Silo Pharma, Aeon Biopharma, and NaaS Technology are the 3 Penny Stocks to watch on July 18, 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.
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 that had the highest Dollar Volume as of the close on July 17, 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.
Silo Pharma Inc. (SILO) – Silo Pharma is a developmental stage biopharmaceutical company focused on developing conventional drugs and psychedelic therapies for treating Post-traumatic stress disorder (PTSD), stress-induced psychiatric disorders, chronic pain conditions, and central nervous system (CNS) diseases.
On July 17, SILO had a Dollar Volume of $421.55 million, while its stock price fell by 5.9%. There was no specific news for SILO on Wednesday. Shares seem to be retreating from the rally witnessed on July 16. On Tuesday, Silo Pharma announced an exclusive global license agreement to further develop, manufacture, and commercialize its Alzheimer’s drug SPC-14. Notably, Silo intends to use the U.S. FDA’s (Food and Drug Administration) streamlined 505(b)(2) pathway for SPC-14, which would shorten clinical timelines and reduce drug development costs. Following the news, SILO shares skyrocketed over 123% on July 16.
Aeon Biopharma, Inc. (AEON) – Aeon Biopharma is a clinical-stage biopharmaceutical company that focuses solely on developing its proprietary botulinum toxin complex, ABP-450 (prabotulinumtoxinA) injection. This injection is being tested to treat patients suffering from neuromuscular disorders such as migraines, cervical dystonia, and others.
On July 17, AEON had a Dollar Volume of $109.38 million, with its share price sliding by 7.7%. While there was no specific news yesterday, AEON shares have been witnessing significant share price volatility in the past few trading sessions. Since July 12, AEON shares have zoomed over 88%.
NaaS Technology (NAAS) – China-based NaaS Technology is one of the mainland’s largest and fastest-growing electric vehicle (EV) charging service providers. The company offers technical support and value-added services to EV charging station operators, EV users, charger manufacturers, OEMs (original equipment manufacturers), and other industry partners.
NAAS had a Dollar Volume of $104.65 million on July 17, with its stock price surging by 13.5%. In the absence of any company specific news, NAAS shares seem to be trading with heavy volatility in the past month. After the market closed on June 28, Naas Technology announced that it had regained compliance with Nasdaq’s minimum bid price requirement. Since then, NAAS shares have skyrocketed over 117%.
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.
