US Penny Stocks To Watch In October 2024

As the U.S. stock market continues its upward trajectory with major indices like the Nasdaq hitting record highs, investors are keenly analyzing corporate earnings and economic data to gauge future opportunities. In this context, penny stocks—often representing smaller or newer companies—remain an intriguing area for those looking beyond established giants. Despite their name suggesting a bygone era, these stocks can offer significant potential when backed by strong financials and strategic positioning.

Top 10 Penny Stocks In The United States

Name	Share Price	Market Cap	Financial Health Rating
BAB (OTCPK:BABB)	$0.7921	$5.74M	★★★★★★
LexinFintech Holdings (NasdaqGS:LX)	$3.25	$544.21M	★★★★★★
RLX Technology (NYSE:RLX)	$1.67	$2.16B	★★★★★★
Permianville Royalty Trust (NYSE:PVL)	$1.54	$51.81M	★★★★★★
ZTEST Electronics (OTCPK:ZTST.F)	$0.28	$10.13M	★★★★★★
Better Choice (NYSEAM:BTTR)	$1.70	$2.86M	★★★★★★
ARC Document Solutions (NYSE:ARC)	$3.42	$147.91M	★★★★★★
MIND C.T.I (NasdaqGM:MNDO)	$1.88	$39.36M	★★★★★★
Golden Growers Cooperative (OTCPK:GGRO.U)	$4.50	$69.71M	★★★★★★
PHX Minerals (NYSE:PHX)	$3.57	$136.12M	★★★★★☆

Click here to see the full list of 756 stocks from our US Penny Stocks screener.

Here's a peek at a few of the choices from the screener.

CureVac (NasdaqGM:CVAC)

Simply Wall St Financial Health Rating: ★★★★☆☆

Overview: CureVac N.V. is a biopharmaceutical company that develops transformative medicines using messenger ribonucleic acid (mRNA) technology, with a market cap of approximately $0.63 billion.

Operations: The company's revenue is derived from the discovery and development of biotechnological applications, totaling €65.86 million.

Market Cap: $634.81M

CureVac, a biopharmaceutical company utilizing mRNA technology, is currently trading below its estimated fair value and remains debt-free. Despite having short-term assets (€251.6M) that exceed both short and long-term liabilities, the company is unprofitable with increasing losses over the past five years. Recent developments include promising immunogenicity results from its Phase 1 CVGBM cancer vaccine study, which showed significant T-cell responses in patients with glioblastoma. However, CureVac's financial position is challenging due to a limited cash runway of less than one year and no forecasted profitability in the near term.

• Get an in-depth perspective on CureVac's performance by reading our balance sheet health report here.
• Understand CureVac's earnings outlook by examining our growth report.

GlycoMimetics (NasdaqGM:GLYC)

Simply Wall St Financial Health Rating: ★★★★☆☆

Overview: GlycoMimetics, Inc. is a biotechnology company that discovers and develops therapies for cancers and inflammatory diseases in the United States, with a market cap of $10.85 million.

Operations: GlycoMimetics, Inc. currently does not have any reported revenue segments.

Market Cap: $10.85M

GlycoMimetics, Inc., a biotechnology firm, is currently pre-revenue with less than US$1 million in earnings, highlighting its status as an early-stage company. The firm has no debt but faces financial challenges with less than a year of cash runway and ongoing unprofitability. Recent developments include an acquisition agreement with Crescent Biopharma and mixed results from a Phase 2 study of uproleselan for acute myeloid leukemia. While the company's short-term assets exceed liabilities, its share price remains highly volatile. The management team and board are experienced, yet no profitability is expected in the near term.

• Click to explore a detailed breakdown of our findings in GlycoMimetics' financial health report.
• Assess GlycoMimetics' future earnings estimates with our detailed growth reports.

Honest Company (NasdaqGS:HNST)

Simply Wall St Financial Health Rating: ★★★★★★

Overview: The Honest Company, Inc. manufactures and sells diapers and wipes, skin and personal care, and household and wellness products, with a market cap of approximately $378.31 million.

Operations: The company's revenue is primarily derived from its Personal Products segment, which generated $355.70 million.

Market Cap: $378.31M

The Honest Company, Inc. has faced challenges with unprofitability and shareholder dilution, yet it remains debt-free and maintains a stable cash runway exceeding three years due to positive free cash flow. Despite an inexperienced board and management team, the company reported improved financial performance for the second quarter of 2024, reducing its net loss significantly from US$13.42 million to US$4.08 million year-over-year. With short-term assets covering both short- and long-term liabilities comfortably, the company raised its full-year earnings guidance to reflect mid-to-high single-digit revenue growth expectations, signaling potential recovery momentum amidst volatility concerns.

• Jump into the full analysis health report here for a deeper understanding of Honest Company.
• Examine Honest Company's earnings growth report to understand how analysts expect it to perform.

Turning Ideas Into Actions

• Investigate our full lineup of 756 US Penny Stocks right here.
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Ready For A Different Approach?

• Explore high-performing small cap companies that haven't yet garnered significant analyst attention.
• Jump on the AI train with fast growing tech companies forging a new era of innovation.
• Find companies with promising cash flow potential yet trading below their fair value.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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