to the data from TD Ameritrade, the penny stock’s short float percentage sits at around 12.30%. Meanwhile, analysts at Credit Suisse updated their coverage on Opendoor this week with an Outperform rating and a $7 price target.

OPEN Stock News

This week the company announced it will present at the Goldman Sachs Communacopia & Technology Conference. Since this will be during the first week of September, attention may be heading to OPEN stock to start the final month of the quarter.

The post Trading Penny Stocks This Week? 4 To Watch With Big News appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.

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