XTL Biopharmaceuticals (XTLB), Rising Dragon Acquisition Corp. (RDAC), and Akanda Corp. (AKAN) are the three penny stocks to watch on April 30, according to TipRanks’ Penny Stock Screener tool.
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Penny stocks refer to low-priced shares, typically under $5 apiece, and are usually issued by companies whose market capitalizations hover around $300 million.
The three stocks highlighted in this article were selected for having the largest dollar volumes at the close on Wednesday, April 29. This means that they had the highest overall dollar value of shares traded, calculated by multiplying the number of shares exchanged by the stock’s market price.
- XTL Biopharmaceuticals (XTLB): XTL is an Israeli biopharmaceutical company focused on developing treatment for autoimmune diseases, which are conditions in which the body’s defense system attacks its own healthy cells. On April 29, XTLB shares jumped by roughly 55% to $3.56 per share, reaching a dollar trading volume of $405.31 million. This came after the company announced plans to acquire PsygaBio, an Israeli biotech firm, to boost its psychedelic drug pipeline.
- Rising Dragon Acquisition Corp. (RDAC): Rising Dragon is a special purpose acquisition company focused on executing mergers, share exchanges, and asset acquisitions, among others. On April 29, RDAC shares ballooned by about 319% to $20.51 per share, generating a dollar trading volume of $329.19 million. This comes as the company reportedly filed a preliminary proxy document to extend the timeline for its planned merger with HZJL Cayman Limited, a provider of branding, software, and supply chain services to businesses.
- Akanda Corp. (AKAN): Akanda is a British medical cannabis company engaged in the cultivation, production, and distribution of drugs and other products based on the plant. On April 29, AKAN hit a dollar volume of $320.46 million after its shares jumped by approximately 49%. Akanda’s shares have been rallying lately after the England-based company expanded its fiber optic network and implemented a 1-for-4.5 reverse stock split.
More about TipRanks’ Penny Stock Screener
Analysts looking to stay up-to-date with penny stocks can rely on TipRanks’ Penny Stock Screener tool, which makes it possible for investors to check out the thousands of penny stocks traded daily in the U.S. using filters such as sector, price target upside, Smart Score, analyst consensus, dollar volume, and price change.