The Russell 2000 Elliott Wave analysis suggests we are in a trending market, favoring small-cap companies. While many penny stocks can be highly unpredictable and often fail, some under $1 stocks present a unique opportunity for those who understand the risks involved. These companies have the potential to achieve remarkable growth, making them worthy of consideration for any investor’s portfolio.
So, here are three of the best strong buy penny stocks for investors to buy this month.
Tonix Pharmaceuticals (TNXP)
Tonix Pharmaceuticals (NASDAQ:TNXP) is a biopharmaceutical company that develops and commercializes therapeutics to treat and prevent human diseases. The company’s portfolio includes treatments for central nervous system disorders, rare diseases, immunology and infectious diseases.
TNXP is actively pursuing several key initiatives for 2024. The company plans to submit a New Drug Application (NDA) to the FDA in the second half of 2024 for TNX-102 SL, targeting the management of fibromyalgia.
This decision follows positive outcomes from two Phase 3 trials, indicating significant improvements in sleep quality and pain reduction for fibromyalgia patients. The drug demonstrated a statistically significant improvement in sleep quality and daily pain reduction, making it a promising candidate for FDA approval €‹.
Analyst ratings for TNXP currently suggest a Strong Buy consensus, with an average price target indicating a potential upside of approximately 391% from its current trading levels. This optimism comes from the upcoming NDA submission and the potential market exclusivity of its drugs in key markets.
Mind Medicine (MNMD)
Mind Medicine (NASDAQ:MNMD) aims to be a leader in developing treatments for brain health disorders. The company is advancing a range of innovative drug candidates.
MNMD is advancing its pipeline with significant milestones planned for 2024. The company expects to initiate a Phase 3 clinical program for its lead candidate, MM120, in the second half of 2024, following an End-of-Phase 2 meeting with the FDA in the first half of the year.
The drug is being developed for the treatment of generalized anxiety disorder (GAD) and showed promising results in Phase 2b trials, including a 7.7-point improvement over placebo in anxiety symptoms at week 12.
The company also has several clinical trials in progress. These include a Phase 1 trial for MM-402, a novel MDMA derivative, for autism spectrum disorder, and a Phase 2a trial for lysergide in treating anxiety disorders. The company’s broad pipeline focuses on brain health disorders, with products targeting the serotonin, dopamine and acetylcholine systems €‹.
Acasti Pharma (ACST)
Acasti Pharma (NASDAQ:ACST) is a late-stage biopharma company focusing on developing and commercializing innovative treatments for rare and orphan diseases. The company is currently advancing its lead candidate, GTX-104, a novel injectable formulation of nimodipine for intravenous infusion, aimed at treating aneurysmal subarachnoid hemorrhage (aSAH).
For 2024, Acasti plans to submit a New Drug Application (NDA) for GTX-104 to the FDA, based on data from ongoing and upcoming Phase 3 trials. Financially, the company reported a net loss of $4 million for Q1 2024, a slight improvement from the $4.5 million loss in Q1 2023. As of December 31, 2023, Acasti had $18.5 million in cash and equivalents, which it believes will fund operations into the second quarter of 2026.
Analyst ratings for ACST suggest a positive outlook, with a projected price target indicating a potential significant upside from current levels. This optimism comes from the anticipated NDA submission and the potential market impact of GTX-104.
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Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Matthew started writing coverage of the financial markets during the crypto boom of 2017 and was also a team member of several fintech startups. He then started writing about Australian and U.S. equities for various publications. His work has appeared in MarketBeat, FXStreet, Cryptoslate, Seeking Alpha, and the New Scientist magazine, among others.