InMed Pharmaceuticals, Treasure Global, and MicroCloud Hologram are the 3 Penny Stocks to watch on August 22, 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 August 21, 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.
InMed Pharmaceuticals (INM) – InMed is a clinical-stage pharmaceutical company engaged in researching and developing treatments based on rare cannabinoids and proprietary cannabinoid analogs. The company’s current pipeline focuses on medicines for Alzheimer’s, epidermolysis bullosa, glaucoma, and age-related macular degeneration.
On August 21, INM had a Dollar Volume of $144.90 million, while its share price fell by 2.6%. INM shares are trending down by 10.7% in pre-market trading today, as of the last check. The pullback in shares seems to be a reversal from Tuesday’s rally when INM shares skyrocketed over 191%. On August 20, InMed announced that the preclinical data from the trial of lead candidate INM-901 oral formulation provides similar drug concentration levels in the brain as intraperitoneal (IP) injection. The data provides substantial achievement in treating Alzheimer’s through an oral drug as compared to IP drugs.
Treasure Global, Inc. (TGL) – Malaysia-based Treasure Global operates a dual-facing technology platform for e-payments and rewards. Its proprietary product, the ZCITY Super App, creates an artificial intelligence (AI)-based ecosystem that analyses customers’ buying patterns and offers instant rewards to targeted audiences.
TGL had a Dollar Volume of $109.66 million on August 21, with its stock price crashing by 20%. There was no noteworthy news for TGL yesterday. However, shares have been on an uptrend since August 20 and have gained over 93%.
MicroCloud Hologram (HOLO) – China-based MicroCloud offers software and hardware holographic solutions. The company’s holographic technology is used in multiple fields, including content services, smart car holographic fields, and holographic cloud data processing.
On August 21, HOLO had a Dollar Volume of $100.10 million, with its share price surging by 13.6%. There was no specific news for HOLO yesterday. Shares have been volatile this year, marred by Nasdaq’s delisting warnings. Year to date, HOLO shares have lost 85.2%.
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.
