Voxx International Corp., Trinity Biotech Plc, and Ensysce Biosciences are the 3 Penny Stocks to watch on August 29, 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 28, 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.
Voxx International Corp. (VOXX) – Voxx International manufactures and distributes consumer electronics and automotive products. On August 28, VOXX had a Dollar Volume of $708.27 million, while its share price gained by 7.1%.
On August 27, Voxx announced that the company is reviewing strategic alternatives to maximize shareholder value. The alternatives included a potential sale of full or part of the business and operational improvements. The company even set up a strategic transactions committee to undertake the review but there is no guarantee that any of the above alternatives will be considered. Following the news, VOXX stock skyrocketed over 68% on August 27.
Trinity Biotech Plc (TRIB) – Ireland-based Trinity Biotech specializes in the manufacture and distribution of diagnostic kits globally. TRIB had a Dollar Volume of $174.26 million yesterday, while its share price collapsed by 13.2%.
On August 27, Trinity announced that it received increased orders for its TrinScreen HIV kits. Consequently, it raised its full-year outlook for TrinScreen HIV sales to $10 million from $8 million. Moreover, Trinity stated that it has boosted the production of its FDA-approved viral transport medium, FlexTrans, in view of the growing concerns about the Mpox virus. The news pushed TRIB shares higher by more than 23% on Tuesday.
Ensysce Biosciences, Inc. (ENSC) – Ensysce Biosciences is a clinical-stage pharmaceutical company with a focus on developing treatments for severe pain relief. At the same time, it strives to reduce the fear of and the potential for opioid misuse, abuse, and overdose. ENSC stock had a Dollar Volume of $61.25 million on August 28, with its stock price falling 2.8%.
ENSC stock has been up in the past two trading sessions on two news releases. On August 27, ENSC said that it received a $14 million multi-year grant from the NIH and National Institute on Drug Abuse (NIDA) for the continued development of PF614-MPAR, which is a novel opioid with overdose protection. Also, the following day, ENSC said that it received the Investigational Review Board’s (IRB) approval for the second clinical study of MPAR. ENSC shares have gained nearly 43% since Tuesday.
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.
