10 Hot Penny Stocks On the Move

1. Applied DNA Sciences, Inc. (NASDAQ:APDN)

Share Price as of August 30: $2.21

Current Volume as of August 30: 13 million 

Number of Hedge Fund Holders: 2

1-Month Performance as of August 30: 402.63%

Applied DNA Sciences, Inc. (NASDAQ:APDN) is a biotechnology company that specializes in the development and commercialization of DNA and RNA detection. The company utilizes polymerase chain reaction (PCR) technology to detect genetic elements.

The three core segments of the company include Therapeutic DNA Production Services, MDx Testing Services, DNA Tagging, and Security Products and Services. With a commitment to innovate and enhance healthcare and security through DNA technologies, Applied DNA Sciences, Inc. (NASDAQ:APDN) has positioned itself for the growing demand for therapeutics and diagnostics.

The company faced a $2 million decline in revenue during the FQ3 2024 due to an expected decline in COVID-19 testing service revenue. However, it achieved significant steps against its commercial roadmap that ensures strong revenue generation for the coming quarters.

Applied DNA Sciences, Inc. (NASDAQ:APDN) is on track to launch a GMP facility for LineaTM IVT templates by September 30. The facility will have the capacity to produce up to 15 million doses of mRNA vaccines. Moreover, the company has also received full approval from the New York State Department of Health for a laboratory-developed test and launched its TR8 PGx pharmacogenomic testing service.

Management also announced a multi-year agreement with a group (whose name was not disclosed) that has the potential to substantially expand its cotton tagging addressable market. CEO, Dr. James Hayward is confident that these developments will result in a positive year-over-year revenue growth starting from fiscal year 2025.

Applied DNA Sciences, Inc. (NASDAQ:APDN) was held by 2 hedge funds in Q2 2024, with total stakes worth $64,000. Altium Capital is the top shareholder, with a position worth $35,184. Moreover, the stock has soared over 402.63% during the last 30 days, making it one of the hot penny stocks on the move.

While we acknowledge the potential of Applied DNA Sciences, Inc. (NASDAQ:APDN) to grow, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for a promising AI stock that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.

Disclosure. None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and investors. Please subscribe to our daily free newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.