3 Penny Stocks For Your Watchlist Next Week
As we get ready to enter another week of trading penny stocks, investors are excited about how November has gone so far. While it’s hard to say if the rest of the month will be bullish, we do know that there is a lot of bullish sentiment floating around. With Covid cases dropping in many areas of the world, we are seeing a bit of a post-pandemic recovery occurring.
And while Covid is not fully eradicated by any means, lower case numbers mean that investors are hopeful. Now, we also have to consider that there is a lot of uncertainty regarding high inflation, what the future will look like, and how the next few months will play out in the stock market. And with cryptocurrency flying, speculation at an all time high, and investors ready to see returns, we can only hope that it will be positive.
So, considering all of this, investors should always have a trading strategy that is aligned with the present. This means understanding what’s going on in the market and how it may impact your portfolio. Additionally, traders should make sure to research every stock on their watchlist to ensure that no detail goes unknown. But, with all of this in mind, making money with penny stocks can be much easier than previously imagined. Considering that, let’s take a look at three hot penny stocks to watch next week.
3 Penny Stocks to Add to Your Watchlist Next Week
Orphazyme (NASDAQ: ORPH)
Orphazyme is a biotech penny stock that has pushed up by around 4% in the past five days. While this is not in itself extremely substantial, it does show that there is bullish sentiment around ORPH stock. If you’re not familiar, this company offers products for neurodegenerative orphan diseases. Its primary focus is on the amplification of heat-shock proteins to make therapeutics for diseases caused by protein misfolding and aggregation. Orphazyme A/S is involved in the development and commercialization of these products. One of these products is the Arimoclomol, which is in development for four orphan diseases.
On October 31st, the company provided a regulatory update following its Type A meeting with the U.S. Food and Drug Administration. It announced that progress has been made in understanding the potential resolution of topics outlined in the Complete Response Letter. This included the need for additional data to support its NDA. The FDA has recommended that Orphazyme provides supplemental info and analyses.
“We are encouraged by the FDA’s request to submit additional information and the invitation to further engage to discuss our approach and a potential path forward. While we have not yet established a path to resubmission, our team will now work on putting a plan in place to discuss with the FDA during our next interactions and we will share more details about our strategy as and when appropriate”.The CEO of Orphazyme, Christophe Bourdon
In the past few trading sessions, ORPH stock has seen almost double its average volume. With this in mind, will ORPH stock make your penny stocks watchlist this month?
ContextLogic Inc. (NASDAQ: WISH)
ContextLogic Inc. is a penny stock that has pushed up by around 6% in the past month. For some context, WISH is an e-commerce company that operates the Wish platform. This platform connects users to merchants and also provides marketplace and logistics services to its customers. Wish is a mobile application you may have heard of as it is a popular marketplace to purchase goods of all types.
ContextLogic has not released any recent updates that would cause its stock price to go up or down. But on October 19th, the company announced the release date for its upcoming third-quarter 2021 results. After the market closes on Wednesday, November 10th, the company will report its third-quarter 2021 financial results.
On the same day, the company will hold a live conference call to discuss these results. This may be what investors are looking forward to, as WISH stock has gone up in the market several times in the past week or so. For now, will WISH stock be on your list of penny stocks to watch ahead of these new financial results?
BEST Inc. (NYSE: BEST)
BEST Inc. is a penny stock that’s seen consistent momentum and popularity throughout the past few weeks. This company operates the BEST Cloud platform that allows businesses to operate through SaaS-based apps. This Company provides integrated supply chain services and solutions. Some of its services include warehouse management, retail management, and network optimization. Route optimization and sorting line automation are also available from BEST.
On October 29th, the company agreed to sell its express delivery business in China. It sold this business to J&T Express Co. Ltd. which is a logistics services provider. The sale was made at a $1.1 billion enterprise value. This doesn’t include any of BEST’s other businesses, it is just for Express. BEST expects to receive about $0.6 billion for the business in cash.
“In light of the unexpected ongoing challenges from COVID-19 and evolving industry dynamics, we believe this transaction allows us to better capitalize on our strengths by focusing on supply chain-based logistics solutions and providing integrated supply chain, freight and global logistics services to our customers. At the same time, it will enhance our balance sheet and provide a better pathway to profitability.”The Founder and CEO of BEST, Johnny Chou
Based on this new development, will BEST stock be on your November watchlist?
Are Penny Stocks Worth Buying Right Now?
Finding the best penny stocks to buy can often seem like a daunting task. However, because there are hundreds of penny stocks to choose from, the options are almost limitless.
As a result of the sheer number of factors affecting the stock market right now, there is a lot to keep track of. But, with the right information at your side, making money with penny stocks in 2021 can be entirely doable. Considering this, do you think that penny stocks are worth buying right now?