Best Penny Stocks To Buy Before 2023? 4 To Watch Now

Saying 2022 was a “wild” year in the stock market is quite an understatement, in my opinion. Not only did we see a crash, but plenty of well-known companies became penny stocks. Yes, that’s correct; by definition, notable names slipped below the $5 threshold. While that might be a detriment to anyone who invested in them at much higher levels, those who search for penny stocks to buy may now have them on their radar.

In most cases, traders are hunting for the next multi-bagger penny stocks. This week, Kala Pharmaceuticals (NASDAQ: KALA) blew the doors off after its latest headlines. The company announced FDA acceptance of an investigational new drug application for its lead candidate, KPI-012. This is Kala’s stem cell platform developed for initially treating persistent corneal epithelial defect. That news has since helped spark a rally in KALA stock from under $4 a few days ago to over $45 during Friday’s premarket session.

Other than the bullish market sentiment, company news played a role in the downward momentum. But just as news can ignite a bearish reaction in the market, it can also spark a bullish one. Heading into 2023, a few penny stocks with news are turning heads. In this article, we look at a handful of them, see what was announced, and give some insight into any potential upcoming events that could be notable.

Penny Stocks To Watch

Ardelyx Inc. (ARDX)

Shares of Ardelyx have been on our radar for most of 2022. As you’ll see on the penny stock’s chart, ARDX has continued climbing higher and is up more than 100% year-to-date. It’s also worth noting shares have risen more than 400% since hitting 52-week lows in June.

Earlier this month, we discussed how Ardelyx reported that an FDA committee backed its kidney disease drug candidate. It also recommended its approval. The panel voted 10:2 in favor of combining the drug with phosphate binders. Ardelyx’s Xphozah is a standalone therapy for controlling serum phosphorus in chronic kidney disease patients on dialysis.

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This week Ardelyx popped higher after reporting that the FDA granted an appeal for its Xphozah’s Complete Response letter for a New Drug Application. CEO Mike Raab explained in a PR on December 29th, “By granting the appeal, we believe that OND has sent a powerful message regarding the importance of bringing innovation to the more than 400,000 patients on dialysis…This is a momentous day for Ardelyx and for all the members of the broader kidney disease community who have supported the development of XPHOZAH over the past ten years.”

ARDX Stock News

But that isn’t the only thing helping give ARDX stock a boost before 2023. On the final trading day of 2022, analysts from Citigroup made some adjustments. The firm has a Buy rating on the stock; this week, it boosted its $6 price target to $7.

Digital Brands Group Inc. (DBGI)

Shares of Digital Brands Group have been in the spotlight amid a pending acquisition. This week and this year were capped off by the company’s latest headlines, which triggered a strong morning move in the penny stock.

DBGI Stock News

Digital Brands Group announced the completion of its previously announced acquisition of Sundry. With it now becoming a subsidiary of Digital Brands, The company is anticipating a welcome revenue stream to its growing stable of online verticals.

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“The Sundry acquisition is expected to contribute significant revenue scale and operating leverage,” said Hil Davis, Chief Executive Officer of DBG. “We believe adding Sundry to our Bailey Shop, which is our multi-brand e-commerce site, will contribute revenue immediately.  Additionally, we are also excited about the large opportunity to expand the Sundry brand into other verticals. We believe that the opportunity to cross-merchandise Sundry and their customers to our other brands, add additional product categories, and leverage synergies to reduce expenses will be accretive.” 

Silo Pharma Inc. (SILO)

One of the biotechnology penny stocks to watch with news is Silo Pharma. The company specializes in therapeutic and psychedelic research. This morning’s headlines have helped spark a strong bullish move in SILO stock.

SILO Stock News

SIlo Pharma announced positive interim data from a dose optimization study of its SPU-21 candidate for the administration of anti-arthritic agents. Eric Weisblum, Chief Executive Officer of Silo Pharma, stated in a press release, “Since patients widely prefer SC administration over intravenous (IV) infusion for multiple reasons, we believe the superiority and practicality of our liposomal joint homing peptide bode well for broad market potential. Meanwhile, we continue to explore other novel therapeutics for optimal pairing with SPU-21, targeting rheumatoid arthritis as our initial indication.”

NeuroBo Pharma (NRBO)

Shares of biotech penny stock, NeuroBo Pharma recently tapped fresh 52-week lows this week. The company has been under pressure following a series of financings, including its most recent $32.3 million offering. However, in addition to the funding, NeuroBo closed a license agreement with Dong-A ST Co. Ltd., where NeuroBo obtained an exclusive license to develop DA-1241 and DA-1726 for nonalcoholic steatohepatitis (NASH), obesity, and type 2 diabetes. This will be of interest in the next section.

NRBO Stock News

You won’t find any formal headlines in the stock market today. But what you will find is a new filing. In this case, Dong-A ST Co., Ltd. filed an amended 13D showing a boosted stake of 65.5%, equating to 12,429,353 shares of NRBO stock. In addition, some may also be looking at recent analyst coverage by Ladenburg Thalmann. The firm started NeuroBo at a Buy this month and gave a $6 price target.

Penny Stocks To Watch Before 2023

• Ardelyx Inc. (NASDAQ: ARDX)
• Digital Brands Group Inc. (NASDAQ: DBGI)
• Silo Pharma Inc. (NASDAQ: SILO)
• NeuroBo Pharma (NASDAQ: NRBO)

The post Best Penny Stocks To Buy Before 2023? 4 To Watch Now appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.

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