Indonesia Energy, Sagimet Biosciences, and EON Resources are the 3 Penny Stocks to watch on October 3, 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.
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 October 2, 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.
Indonesia Energy Corp. Ltd. (INDO) – Indonesia Energy Corp. is an independent oil and gas company, with primary exploration and development operations in Indonesia. On October 2, INDO had a Dollar Volume of $454.52 million, while its share price fell by 4.3%. There was no meaningful news on INDO yesterday that could have led to the high trading volumes and share price decline. Notably, INDO shares rallied on September 30 and have gained over 51% in the past couple of trading sessions.
Sagimet Biosciences (SGMT) – Sagimet Biosciences is a clinical-stage biopharmaceutical company that focuses on developing fatty acid synthase (FASN) inhibitors that are designed to treat dysfunctional metabolic pathways in diseases resulting from the overproduction of the fatty acid, palmitate.
SGMT had a Dollar Volume of $136.78 million yesterday, along with a stock price gain of nearly 9%. Sagimet shares have been on an uptrend since October 1, after the company announced the receipt of FDA (Food and Drug Administration) Breakthrough Therapy designation for its lead drug candidate Denifanstat in MASH. In the past two days, SGMT shares have gained 22.7%.
EON Resources (EONR) – EON Resources is an independent energy company, with a focus on upstream oil and gas production in the Permian Basin. The company is engaged in energy, oil, natural resources, and other facets of the energy industry.
EONR had a Dollar Volume of $76.25 million on October 2, while its share price fell by 8.4%. EONR shares continue to decline in pre-market trading today as well, down 19.5% as of the last check. There was no important news for EON Resources yesterday, but shares have zoomed 100% since October 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.
