3 Penny Stocks To Buy According To Analysts With Targets Up To 168%

Penny Stocks To Buy According To Analysts

Looking for penny stocks to buy right now? You’re obviously not alone. But there’s a bit of a cautious tone in the stock market today after last week’s rout. Nearly every sector pulled back, closing out February on uncertain footing. Interest rates, economic growth, stimulus, and, of course, virus cases were all in the spotlight. However, Monday, it would appear to be a different tone in the market.

Many of the same things traders were unsure of have now gotten clarity. Johnson & Johnson’s (NYSE: JNJ) single-shot vaccine began distribution marking a new phase in the virus saga. What’s more, over the weekend, the House passed President Biden’s Covid-19 relief package, which now goes to a vote in the Senate. Both of these major events could address some of the concerns related to last week’s concerns.

Aside from that, many Wall Street bulls have supported further growth in the market. “Despite some severe interruptions, our country’s economic progress has been breathtaking. Our unwavering conclusion: Never bet against America,” The Oracle of Omaha, Warren Buffett said in his annual letter over the weekend.

This seems to have rippled through the analyst community as well, with a slew of new ratings and target changes to begin the month. Among these analysts, H.C. Wainwright and Maxim have just issued fresh outlooks on a few penny stocks to kick-off the final month of Q1. Will they be right by the time Q2 starts?

Penny Stocks To Buy [According To Analysts]
  1. Super League Gaming Inc. (NASDAQ: SLGG)
  2. ReWalk Robotics Ltd. (NASDAQ: RWLK)
  3. Fortress Biotech Inc. (NASDAQ: FBIO)
Penny Stocks To Buy [According To Maxim]: Super League Gaming

Maxim Group initiated coverage on Super League Gaming giving a Buy rating on the company. The firm also set a $6 price target on the penny stock suggesting a potential upside of 91% compared to its closing price on Friday. Will SLGG stock manage to reach these heights?

One of the hotter areas of the tech space, believe it or not, has been Esports. Instead of building teams or developing the games themselves, Super League has taken a different approach. The company provides video-game-derived entertainment as well as an esports community aggregator & media distribution. Super League recently announced a partnership with Harena Data Inc. to produce and distribute video gaming and esports entertainment.

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“Harena Data is one of the best-kept secrets in video gaming and esports. They have an impressive set of initiatives dedicated to making esports and gameplay accessible to an ever-increasing global audience of players, fans, and viewers,” commented Matt Edelman, Chief Commercial Officer of Super League Gaming, in the February press release.

In addition to bullish analysts and recent progress, institutions have also gotten behind the penny stock. Both Nomis Bay Ltd and 3i, LP reported stakes in the company at the end of February.

penny stocks to buy right now Super League Gaming Inc. SLGG stock chartPenny Stocks To Buy [According To H.C. Wainwright]: ReWalk Robotics Ltd.

This week, H.C. Wainwright boosted its $2.50 price target to $3.50. The firm currently maintains a Buy rating on the stock. Despite the analyst’s forecast “only” being 32% higher than Friday’s closing price, ReWalk has gained some recent notoriety thanks to a few key developments. This includes a raise of $40 million. The Company intends to use the net proceeds for development activities for its ReStore and Personal 6.0 devices. ReWalk also said it looks to broaden third-party payor and CMS coverage for its ReWalk Personal device and commercialize its new product lines added through distribution agreements.

Further uses of proceeds also included R&D for its lightweight exo-suit technology for potential home personal health utilization for multiple indications and future generation designs for its spinal cord injury device, among other things. Obviously, a raise of this size is nothing to ignore, and since it’s going toward particular development targets, 2021 could already be ramping up in a big way for ReWalk.

In its most recent quarterly report on February 18th, Larry Jasinski, Chief Executive Officer of ReWalk explained, “We are encouraged with our overall results in FY 2020. Although we have faced and continue to face the effects of Covid-19 in several of our key markets, during this last year, we progressed our CMS initiative as we created a new code for exoskeleton and, if our planned coverage application is successful, it will allow a significant number of the U.S. spinal cord injury population access to our device. Our German insurance contracts continued to expand as more payors are joining them, and with our strengthened cash position, we can maximize our company’s potential.”

So, with fresh capital, bullish analysts, and a development plan for 2021, RWLK could be one to watch as the market attempts to rebound.

penny stocks to buy right now ReWalk Robotics Inc. RWLK stock chartFortress Biotech Inc.

One of the biotech penny stocks we’ve discussed frequently has been Fortress Biotech. The company has founded several other publicly traded biotech businesses. So when you look at Fortress, you’ve also got to consider its related companies as they’ve indirectly impacted momentum in FBIO stock.

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Late last week, H.C. Wainwright reiterated its Buy rating on the penny stock. The firm also has a $10 price target, suggesting a forecasted upside of $168% compared to Friday’s closing price. Whether or not that is reached depends a lot on the company itself. H.C., however, isn’t the only firm with a lofty target. Dawson James boosted its $16 price target earlier in February to $21. Between the two firms, they hold the highest forecasts on FBIO.

Needless to say, March also begins with news from one of Fortress’ related companies. Checkpoint Therapeutics, Inc. (NASDAQ: CKPT) announced the formation of an independent Scientific Advisory Board. The Board is built with leaders in the fields of immunotherapy, lung and skin cancers. It will work closely with Checkpoint’s team to develop treatments for patients with solid tumor cancers, including cosibelimab and CK-101.

“We are honored to have the opportunity to work with such a distinguished group of clinical and scientific leaders on the development of our pipeline products, including cosibelimab in our initial indications in skin and lung cancers, and CK-101 in lung cancer, as well as helping us identify new opportunities for development,” said James F. Oliviero, President and Chief Executive Officer of Checkpoint.

penny stocks to buy right now Fortress Biotech FBIO stock chartPenny Stocks & Analyst Ratings

Are all penny stocks with bullish analyst ratings going to go up? Based on my experience, no but I think when it comes to these ratings and targets, it should be at least a sign that companies may warrant more research. See if you arrive at the same bullish or bearish conclusion as the firms do. In this case, these recent ratings on the above 3 stocks seem to have resonated with the market a bit this week. So we’ll have to see if there’s followthrough or if the analyst updates were just short-term catalysts.

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