Tenax Therapeutics, Sangamo Therapeutics, and VSee Health are the 3 Penny Stocks to watch on August 8, 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 August 7, 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.
Tenax Therapeutics (TENX) – Tenax is a development-stage specialty pharmaceutical company focused on developing treatments for cardiopulmonary diseases. The company is currently investigating its lead product candidate for the treatment of pulmonary hypertension.
On August 7, TENX had a Dollar Volume of $105.91 million, with its stock price surging 8.2%. Shares have been climbing since August 6, after the company announced a securities purchase agreement for an oversubscribed private placement financing that is expected to generate $100 million in gross proceeds.
The company is offering 1,450,661 ordinary shares along with some pre-funded warrants. Tenax will utilize the net proceeds to complete its ongoing Phase 3 LEVEL trial, continue with the second planned Phase 3 trial of oral levosimendan, and meet working capital requirements. On August 6, TENX shares gained 28.8%.
Sangamo Therapeutics (SGMO) – Sangamo Therapeutics is a clinical-stage genomic medicine company focused on developing medicines for treating serious neurological diseases. The company utilizes its expertise and proprietary zinc finger technology to create genomic cures for genetic diseases.
On August 7, SGMO’s Dollar Volume stood at $103.74 million, while its share price plunged 13.5%. On August 6, after the markets closed, Sangamo released its Q2 FY24 results, which missed both sales and earnings estimates. Revenues declined by a massive 94.7% year-over-year to $0.356 million as several of the company’s collaboration agreements with pharma companies ended last year.
VSee Health (VSEE) – VSee Health is a Software-as-a-Service (SaaS) provider that enables clinicians and enterprises to build customizable workflow streams and enhance patient care.
VSEE had a Dollar Volume of $71 million on August 7, with its share price falling 17.9%. There was no negative news on VSee yesterday. In fact, it announced the launch of a new Aimee telehealth service in Kansas. Through Aimee, the company will offer virtual healthcare, labs, and prescription drug services for patients. In the past month, VSEE shares have been rather volatile and have declined 59.1%.
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.
