Imunon Inc., Processa Pharmaceuticals, and 2U Inc. are the 3 Penny Stocks to watch on August 1, 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 with the highest Dollar Volume as of the close on July 31, 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.
Imunon Inc. (IMNN) – Imunon is a clinical-stage biotechnology company that focuses on creating proprietary immunology and DNA-based technology for difficult-to-treat conditions. The company currently has four product candidates in its pipeline, directed at developing treatments for advanced ovarian cancer, SARS-CoV-2, Lassa virus, and Melanoma.
On July 31, Imunon had a Dollar Volume of $468.90 million, while its stock price crashed by more than 59%. Yesterday, the company announced an offering of 5 million common stock and an equal number of unregistered warrants at an offer price of $2 per share, effective August 1. The company aims to raise $10 million in gross proceeds from the offering and these are intended to be used for working capital and general corporate purposes. Interestingly, IMNN shares skyrocketed over 180% on July 30, when the company announced positive results from its Phase 2 OVATION 2 Study of IMNN-001, targeted at ovarian cancer.
Processa Pharmaceuticals (PCSA) – Processa Pharmaceuticals is a clinical-stage pharmaceutical company focused on researching and developing treatments that improve the survival and quality of patient life with unmet medical needs. Its current pipeline includes investigational treatments for different types of cancers, including metastatic colorectal cancer, breast cancer, ulcerative necrobiosis lipoidica, and gastroparesis.
PCSA had a Dollar Volume of $132.27 million on July 31, accompanied by a share price decline of 7.9%. The downfall in the stock was a reversal from the prior day’s rally. On July 30, Processa announced that it received the U.S. FDA’s (U.S. Food and Drug Administration) clearance for undertaking the Phase 2 Clinical trial of NGC-Cap for the treatment of metastatic breast cancer. PCSA shares surged over 34% on July 30.
2U, Inc. (TWOU) – 2U is an edu-tech company that offers degree and non-degree educational programs through its online platform, edX. The company claims to have partnerships with leading colleges, universities, and industry experts. Notably, 2U is facing class action lawsuits for misleading investors about its relationships with important universities and organizations.
On July 31, TWOU’s Dollar Volume stood at $97.59 million, alongside a stock price gain of 2.7%. The company’s shares have been rather volatile in the past couple of trading sessions, mainly since 2U filed for Chapter 11 Bankruptcy on July 25. On the same day, TWOU stock plunged over 63%. Surprisingly, post that, investors have been pushing the shares higher. 2U hopes to exit the bankruptcy by September end. The company also confirmed that all the ongoing educational programs will continue online, uninterrupted.
2U aims to restructure its debt with lenders through the RSA (Restructuring Support Agreement), cutting over 50% of its debt and introducing roughly $110 million in additional capital in the company. Since July 26, TWOU shares are up 77.5%.
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.
