Bionomics, Simpple Ltd., and ZyVersa Therapeutics are the 3 Penny Stocks to watch on November 7, 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 November 6, 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.
Bionomics (BNOX) – Australia-based Bionomics is a clinical-stage biopharmaceutical company engaged in developing treatments for curing diseases of the central nervous system (CNS). On November 6, BNOX had a Dollar Volume of $246.18 million, while its shares plunged by more than 43%.
The share price decline seems to be a reversal from the stock price gains of November 5. After the markets closed on November 4, Bionomics announced the receipt of AU$1 million in milestone payment from Carina Biotech for the ongoing BNC101 Partnered Legacy Oncology Program. Shares skyrocketed over 158% on the news on November 5.
Simpple Ltd. (SPPL) – Singapore-based Simpple Ltd. operates as a property technology company. Its proprietary SIMPPLE ecosystem offers robotics and Internet-of-things (IoT) devices to automate workforce management tools for building maintenance, surveillance, and cleaning.
SPPL’s Dollar Volume stood at $183.63 million yesterday, with its stock price falling 19.5%. SPPL shares have been highly volatile in the past few trading sessions. On November 5, Simpple announced that it could undertake a reverse stock split of its common stock to regain compliance with Nasdaq’s minimum bid price requirement of $1 for continued listing. On October 31, Simpple filed a request for a hearing with the Nasdaq Hearings Panel. In the past five trading days, SPPL shares have zoomed over 367%.
ZyVersa Therapeutics (ZVSA) – ZyVersa is a clinical-stage specialty biopharmaceutical company focused on developing treatments for inflammatory and renal diseases. ZVSA had a Dollar Volume of $161.28 million, accompanied by a stock price slump of 39.4%.
The declining share price seems to be a reversal from Tuesday’s gain when ZVSA stock skyrocketed over 39.6%. On November 5, ZyVersa released positive data that showed the potential of its Inflammasome ASC Inhibitor IC 100 for obesity treatment, pushing its share price higher.
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.
