3 Penny Stocks to Add to Your Watchlist Today
With stock market futures eyeing a more positive trading day for penny stocks and blue chips, investors are excited about the near future. In the past few weeks, trading has been extremely volatile across the board. This is the result of the post-Santa Claus rally followed by record-high Omicron-related Covid cases, and now, fears about the future of the economy.
However, after positive sentiment from Jamie Dimon yesterday, who stated that we could see new all-time highs, investors are pushing for a bullish next few months. When it comes to penny stocks, it’s all about understanding where to look and where the momentum is. Right now, we are seeing a sizable amount of push with biotech penny stocks and tech penny stocks. However, it is crucial to pay attention to overall trends in the stock market to identify where value could be.
In addition to all of this, having a strong and well-thought-out trading strategy can mean the difference between profits and losses. With penny stocks, prices move by large amounts and in a short time frame. Because of this, it is crucial to use your strategy and have it adapt to the current conditions in the market. So, with all of that in mind, let’s take a look at three penny stocks for your morning watchlist.
3 Penny Stocks to Watch Right Now
Immix Biopharma Inc. (NASDAQ: IMMX)
One of the biggest gainers of the day so far is IMMX stock, which shot up by over 32% at market open. While at $7.13 per share, IMMX is no longer a penny stock, it was only a short time ago. As a result, it is still worth taking a closer look at. Now, we often see large gains purely based off speculation, however, Immix made an exciting announcement during premarket trading. The company stated that its IMX-110 compound, resulted in a 50% positive response as a first-line treatment against therapy-resistant cancer. Specifically, this relates to soft-tissue sarcoma or STS.
“We strive to test our drug candidates in the most realistic, challenging animal models available. We are thrilled to see that in this first-line-therapy resistant STS model that IMX-110 showed significant activity.
We believe this study is a preview of what our SMARxT Platform generating Tissue-Specific Therapeutics can do, a distinct alternative to the traditional ‘single target, single mutation’ development model.”
The CEO of Immix Bio, Ilya Rachman, M.D., Ph.D.
This is great news for the company and clearly explains why shares are pushing up so substantially right now. The company also states that it has received orphan drug designation for this compound, which has a potential addressable market of $3 billion. Considering all of that, does IMMX deserve a spot on your list of penny stocks to watch?
Ocugen Inc. (NASDAQ: OCGN)
Another big daily gainer is OCGN stock, pushing up by around 6.7% at midday. This move comes as the company also made an exciting announcement during premarket trading today. Before we get into it, it’s worth looking into what Ocugen does. Ocugen is currently working on its Covaxin Covid vaccine platform. It is partnered with Bharat Biotech to produce this vaccine, and has been working for months to develop a promising candidate. Today, the company announced that its Covaxin booster was able to neutralize Omicron and Delta variants of Covid-19.
“The global impact of Omicron shows us that the fight against COVID-19 continues, and we’re encouraged that these data demonstrate the value of COVAXIN as a primary and booster vaccine. These results show how a broad-spectrum vaccine has the potential ability to address ever-shifting public health challenges such as new variants and mutations.”
The CEO of Ocugen, Dr. Shankar Musunuri
In 2022, there is a major focus on any biotech company that is working on a Covid vaccine or treatment. And as a result, Ocugen has seen vastly heightened interest. Whether this makes it worth adding to your penny stocks watchlist or not is up to you.
Bluejay Diagnostics Inc. (NASDAQ: BJDX)
Another popular penny stock that is climbing right now is BJDX stock. Before we get into what BJDX does, it’s worth looking into why shares are moving today. Early on in the trading day, an analyst at Dawson James initiated coverage of the newly IPO’d company. The analyst placed a Buy rating on the company with a price target of $10.
This is highly encouraging news and illustrates why BJDX stock is moving. Now, analyst recommendations should always be taken with a grain of salt. While they are important, they are in no way a definitive statement. To understand the company further, we can take a look at its Q3 2021 financial report, which was announced a few weeks ago. In the report, the company stated that it raised over $21.6 million in its upsized IPO.
“Bluejay has made substantial progress since our S-1 filing in July 2021. We completed an upsized $21.6 million Initial Public Offering and initiated the clinical testing program for the IL-6 test for sepsis triage.”
The CEO of Bluejay Diagnostics, Indranil Dey
So, with all of this in mind, it’s clear that investors are paying attention to BJDX stock. However, whether this makes it a worthwhile addition to your watchlist right now is up to you and your trading strategy.
Are Penny Stocks Worth Buying in 2022?
If you’re looking for the best penny stocks to buy in 2022, there are hundreds of options to choose from. But, to have the best chance at making money with penny stocks, investors need to understand two things. First, investors need to know how to trade penny stocks. This is crucial when it comes to entering and exiting positions.
Second, investors need to have a consistent understanding of what is going on in the stock market. This means looking at the news and staying up to date with everything that is going on. These factors can also be used as an advantage in line with your strategy. So, while 2022 may not be a banner year for stability, it has presented plenty of options for investors to make money. With all of that in mind, do you think that penny stocks are worth buying in 2022 or not?
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