3 Penny Stocks For Your Watchlist Today
With the stock market down today, many investors are looking for penny stocks that could have potential. And to understand which penny stocks would be on that list, we have to first consider why the stock market is down in the first place. Before we get into it, it’s worth knowing that the volatility we’re witnessing in the market right now is nothing new. As a result of Covid in the last two years, market fluctuations are more common than ever before.
In addition, we see news such as the announcement of the Omicron variant, have a swift, and large effect on the stock market. Take First Wave BioPharma Inc. (NASDAQ: FWBI) for example. After announcing positive news surrounding a treatment for GI infections related to Covid-19, shares shot up by over 40% during morning trading on November 30th before correcting.
Why Is the Stock Market Down Today?
The most obvious reason for the stock market being down today is the announcements regarding the Omicron variant. While this new variant has been affecting penny stocks and blue chips for the past week or so, today, the CEO of Moderna stated that current vaccines may not be as effective on the variant.
While this was expected and is disheartening, there is also some potential positive news regarding Omicron. Current and very preliminary data is showing that symptoms from Omicron are much milder than previous strains. And if it is more infectious, it could result in giving widespread antibodies with a lower rate of hospitalization. This could bring about a higher chance of herd immunity, and therefore the potential end of the pandemic.
While all of this is speculation right now, it is too early to assume any conclusions. Considering all of that, let’s take a look at three penny stocks to watch while the market is down today.
3 Penny Stocks to Add to Your List Right Now
Harmony Gold Mining Company Limited (NYSE: HMY)
Harmony Gold Mining Company Limited is a mining stock that has shot up in value by around 6.5% over the past five days and over 17% in the past month. This corporation searches for, extracts, and processes gold in South Africa and Papua New Guinea. In addition to gold, the company searches for silver, copper, and uranium resources. Harmony has 9 subterranean operations and multiple surface treatment activities in South Africa.
The stock price of HMY generally fluctuates up and down with the price of gold. As a result, when gold has a significant gain, HMY stock frequently follows suit. On the other hand, when gold falls substantially, HMY stock usually falls with it. In the past few weeks, shares of HMY have risen as a result of general bullishness around gold and natural resources. In times of geopolitical and economic tumult, resource stocks usually are viewed as a safer option.
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According to the most recent statement, the company’s earnings and sales grew year over year in the fiscal year 2021. This happened as a result of higher metal prices and heightened company progress. Given that Harmony hasn’t published any updates in a while, it’ll be interesting to see what it has in store for its investors before the year ends. For now, will HMY make your penny stock watchlist in December 2021?
Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX)
One of the biggest gainers of the day so far is CPIX stock, shooting up by over 100% at midday. While many gains like this occur without news, Cumberland made an exciting announcement after market close on November 29th. The company stated that its Calodor product, which is an intravenously delivery form of ibuprofen, is now approved for pre-operative administration. This approval comes from the FDA and is known as an expanded labeling approval.
“Before the pandemic began, healthcare systems across the country were in the midst of a public health mission to control surgical pain while decreasing opioid consumption. We are proud to see the continued support for Caldolor’s use in surgical care, with the product’s approved labeling now including the expanded use of the product prior to surgery.”
A.J. Kazimi, CEO of Cumberland Pharmaceuticals
This is without a doubt, an exciting prospect for the company and one that will continue to play out into the future. And, it fully explains CPIX stock’s over 100% jump on November 30th. It’s worth noting that there is a sizable amount of bullish sentiment surrounding the biotech sector as a whole. This could be another contributing factor to the positivity around Cumberland right now. Considering all of this, does CPIX deserve a spot on your list of penny stocks to watch right now?
ImmunoGen Inc. (NASDAQ: IMGN)
Another big gainer of the day on November 30th is ImmunoGen Inc., which exploded by over 28% at midday. Similarly to Cumberland, ImmunoGen made a big announcement today during early morning trading. On November 30th, the company stated that its pivotal study on mirvetuximab soravtansine for ovarian cancer, met the goal endpoint.
Moving forward, the company aims to file for accelerated approval with the FDA during the first quarter of next year. In addition, it states that it should have top-line data by the third quarter of 2022, which could support widespread approval of the compound. This is obviously both big and positive news and shows why shares of IMGN stock are shooting up right now.
“This is an exciting moment for both the field of ovarian cancer and for ImmunoGen, and the outcomes from SORAYA further validate our long-standing history of innovation in ADC’s. We are moving forward expeditiously to complete the BLA for mirvetuximab, with the goal of submitting the application to FDA for accelerated approval in the first quarter of 2022. In parallel, commercial preparations are well underway to support the potential launch of mirvetuximab next year.”
The CEO of ImmunoGen, Mark Enyedy
With this exciting news in mind, will IMGN stock be on your penny stocks watchlist next month?
Which Penny Stocks Are On Your Watchlist Right Now?
If you’re looking for the best penny stocks to buy, there are hundreds of options. But, before putting any money into the stock market, it’s important to understand who you are as a trader and how to use that as an advantage.
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Considering the major bullish sentiment around some penny stocks right now, it’s worth looking at all the options on the table to find the best stocks to buy. Considering that, which penny stocks are on your watchlist right now?