3 Penny Stocks Roaring Higher Today

ATOS has more than tripled today after a big FDA nod

by Patrick Martin

Published on Mar 14, 2019 at 2:47 PM

The Dow has explored both sides of breakeven today, as investors digest the latest housing data. But three penny stocks making sizable moves today are healthcare firm Atossa Genetics Inc (NASDAQ:ATOS), alternative energy name Plug Power Inc (NASDAQ:PLUG), and software concern Smith Micro Software Inc (NASDAQ:SMSI). Here's a quick look at what's got the shares of ATOS, PLUG, and SMSI moving today.

FDA Nod Sends ATOS Hurtling to Best Day Ever

The best stock on the Nasdaq today is Atossa Genetics, up a whopping 247% to trade at $5.24, after the Food and Drug Administration (FDA) approved Endoxifen, the company's oral treatment for post-mastectomy treatment in breast cancer patients. This is set to be ATOS' best day ever by a wide margin, and puts the stock near its post-bear gap levels from last March. Prior to today's breakout, the shares consolidated below the $2 level for the last six months. The sole analyst that covers ATOS may want to re-think its price target of $5, which is now a discount to its current perch.

Upgrade Helps PLUG Squeeze Shorts

Plug Power stock is up 10.5% to trade at $2.61, and earlier tapped a new annual high of $2.65, after B. Riley initiated coverage with a "buy" rating and $3.50 price target. The new goal represents territory PLUG has not traded near since late 2014. The energy stock has now more than doubled in 2019, and last week blew past stiff resistance at its 200-day moving average.

A short squeeze could provide more power to PLUG. Short interest increased to more than 40 million shares in the last reporting period, and represents 18.7% of the stock's total available float. At average trading volumes, it would take more than three weeks to buy back the bearish bets. 

PLUG's options pits have exploded in the meantime. Over 17,000 calls have changed hands today, six times the average intraday amount, and volume in the 100th percentile of its annual range. Most of the attention is directed toward the March 2.50 call, with new positions being opened, and options traders banking on the equity to hold on to its gains through expiration tomorrow.

Earnings Beat Powers SMSI to Best Day in Years

Also near the top of the Nasdaq is Smith Micro Software stock, up 30% to trade at $2.41. The company's fourth-quarter earnings and revenue exceeded expectations, putting SMSI on track for its best day in nearly 16 years. The $1.70 level has served as a floor for the shares in 2019, and now they're on track to topple their 100-day moving average on a closing basis for the first time since late October.

Calls are running rampant in SMSI's usually quiet options pits. At last check, 862 calls have changed hands, 22 times the average intraday volume and pacing for the 98th percentile of the annual range. Leading the charge is the July 2 call, where new positions are being opened.

START YOUR DAY SMARTER.

Get Schaeffer's pre-market news bulletin every morning before the bell rings.
It's free to sign up.


Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


The Answer to This Roller Coaster Market
Artificial intelligence may revolutionize trading.
Drug Stock Scales Nasdaq, Squeezes Shorts on Upbeat Trial Data
Cantor Fitzgerald is already bullish on ALDX's big breakthrough
Another Bull Note for Suddenly Red-Hot Nvidia Stock
NVDA has gained 45% since its late-December bottom
The Answer to This Roller Coaster Market
Artificial intelligence may revolutionize trading.