3 Penny Stocks to Watch For the First Week of August
With another month of penny stocks trading here, investors are excited to get off to a fresh start. While July had its positive momentum, the month overall was quite volatile. During July, we saw the S&P 500 take major dives, followed by swift corrections. And, the majority of this volatility is sparked by the pandemic and the overwhelming effect of the Delta variant. Now, the Delta variant is still ongoing, however, it seems as though investors are more comfortable with the trajectory of the pandemic right now.
And as vaccinations continue to rise sparked by the rise in cases, many hope that we could see a light at the end of the tunnel. So, right now investors may want to pay attention to a few industries in specific. This includes tech penny stocks, biotech penny stocks, and others that could benefit from the pandemic. Considering all of this, let’s take a look at three to watch as August gets off to a swift start.
3 Top Penny Stocks to Watch Right Now
- Color Star Technology Co. Ltd. (NASDAQ: CSCW)
- Dare Bioscience Inc. (NASDAQ: DARE)
- Conformis Inc. (NASDAQ: CFMS)
Color Star Technology Co. Ltd. (NASDAQ: CSCW)
Color Star Technology Co. Ltd. is a penny stock that offers music education services and other ed-tech-related products. These services are offered both online and offline. The company’s curriculum under the Color World brand includes music, sports, animation, painting, and more. Additionally, the company offers celebrity lectures, concert videos, and other celebrity content.
On July 23rd, Color Star held a concert in Dubai under the ‘Color Star APP’ name. Now a week after the event on July 30th, shares of CSCW stock shot up by around 3.6% in the market. This is a company we have frequently mentioned on this site before due to its constant momentum and consistent market popularity. At the end of June, the company announced stronger than expected revenue from its online celebrity video products.
“We are very pleased to see our efforts rewarded and reflected in our revenue and profits. Our cooperation with celebrities has led to great results and won the adoration of fans and audiences worldwide, whose active contribution to our platform propelled our celebrity videos to generate more than $3 million in revenue in the past 6 months, which is a recognition of the value we bring.”The CEO of CSCW, Mr. Basil Wilson
This is an exciting prospect and one that investors should keep a close eye on. With this recent update in mind, will CSCW make your list of penny stocks to watch?
Dare Bioscience Inc. (NASDAQ: DARE)
Dare Bioscience Inc. is a biotech penny stock that develops and markets products made for women’s health. Its DARE-BV1 trial is for treating bacterial vaginosis in a single administration. The company has a lot of other products as well, including but not limited to Ovaprene, Sildenafil, and DARE-HRT1. The women’s health market is quite large, and has received more focus as a result of the pandemic. Because Dare Bioscience has such a sizable position in this area of the biotech industry, it could be worth taking a closer look at.
Dare Bioscience recently presented at the 2021 Controlled Release Society Virtual Annual Meeting on July 25th-29th. The company’s Chief Scientific Officer, David Friend, Ph.D., gave the presentation about several preclinical and clinical studies related to DARE-BV1. Updates like these are always interesting for investors to pay attention to. They allow for investors to get a better glimpse into what a company is doing now, and what it could do in the future.
Only a week or so ago, DARE stock was at $1.47 per share on average. On July 30th, DARE stock has reached $1.54 per share at the market close. YTD, shares of DARE stock are up by around 17%. With this information in mind, will DARE be on your list of penny stocks to watch?
Conformis Inc. (NASDAQ: CFMS)
Another biotech penny stock that is performing well right now is Conformis Inc. This company sells joint replacement implants in multiple countries. It is involved in the development, manufacturing, and sale of these products, which makes it a vertically integrated enterprise.
Some of its products include iTotal CR, iTotal PS, iDuo, and many others. These products are sold to hospitals, surgeons, and other medical facilities. While many companies sell ‘off the shelf’ implants, Conformis works to produce custom solutions fit to each patient. This allows for higher quality products, and better performance of the implants themselves. On July 7th, the company settled with Stryker Corporation resolving patent litigation involving multiple other companies.
“We are pleased to have resolved all of the ongoing patent litigation related to the Wright Medical dispute. The settlement once again highlights the strength and value of our intellectual property, as well as our steadfast commitment to protecting and enforcing it.”The President and CEO of Conformis, Mark Augusti
Events like these are common in companies that are as large as Conformis. And while they do result in short-term volatility, when they are complete, the outlook can become much better.
In the last month since this announcement was made, CFMS stock has drastically increased in price. One month ago, CFMS stock was at $1.13 per share on average. Now on July 30th, CFMS stock closed at $1.50 per share. This is significant momentum and shows that there is a great deal of bullish sentiment around CFMS stock right now. With all of this in mind, is CFMS worth adding to your list of penny stocks to watch?
Will August Be Positive For Penny Stocks?
With August starting off strong, investors seem excited about the symbolic shift that a new month brings. Because of this, the hopes are that we could see positive momentum as we move further into 2021.
While case numbers are still high for Covid, many are looking for the light at the end of the tunnel. Considering all of this, do you think that August will be positive for penny stocks and the stock market as a whole?