Hot Penny Stocks Under $1: INPX, PHUN, HYMC, BNGO, CYBN

Penny stocks attract millions of investors on a daily basis and it is understandable considering the potential gains those stocks can often offer. The stocks are available at low prices and enable investors to pick up a big position for little investment. Here is a look at some hot penny stocks which are currently trading under $1.

Inpixon (NASDAQ:INPX) was the biggest gainer in yesterday’s trading session and soared 89.50% to close at $0.29. However, the stock is still down 84% so far this year.

 The company is a leading real time location systems provider and yesterday it announced that it had gone into a definitive merger agreement with the firm XTI Aircraft Company. XTI Aircraft is an aviation company involved in the development of TriFan 600, a vertical takeoff, fire wing and landing aircraft. An independent financial advisory firm valued the enterprise value of XTO in the $252 million and $343 million range.

The valuation had been ascertained after having made comparisons with some public companies with comparable business models with an average enterprise value of $1.6 billion. If the merger does go through then it would lead to the formation of a combined organization which would be solely devoted to bringing the TriFan 600 to the market.

It would also continue to offer the real-time location systems from Inpixon. It was also noted yesterday that the companies would also launch an online portal through which interested parties could access the latest information about the status of the merger.

Phunware Inc (NASDAQ:PHUN) stock is attempting to recover after recent fall. The stock closed up over 7% on Tuesday on high volume. Will the rally continue?

The company is a pioneer in the field of location based SaaS (software as a service) and offers an enterprise cloud platform which is fully integrated for mobile. It helps brands in managing, engaging and monetizing brands anyone from anywhere. On July 20 Phunware Inc made an announcement with regards to a range of strategic measures for saving costs and improving the financial performance of the company.

The ultimate aim of the move is to make Phunware a long-term and sustainable success as a business. The company announced at the time that the measures would results in annual costs savings to the tune of more than $5 million. One of the measures that the company decided to implement was to reduce its workforce by as much as 33% across all the departments. The difficult move had been made so that Phunware could completely focus on those opportunities which could generate the most revenue.

Hycroft Mining Holding Corporation (NASDAQ:HYMC) – The gold and silver development company owns the Hycroft Mine, which is located in Northern Nevada, a noted and prolific region for mining. On July 17, Hycroft Mining Holding Corporation announced that it had appointed a new Vice President of Investors Relations in the form of Fiona Grant Leydier.

The President and Chief Executive Officer of the company Diane Garrett spoke about the new appointment as well. She noted that everyone at Hycroft Mining was excited about welcoming Leydier to the management team. She went on to add that the new appointment had considerable experience in her field, having provided a large number of publicly listed companies with game changing corporate strategies.

Leydier holds over 17 years of experience in the field and throughout that period she held senior roles in Investors Relations as well as Communications Strategy for a number of mining companies that are publicly listed.

HYMC stock resume uptrend on Tuesday after a brief pause and closed up about 7%, extending monthly rally to 50%.

Bionano (NASDAQ:BNGO) stock has been in severe downtrend as the stock has been falling post covid-rally. In fact, the stock has lost almost 96% from its peak price in February 2021. The stock has fallen 60% so far this year.

The company is involved in optical genome mapping (OGM) and significantly positive news emerged about the company in recent times. Greg Larssen, who follows Bionano closely, had tweeted an article last week which reported that the highly regarded Rambam Hospital in Israel was creating a new database which would also include OGM results. It was a significant development for Bionano since it demonstrated that a respected hospital believed that OGM could in fact improve the treatment administered to cancer patients.

The director of the Genetics Institute at Rambam Dr. Karln Weiss noted that OGM technology would eventually be deployed for the purpose of treating a range of other diseases too. If the company’s technology does find a critical mass of takers then it would lead to its growth and the stock could also surge.

Cybin Inc (NYSEAMERICAN:CYBN) – The stock has been consolidating over the past few sessions after soaring about 37% in the past month. Despite the recent rally, the stock is still down 24% over the past year.

The clinical stage biopharmaceutical firm Cybin Inc  is focussed on bringing about a paradigm change in mental healthcare through the development of innovative psychedelic based treatment options. On July 24 Cybin Inc announced that the Phase 2 trial involving the product CYB 003 had been administered to the Cohort 5 with no major adverse effects which may be an effect of continued doses.

The product in question is an investigational proprietary deuterated analog made with psilocybin with the potential of treating major depressive disorder. The COHORT4 and COHORT5 that had been completed included two 12 mg doses of the drug. The company noted that recruitment had commenced for COHORT 6.