3 Hot Penny Stocks to Watch in Mid-August
Over the past week or so, penny stocks and blue chips seem to have reversed their bearish trend, indicating the potential of positive future momentum. If we look at the data, we see that the S&P 500 has gone more than 190 days without dropping below 5% from a 52-week high according to Sundial Capital Research.
This is a positive sign for investors and the future of the economy. While speculation has been higher than ever, behind the hype, we have witnessed a record year for penny stocks and blue chips. In the most recent earnings season, most that reported blew expectations out of the water.
[Read More] 3 Top Reddit Penny Stocks You Need to Know About
The researchers at Sundial Capital stated that “If we focus just on the price action of the most benchmarked index in the world, then 2021 compares with some of the easiest years ever for investors. Those precedents suggest further good times ahead, with worries only when larger trend indicators start to fail.”
So, while 2021 may seem like a hard year overall, the list of penny stocks looks like it could be in good hands to succeed in the coming future. Considering this, let’s take a look at three hot penny stocks to watch in mid-August.
3 Penny Stocks For Your Mid-August Watchlist
- Outlook Therapeutics Inc. (NASDAQ: OTLK)
- Evofem Biosciences Inc. (NASDAQ: EVFM)
- OrganiGram Holdings Inc. (NASDAQ: OGI)
Outlook Therapeutics Inc. (NASDAQ: OTLK)
Outlook Therapeutics Inc. is a biotech penny stock that develops and commercializes various products for the healthcare market. One of these products is ONS-5010, which is in Phase 3 clinical trial to treat retina diseases. In addition to its products, the company has collaboration and license agreements with various other biotech companies. Collaboration agreements in the biotech industry are one of the best ways that companies grow. This allows for increased revenue, and the ability to share costs when commercializing a compound.
On August 3rd, a very important update was released from Outlook Therapeutics. The company reported positive efficacy and safety data from its Phase 3 NORSE TWO trial of ONS-5010, also known as Lytenava.
“We are delighted with the compelling results observed in NORSE TWO, which represent a significant and potentially transformational milepost for patients suffering from wet AMD. We plan on bringing the first ophthalmic formulation of bevacizumab to market if approved.”The President and CEO of Outlook Therapeutics, C. Russell Trenary III
To gain approval by the FDA for a product can often dramatically increase a company’s value in the market. While this is usually a highly speculative gain, it is important for investors to consider. Equally important, however, is the long-term potential of positive news surrounding a drug or trials. While it can take years to get to this stage, getting a compound approved is one of the best pieces of news that an investor can hear. Noting the above information, is OTLK stock going to make your penny stocks watchlist this week?
Evofem Biosciences Inc. (NASDAQ: EVFM)
Evofem Biosciences Inc. is a biotech penny stock that has climbed by around 4% in the past five days or so. This company creates medical products to treat women’s health-related needs. Its products include contraceptives, gels, and STD prevention treatments.
Additionally, its main product is Phexxi, which is a vaginal gel to prevent pregnancy. This is Evofem’s most successful product to date and is currently in the commercial stage. When a biotech company has a product in the commercialization stage, it often is a great sign for investors. Now that all the heavy lifting is done, it all comes down to getting the product in the hands of those who need it.
In mid-July, the company released an early look at its second-quarter numbers for Phexxi. Very strong numbers were released in this report, including more than 7,000 healthcare providers prescribing the gel since its launch. In just the second quarter of 2021, 14,000 units of the treatment were distributed to patients. This is quite a substantial number, and one that could continue to grow as Phexxi becomes adopted by more doctors and patients alike.
“The volume of women switching from hormonal birth control to Phexxi indicates a movement is happening. Women are seeking a healthy lifestyle and choosing Phexxi for hormone-free contraception is a natural fit.”The CEO of Evofem, Saundra Pelletier
Now Evofem plans on reporting its full second-quarter results and corporate update on Wednesday, August 11th. This could be one of the main reasons that shares of EVFM stock have been growing in the past week. Often we will see spikes or declines in share value ahead of a balance sheet release. And, this seems to be the case right now with EVFM stock. With this in mind, is EVFM stock a contender for your list of penny stocks to watch?
OrganiGram Holdings Inc. (NASDAQ: OGI)
Over the past year and a half, the cannabis industry has been on fire. Throughout the pandemic, the demand for marijuana and marijuana-related products has skyrocketed to new heights. And if you’re looking to take advantage of that, OGI stock could be worth watching. OrganiGram Holdings Inc. is a cannabis company that sells a long line of products in the marijuana industry. In its product portfolio are items such as edibles, extracts, oils, beverages, and much more.
These products are for sale under the Edison Reserve, Edison Cannabis Co., ANKR Organics, and Trailblazer brands. OrganiGram also sells medical cannabis products for the healthcare industry. Because of its placement in both the recreational and medicinal cannabis industry, OGI has the potential to benefit in the long term.
On July 15th, OrganiGram launched the Cannabis Innovators Panel. This is a cannabis consumer panel that offers insight into consumer preferences, usage occasions, and more. The online panel will reach 2,500 participants in Canada on an ongoing basis.
The SVP of Marketing and Communications, Megan McCrae said, “We have always believed that our greatest innovations reflect the unmet needs and preferences of our consumers, and engaging in an ongoing dialogue with them strengthens our ability to deliver on consumer-centric products.” YTD, shares of OGI stock are up by over 85%, and in the past 12 months by over 104%. Keeping this information in mind, will OGI make your penny stocks watchlist?
Which Penny Stocks Are You Watching Right Now?
As stated earlier, 2021 is shaping up to be a banner year for investors. While times have been hard in the past few months, hopefully, things can turn around and begin to be consistently bullish.
And with so many penny stocks to watch right now, there are plenty of opportunities for investors to benefit. Considering all of this, which penny stocks are you watching right now?