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Best Penny Stocks To Buy Now? 3 To Watch As Stock Market Crash Continues

Biotech penny stocks to watch as stock market crash continues today.
The post Best Penny Stocks To Buy Now? 3 To Watch As Stock Market Crash Continues…

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Why The Stock Market Is Down Today

But wait, the stock market crash is over. At least, that is what some retail traders thought after yesterday’s broad-sector bounce led by tech. Waking up to the stock market today painted a much different picture. Even with this as the case, in this article, we’re looking at penny stocks to watch that are actually trading much higher and far outpacing the bearish market trends on bullish momentum.

So what changed? Why is the stock market down today? The S&P 500, Nasdaq, Dow, and even the Russell 2000 dipped after early morning economic data signaled we haven’t begun to reach max pain yet. Jobs data was the flavor of the day, and initial jobless claims came in better than expected. Claims fell to the lowest levels since April. Continuing jobless claims were also lower than expected. Wall Street analysts anticipated 1.388 million, but Thursday’s data came in at 1.347 million.

Jobs data has been the sticking point for many who argue that even though we met the technical definition of a recession, we’re not really in one because of the jobs market. In addition, investors have looked to the jobs report as a possible sign that the Fed’s monetary policy is beginning to work out.

In the September FOMC press conference, Fed Chair Jerome Powell explained that job openings and quits are good indicators of the labor market. He also explained, “We have always understood that restoring price stability while achieving a relatively modest increase in unemployment and a soft landing would be very challenging.”

What Does A Stock Market Crash Mean For Penny Stocks?

If you’re not confident trading options or shorting stocks, the stock market crash hasn’t offered many opportunities for the average trader to make money in the stock market this year. That is unless you know how to be nimble amid this wild volatility. Penny stocks are one of the ways that traders have achieved this goal, and it comes with plenty of risks. But if you look at stocks like Apple (NASDAQ: AAPL) or Amazon (NASDAQ: AMZN), they’ve been down in the dumps most of the year.

Are there penny stocks to watch during the stock market crash? The short answer is yes, and a few have gained some attention today for different reasons.

Penny Stocks To Watch

  • PolyPid Ltd. (NASDAQ: PYPD)
  • MindMed Inc. (NASDAQ: MNMD)
  • Senti Biosciences Inc. (NASDAQ: SNTI)

PolyPid Ltd. (NASDAQ: PYPD)

Smaller biotech penny stocks are gaining traction in the stock market today. Even with the stock market crashing, companies like PolyPid are heading higher. Earlier this quarter, PYPD stock imploded after news that its Phase 3 SHIELD results didn’t meet their primary endpoint. The company was studying its D-PLEX100 for preventing surgical site infections in abdominal surgery. However, last week, the company announced the peer-reviewed publication of its Phase 2 trial results for D-PLEX100, which helped boost shares.

What The Stock Market Did Today & Top Penny Stocks To Watch Now

CEO Dikla Czaczkes Akselbrad explained, “The results of this trial were the basis of the Breakthrough Therapy Designation for D-PLEX100 granted by the U.S. Food and Drug Administration (FDA) and a precursor to the Company’s SHIELD I Phase 3 trial that concluded earlier this month. PolyPid is further evaluating the collective results of SHIELD I and the Phase 2 study and intends to discuss the clinical outcomes and next steps for D-PLEX100 for the prevention of SSIs in abdominal surgery with the FDA as well as the EU ( European Union ) regulatory authorities in Q1 2023.”

On the back of this week’s European Medicines Agency nod for submitting a marketing authorization application, PYPD stock gained some footing. Shares bounced back to highs of nearly $1.40.

MindMed Inc. (NASDAQ: MNMD)

best penny stocks to buy MindMed MNMD stock chart

The psychedelic company, MindMed fell hard earlier this month. But it wasn’t from a miss on earnings or bad trial data. The company proposed raising money via a public offering. MindMed aims to raise $30 million. Even though MNMD stock is down in recent sessions, Thursday’s action saw prices spike back above the $3.50 level, which is still under the price that its latest financing round was conducted at.

Nevertheless, there are a few things to account for with the company. In particular, the first patient in a Phase 1 study led by MindMed collaborator, Dr. Matthias Liechti, dosed its first patient. The study evaluates the impact of MDMA-like substances versus placebo. Dr. Liechti explained in a September update that, “By using pharmacokinetics and modern psychological and psychometric tests, this study will investigate the potential to better control the bioavailability, slow the effect onset and reduce possible adverse effects of MDMA and MDA by using these prodrugs. The study will also investigate effects of MDA in direct comparison with MDMA for the first time in humans.”

The news followed another September update that MindMed’s MM-120 product candidate for generalized anxiety disorder had favorable data published in a peer-reviewed journal. Some hope that with fresh capital and this latest clinical data, MNMD stock could be back in the spotlight heading into October.

Senti Biosciences Inc. (NASDAQ: SNTI)

best penny stocks to buy Senti Biosciences SNTI stock chart

Shares of Senti Biosciences jumped on Thursday thanks to early morning headlines. The company specializes in cell and gene therapies, including its lead candidate, SENTI-202. Senti’s off-the-shelf CAR-NK cell therapy targets and potentially eliminates acute myeloid leukemia cells. The platform is also on pace to file an investigational new drug application next year. Other pipeline treatments include SENTI-301 for treating hepatocellular carcinoma and SENTI-401 for colorectal cancer.

Penny Stocks to Buy in a Bear Market? 3 to Watch Right Now

This month the company presented at the Morgan Stanley Global healthcare Conference, which seems to have resonated with the overall market. Analysts from Chardan Research and BofA Securities have weighed in on their outlook for the biotech company. Chardan has a Buy rating on the penny stock and a $12 price target. Meanwhile, this week, BofAstarted SNTI stock with a Buy and a $7 target.

While Senti is still trading much lower than when it IPOd, the latest uptick in action has turned some attention back to the company.

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The post Best Penny Stocks To Buy Now? 3 To Watch As Stock Market Crash Continues appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.

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