Allarity Therapeutics, Incannex Healthcare Limited, and Firefly Neuroscience are the 3 Penny Stocks to watch on August 28, 2025, 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 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 27, 2025. Simply put, Dollar Volume is the number of shares traded on a particular day multiplied by the day’s share price.
Allarity Therapeutics (ALLR) – Allarity is a clinical-stage biopharmaceutical company focused on developing novel therapies for cancer. On August 27, ALLR had a Dollar Volume of $553.44 million, while its stock price surged by more than 11%.
On Tuesday, the company received Fast Track designation for stenoparib from the U.S. Food and Drug Administration (FDA). Stenoparib is the company’s investigational treatment for patients with advanced ovarian cancer. The Fast Track designation allows Allarity to accelerate the development of stenoparib. Since August 26, ALLR shares have continued to rise in response to this news.
Incannex Healthcare Limited (IXHL) – Incannex Healthcare is an Australia-based, clinical-stage biopharmaceutical company developing treatments for chronic conditions such as obstructive sleep apnea, rheumatoid arthritis, and generalized anxiety disorder. Yesterday, IXHL had a Dollar Volume of $351.47 million, while its stock dropped nearly 6%.
The drop in the share price seems to be a reversal from the previous day’s rally when IXHL stock surged nearly 26%. On August 26, Incannex announced positive results from the Phase 2 clinical trial of PSX-001, a psilocybin-assisted therapy for Generalized Anxiety Disorder (GAD). The results showed that the treatment led to significant and meaningful improvements in all key endpoints and highlight PSX-001’s potential as an effective treatment for patients with moderate to severe GAD.
Firefly Neuroscience (AIFF) – Firefly Neuroscience is a medical technology and artificial intelligence (AI) company that is focused on developing neuroscientific solutions to improve brain health outcomes for patients suffering from mental illnesses and neurological disorders. On Wednesday, AIFF had a Dollar Volume of $226.16 million, while its stock price sank nearly 3%.
The drop in AIFF’s share price seems to be a reversal from the previous day’s rally when AIFF stock gained 4.6%. On August 26, Firefly Neuroscience launched its new “CLEAR” Platform, a next-generation technology to improve EEG (electroencephalogram) data quality by removing noise like muscle activity and eye blinks. CLEAR is built using NVIDIA’s (NVDA) advanced GPU (Graphics Processing Unit), accelerating data processing by 60-80% and providing cleaner, more reliable EEG signals.
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.