GlycoMimetics, BIO-key International, and Shuttle Pharmaceuticals Holdings are the 3 Penny Stocks to watch on October 31, 2024, based on TipRanks’ Penny Stock Screener tool. Penny stocks are defined as stocks that trade at or below $5 per share and have a market capitalization of below $300 million.
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The Penny Stock Screener helps investors scan stocks based on numerous parameters, including Sector, Price Target Upside, Smart Score, Analyst Consensus, Dollar Volume, and Price Change.
We leveraged the tool to pick the top three penny stocks with the highest Dollar Volume as of the close on October 30, 2024. Simply put, Dollar Volume is the number of shares traded on a particular day multiplied by the day’s share price. We can also look at the Relative Volume and Average Volume (last 3 months) to gauge how the trading volumes have been very high (showing high interest) compared to the average.
GlycoMimetics Inc. (GLYC) – GlycoMimetics is a clinical-stage biotechnology company focused on developing treatments for cancer and inflammatory diseases. On October 30, GLYC had a Dollar Volume of $549.85 million, with its stock price falling 6.8%. The share price fall seems to be a reversal from Tuesday’s spike.
On October 29, GlycoMimetics announced a definitive merger agreement with privately held biotechnology firm, Crescent Biopharma. Following the completion of the merger, the combined entity will continue to be called Crescent Biopharma, Inc. The deal is expected to close in the third quarter of 2025, subject to customary closing conditions and approval of stockholders. Following the news, GLYC stock skyrocketed over 188% on Tuesday.
BIO-key International, Inc. (BKYI) – BIO-Key operates a technology platform that offers flexible identity and access management solutions integrated with identity-bound biometrics. BKYI had a Dollar Volume of $147.08 million yesterday, accompanied by stock price gains of 2.5%.
There was no specific news for BKYI yesterday. However, shares spiked over 76% on October 29 following the announcement of a new order. BIO-Key International revealed that it secured a $910,000 order from a long-time financial services client looking to upgrade to its “fingerprint only” Biometric Customer Identification Technology. BKYI forecasts annual recurring revenues of roughly $1.4 million from this ongoing order.
Shuttle Pharmaceuticals Holdings, Inc. (SHPH) – Shuttle Pharmaceuticals is a clinical-stage pharmaceutical company focused on developing cancer treatments. The company is developing novel radiation sensitizers and immunotherapy assisting product candidates.
SHPH had a Dollar Volume of $98.49 million yesterday, with its stock closing at $1.80, unchanged from October 29. SHPH stock jumped over 35% on Tuesday after announcing the pricing of $4.5 million worth of common stock and warrants at a combined offering price of $1.525 per share.
To find more penny stocks like these, you can take a look at TipRanks’ Penny Stock Screener tool. It shows a list of all penny stocks, their price movement, and other vital data.
