Top 3 ASX penny stocks to buy now

ASX penny stocks can offer significant growth potential when selected carefully as smaller companies can grow at a rapid pace and the following three stocks are attracting investor attention through encouraging upcoming milestones and favourable industry tailwinds.

Nyrada Inc. (ASX: NYR) is a clinical-stage biotechnology company that is developing Xolatryp which has an aim to protect the heart and potentially treat conditions linked to stroke and cancer. Its current market capitalisation is $128 million and is one of the best ASX penny stocks right now.

The company confirmed that three patients had received doses in its Phase IIa PROTECT-MI trial while four hospitals were already recruiting patients and has set an aim to have eight active trial sites by the end of November 2026.

Nyrada held $13.72 million in cash and secured commitments for a $12 million placement as of 30 September 2026 while its planned securities purchase plan aims to raise up to $2 million to fund its development programmes.

The company’s further research into oncology and stroke could expand the potential applications of Xolatryp.

Laserbond Limited (ASX: LBL) has a market capitalisation of $72.6 million and a fully franked dividend yield of 2.62% which has made it one of the best ASX penny stocks for investors who seek exposure to specialised industrial technology.

Laserbond specialises in surface engineering technologies that extend the lifespan of machinery components and improve their performance across mining, manufacturing, transport and power generation.

The company in FY2026 reported very good results as revenue rose 10.8% to $48.2 million and EBITDA increased 15.1% to $10.4 million while net profit after tax grew 27.7% to $4.9 million and earnings per share climbed 27.2% to 4.17 cents.

A major recent milestone was Laserbond's completion of a modular laser cell for global mining equipment manufacturer Komatsu. It was completed on time and within budget while site operations are set to begin in Q1 FY2027.

Laserbond expects future growth from new technology licensing agreements and the commercialisation of its X-Clad tungsten carbide alternative coatings while further expansion of its Gateway business could provide additional growth opportunities.

Canadian Phosphate Limited (ASX: CP8) has a current market capitalisation of $59 million and could attract more investor interest soon as it is one of the best ASX penny stocks at present.

The company generated revenue of $747,463 for the six months ended 30 June 2026 and recorded a net loss of approximately $1.22 million while its cash reserves rose to $6.57 million from $2.44 million at the end of December 2025.

The company completed the 3,000-metre Wapiti drilling programme and acquired 100% ownership of Diamond Mountain which provides another phosphate asset for evaluation and development.

CP8 has a plan to advance resource definition and studies across its projects while pursuing a phased development strategy that may begin with rock phosphate sales and progress towards a proposed plant with an annual capacity of 200,000 tonnes of single superphosphate.

The company also aims to pursue more advanced processing opportunities after this proposed plant as it seeks to expand its phosphate business into higher-value products.