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3 Penny Stocks To Watch After GDP Report

June 29, 2022 10:05 AM EDT

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The GDP report is out, and not much has changed in the overall stock market after yesterday's sell-off. The S&P 500 (NYSEARCA: SPY) closed at $380.65, and following the GDP report, the SPY sits within 20 cents of that figure. Whether or not there is a rebound in the stock market today is secondary to what's happening with some of today's top trending premarket penny stocks.

While investors digest the latest economic data, traders are focused on several small- and micro-cap stocks surging on Wednesday. This is one of the great things about penny stocks. They tend to move disconnected from broader trends. This article will look closely at a few and discuss what's driving them today. What you'll have to decide is, are they a buy or should you avoid them entirely?

Trending Penny Stocks Today

  • Brickell Biotech Inc. (NASDAQ: BBI)
  • NeuroSense Therapeutics Ltd (NASDAQ: NRSN)
  • Trevi Therapeutics Inc. (NASDAQ: TRVI)

How To Find Penny Stocks To Buy

First thing's first: how do you find penny stocks to buy? There are plenty of ways to do this, and today we're looking at a few penny stocks with news to act as a guide. In many cases, corporate updates can serve as early catalysts. This includes SEC Filings, patents, FDA actions, and more.

Just remember that your trading strategy should also come into focus when determining which are the best penny stocks to buy. For example, stocks that take weeks to climb aren't really for you if you're a day trader. If you're a swing trader or investing in penny stocks, a one-day, 100% move isn't suitable either. Finding the proper harmony of market momentum and timing becomes most important. Here are 3 penny stocks to watch after recent updates turned heads following the latest GDP data.

Brickell Biotech Inc. (NASDAQ: BBI)

penny stocks to buy Brickell Biotech BBI stock chart

Penny stocks under $1 are also gaining in popularity right now. Brickell Biotech shares have a long way to go to reach their 2021 highs. However, that doesn't mean daily trends aren't significant, especially for day traders.

Just look at companies like Allena Pharmaceuticals Inc. (NASDAQ: ALNA). The sub-$1 stock exploded during early trading on Wednesday thanks to a late Tuesday filing showing it pulled a previously entered offering agreement. For this reason, it's essential to keep an eye on not only news but also SEC filings for pertinent information.

In this case, BBI stock jumped early after the opening bell. One of the points of interest with Brickell Biotech is its current Phase 1 study of BBI-02. This is the company's potential treatment for restoring immune balance in patients with autoimmune and inflammatory diseases. The company dosed its first patient. But that might not be the reason for today's excitement.

[Read More] Penny Stocks To Buy Now? 4 Biotech Stocks To Watch Before July 2022

Why BBI Stock Is Moving Today

If you sift through some of the company's SEC filings, you'll see what's happening this week that could be a potential catalyst. A Special Meeting of Stockholders is scheduled to be held on June 30, 2022, at 10:00 a.m. (Mountain Time). In an amendment filed earlier this month, the company published several topics for a vote. These included:

  • Approve an amendment to the Company's Restated Certificate of Incorporation to effect a Reverse Stock Split.
  • Approval of an amendment to the Company's Restated Certificate of Incorporation to decrease the number of authorized shares of Common Stock if and only if the Reverse Stock Split is both approved and implemented.
  • Approval of one or more adjournments of the Special Meeting to a later date or dates if necessary or appropriate to solicit additional proxies if there are insufficient votes to approve Proposal 1 at the time of the Special Meeting or in the absence of a quorum

If BBI stock is on your list right now, it might not be a bad idea to familiarize yourself with the latest filings posted in June.

NeuroSense Therapeutics Ltd (NASDAQ: NRSN)

penny stocks to buy NeuroSense Therapeutics Ltd (NRSN stock chart

It's been a very active week of trading for NeuroSense Therapeutics. On Monday, the company reported results from stage 3 of its biomarker study in collaboration with Massachusetts General Hospital. The study evaluated NeuroSense's PrimeC lead drug candidate in treating amyotrophic lateral sclerosis (ALS).

"These results are very encouraging, especially because they validate NeuroSense's clinical strategy. The biomarker study, along with the data we collect from our Phase IIb study, will inform the optimization of a pivotal Phase III study of PrimeC in ALS," stated NeuroSense's CEO, Alon Ben-Noon. "NeuroSense is honored to collaborate with the world-class MGH team on this critical study."

This news sent NRSN stock surging and has maintained attention throughout the first half of the week.

[Read more] What to Know About Buying Penny Stocks on June 29th

Why NRSN Stock Is Moving Today

There weren't any new headlines posted on the company's feed. But there was an 8K filing published on June 29th. It stated:

"NeuroSense Therapeutics reports completion of the "in-life" phase of its 90-day GLP Toxicology study successfully. All animals appeared normal, with no significant findings observed. In this study the components of PrimeC, celecoxib and ciprofloxacin, were administered to rodents at doses 4x the maximal clinical dose. The company will present the data obtained in this study to the FDA as part of PrimeC's drug development plan."

This seems to have helped propel more bullish momentum for NRSN stock.

Trevi Therapeutics Inc. (NASDAQ: TRVI)

penny stocks to buy Trevi Therapeutics TRVI stock chart

Shares of Trevi Therapeutics Inc. are also trending today. Like NRSN, TRVI stock is up following some recent developments. The company's Phase 2b/3 PRISM trial for its Haduvio platform showed positive results in treating prurigo nodularis.

Jennifer Good, President and CEO of Trevi Therapeutics, "This positive trial in prurigo nodularis, along with the highly statistically significant data from the interim analysis of our Phase 2 trial in IPF chronic cough that we presented earlier this year, further supports our belief that Haduvio could potentially benefit patients across a broad range of refractory chronic pruritic and cough conditions."

Why TRVI Stock Is Moving Today

Details from the update also included several critical highlights of the study. In particular, the trial met secondary endpoints with a consistent safety profile compared to previous studies. Meanwhile, there were more than just news headlines for traders to digest. Company CEO and study investigator Jennifer Parish, MD, also hosted a conference call discussing topline data.

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