3 Top Penny Stocks to Watch Right Now
So far, October has been a great month for both penny stocks and blue chips. While many trading days have started in the red, we have seen major gains by EOD during certain sessions.
On Tuesday, October 12th, Dow Jones futures were higher in premarket. This includes shares of Tesla Inc. (NASDAQ: TSLA), rallying by around 1% on stronger than expected sales in China. Right now, there is a lot of uncertainty in the stock market that is resulting in the high volatility we’re witnessing right now. This uncertainty stems from both the pandemic and the resulting economic conditions.
Those conditions include high inflation, a government that is running out of cash, and on the other side, faster than expected economic growth. With this, we see that there is some good and some bad, however, the air of uncertainty in the market means that we are likely to continue to see this volatility with penny stocks. However, those who buy and sell penny stocks tend to look for large fluctuations as it allows for the opportunity to make money with small caps.
At the end of the day, make sure that you have a proper trading strategy by your side and a clear understanding of your goals. This will help to ensure that the stocks on your list are right for your portfolio. Considering all of that, let’s take a look at three penny stocks to know about in mid-October 2021.
3 Penny Stocks for Your October Watchlist
Cinedigm Corp. (NASDAQ: CIDM)
Cinedigm Corp. is an entertainment company that we have discussed frequently over the past few months. In the last month alone, shares of CIDM stock have shot up by around 13% with a YTD gain of over 250%. These are solid numbers and show the sizable growth that CIDM stock has seen during that time.
If you’re not familiar, Cinedigm is a company that owns the rights to movie, TV, and other digital content assets. This portfolio of content is distributed to major platforms such as Amazon, Netflix, Hulu, and Apple among others. It also distributes its products for brands like Hallmark, Televisa, and Konami.
On October 11th, the company announced a contract renewal with Crown Media Family Networks which owns Hallmark Channel. The companies have been partnered for almost a decade at this point, and now this contract has been extended. Cinedigm will continue managing Hallmark’s TV-OD and physical business.
“With so much uncertainty in the world, they remind us of the values we all have in common: the importance of friendship, family, and love. Seeing how audiences gravitate towards this content gives us a sense of pride; it’s touching to know that we can play a part in building a connection between the audience and these films by making them available to own and now rent.”
The Chief Content Officer and Head of Digital Sales at Cinedigm, Yolanda Macias
Keeping this new announcement in mind, will CIDM be on your list of penny stocks to watch?
Seelos Therapeutics Inc. (NASDAQ: SEEL)
Seelos Therapeutics Inc. is a biotech company that produces treatments for the respiratory system, central nervous system, and more. Its SLS-002 program is for treating acute suicidal ideation and behavior in patients with major depressive disorders. It also has SLS-006 which is a treatment for patients with Parkinson’s disease. The company has many other trials as well such as SLS-005 for treating those with Sanfilippo syndrome.
On October 1st, the company announced an upcoming presentation. Seelos will present a poster on SLS-002 at the IASR/AFSP International Summit on Suicide Research Virtual Conference. This conference is expected to take place from the 24th to the 27th of October. Seelos is presenting on the 25th from 1 pm to 2 pm in the presentation titled “A Phase 2 Open-Label Study of Efficacy, Safety, and Tolerability of SLS-002 (Intranasal Racemic Ketamine) in Adults with Major Depressive Disorder at Imminent Risk of Suicide).
“We are grateful for this opportunity to present at this year’s summit and excited to share these data plus some additional interim data from the open-label study with the global community focused on the research and treatment of patients in this critically important field.”
Chairman and CEO of Seelos, Raj Mehra, Ph.D.
In the past YTD period, shares of SEEL stock have shot up by over 50%, and in the past twelve months by over 140%. With this upcoming presentation in mind, will you add SEEL to your penny stocks watchlist?
NanoVibronix Inc. (NASDAQ: NAOV)
NanoVibronix Inc. is another biotech penny stock that is trending in the market right now. This is a company that manufactures and sells biological response-activating noninvasive devices. These devices target wound healing, pain therapy, and biofilm prevention. Its UroShield product prevents bacterial colonization and biofilm in urinary catheters. In the past five days, shares of NAOV stock have jumped by around 12% and YTD by over 140%.
On October 11th, NanoVibronix reported positive results from its independent double-blind trial of PainShield. 91% of the patients who participated in the PainShield treatment group had complete or partial resolution of symptoms. These patients were being treated for lateral epicondylitis or tennis elbow which is the swelling or tearing of tendons in the arm.
“Results of the Birmingham study further reinforce that PainShield is safe, easy-to-use, and highly effective in treating soft tissue pain. Patients in the study who wore our device reported marked reduction in pain and when combined with over-the-counter, anti-inflammatory medications, those same patients reported a complete resolution of symptoms within 10 days.”
CEO of Nanovibronix Brian Murphy
On the same day of this announcement, NAOV shares increased by an impressive 17.65% in the market. Noting this info, will NAOV make your penny stock watchlist this month?
Which Penny Stocks Are on Your Watchlist?
Finding the best penny stocks to buy is all about understanding the current state of the market. With so many to choose from, it can be difficult to land on just a handful for your watchlist.
However, with the right research by your side, finding and making money with penny stocks can be much easier than previously imagined. With all of that in mind, which penny stocks are on your watchlist right now?