There are penny stocks out there that will set you back only a few dollars but may make you much more in time. We’ve found some climbers that have made serious gains in May and are worth adding to your watch list.
Penny Stocks Climbing in May
Avadel Pharmaceuticals PLC (NASDAQ:AVDL)
Avadel Pharmaceuticals is currently on the rise by a whopping 11%. Selling for just $1.71 USD on the NASDAQ, this pharma company recently announced that the US Food and Drug Administration (FDA) has accepted its New Drug Application (NDA) for its fourth ‘Hospital Product’ called AV001. The company has been granted “Priority Review” status by the FDA, meaning it has accelerated the review period by six months.
AVDL stock has surged since the announcement and doesn’t look to be slowing.
Based in Dublin, Ireland, Avadel is a global specialty pharmaceutical company that looks to develop “differentiated pharmaceutical products that are safe, effective and easy to take.”
OncoSec Medical Inc (NASDAQ:ONCS)
Another penny stock in the medical field that is climbing this month is OncoSec Medical. Currently, shares are up 16.67% on the NASDAQ exchange and are selling for $2.87 USD.
>> SDRL Stock Hits New Lows On Analyst Sell Note: Investors Flee
This biotechnology company focuses on designing, developing, and commercializing innovative immunotherapies for the treatment of cancer. Earlier today, it announced the closing of its $11 million public offering.
With the closure of this transaction, the company now has “pro forma unaudited cash, cash equivalents, and investment balance” in excess of $30 million.
It is expecting to use the capital to fund its clinical research and development activities.
MYnd Analytics (NASDAQ:MYND)
MYND stock is up 15% at present and selling for $1.38 USD on the NASDAQ exchange. This penny stock is reacting to news that “investors have agreed to purchase approximately $2.8 million of the Company’s common stock in a registered direct offering.”
The deal is expected to close on May 28th, and MYnd Analytics will use the proceed for “general corporate purposes.”
Are you a penny stocks fan? What shares are on your radar?
Featured Image: DepositPhotos © monsit
