Apr 26, 2022 (Penny Stocks via COMTEX) -- Penny stocks have earned their place in the stock market today for their high-risk & high-reward reputation. But something that most new traders fail to realize is that these cheap stocks aren't just "lottery tickets" to buy blindly. There are plenty of ways to make money with penny stocks , and the first step is research. Also considered "due diligence," identifying catalysts is essential to the process. Today we look at a handful of penny stocks making big moves premarket. In this article, we break down the latest trends and discuss potential catalysts to make a note of right now.
5 Penny Stocks To Watch
Gamida Cell Ltd. ( NASDAQ: GMDA )
ObsEva SA ( NASDAQ: OBSV )
Jiuzi Holdings Inc. ( NASDAQ: JZXN )
Imperial Petroleum Inc. ( NASDAQ: IMPP )
Redbox Entertainment Inc. ( NASDAQ: RDBX )
Best Penny Stocks To Buy
Should you invest in penny stocks ? It's essential to know your risk tolerance to identify the best ones to buy. So many low-priced stocks make their moves within a single day. After that, the trend dies off. Is this the case with all penny stocks ? No, and today's article will give some insight to help you better understand what's happening in the stock market today.
Penny Stocks To Watch #1: Gamida Cell Ltd. /zigman2/quotes/207657083/composite GMDA -3.05%
Thanks to a new update, the biotech company Gamida Cell Ltd. is on the premarket watch list today. The company specializes in developing NAM-enabled (Nicotinamide) cell therapies for different cancers and serious diseases. Its treatments are designed to enhance the amount and functionality of targeted cells.
Tuesday morning, the company announced that the FDA cleared an Investigational New Drug (IND) application and removed a clinical hold for a formulation of its GDA-201 treatments. This platform is designed as an "off-the-shelf" cell therapy for treating B cell lymphomas. Investors may be looking ahead at an expected initiation of a Phase 1/2 clinical study of GDA-201 later this year.
2. ObsEva SA /zigman2/quotes/208216166/composite OBSV -5.15%
Shares of ObsEva have been on the move since early March. The penny stock has climbed from lows of $1.08 to highs of $1.73 during premarket trading on April 26th. ObsEva develops therapies for reproductive health in women. Its linzagolix for the treatment of uterine fibroids was in the spotlight earlier this week. In particular, the Committee for Medicinal Products for Human Use of the European Medicines Agency confirmed its previously adopted positive opinion, recommending approval of linzagolix. The company has a licensing agreement with Theramex to commercialize and market the candidate in Europe.
In addition to Monday's news headlines, analyst coverage has helped spark premarket momentum for the penny stock today. Canaccord Genuity initiated coverage on ObsEva. The firm gave a Buy rating and issued a $12 price target. Based on April 26th premarket highs of $1.73, that represents a premium of over 590%.
3. Jiuzi Holdings Inc. /zigman2/quotes/226848404/composite JZXN -1.08%
Unlike ObsEva, Jiuzi Holdings has been in a strong downtrend over the last several weeks. Much of this has come as investors weigh the future of China-based companies and their listing on US exchanges. Jiuzi is a new energy vehicles franchisor in China. As such, it has gotten wrapped into the discussion along with other China-based names.