best penny stocks to buy now

Amid another day of wild trading, penny stocks continue to see a mix of bullish and bearish sentiment. This heightened volatility has led to fear among those who invest in either penny stocks or blue chips. And, as a result, there is a lot to keep track of. 

While some see the recent bear market as an opportunity to find cheap stocks, others are choosing to be more conservative with their funds. If you’ve invested in penny stocks in the past year or two, you’re likely used to this high level of volatility. In addition, most of those who buy and sell penny stocks, welcome frequent price movements. This is because they allow for money to be made in the short term. It’s difficult to say where the stock market is headed. 

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However, with the rise of Omicron-related Covid cases, we may continue to see frequent movement in the next few weeks. So, stay on top of the news and have a thorough understanding of what’s affecting the stock market. In addition, it is prudent to have a proper trading strategy that can be adapted to any and all market conditions. Considering all of this, let’s take a look at three penny stocks to watch as 2021 comes to an end. 

  1. CPS Technologies Corp. (NASDAQ: CPSH)
  2. Eloxx Pharmaceuticals Inc (NASDAQ: ELOX
  3. Opko Health Inc. (NASDAQ: OPK)

CPS Technologies Corporation (NASDAQ: CPSH)

CPS Technologies Corporation is a tech and manufacturing company specializing in high-performance energy management components. These elements aid in the electrification of the products for a wide variety of industries. Its products and intellectual property include critical technology puzzle pieces for electric trains and subway cars, wind turbines, hybrid vehicles, electric vehicles, the smart electric grid, 5G infrastructure, and more. Many Aerospace and Satellite applications use CPS hermetic packaging.

On December 14th, CPS released new sales information. The company stated that several recent contract awards have resulted in its fiscal year 2021 orders totaling over $37 million. These sales numbers set a new company record for CPS Technologies. The company believes that these numbers are just the start of the positive returns from its investments made in 2021.

“Besides these recent contract awards, CPS also has a number of opportunities in both the consumer electronics, and Aerospace and Defense markets. We are cautiously optimistic that we will continue on a pace of growth consistent with our long-term strategy”.

The VP of Sales at CPS Technologies, Cheryl Oliveira

On the same date of this announcement, CPSH stock price increased by more than 20% with another 8% in gains occurring on December 17th. This brings its five-day gain to over 18%, which is no small feat. Amid its very high volume, will CPSH stock make your watchlist in the last month of the year?


Eloxx Pharmaceuticals Inc. (NASDAQ: ELOX) 

One of the bigger gainers of the day so far is ELOX stock, pushing up by around 12% at midday. While shares of ELOX stock are down by around 80% in the past YTD period, we have seen a slight bullish turnaround in the past few trading days. Before we get into what the company does, it’s worth noting the reason behind today’s gain for Eloxx. During early trading on Friday, Oppenheimer initiated coverage on the stock alongside an outperform rating and a $4 price target. This is a substantial increase from its current price of around $0.73 per share. 

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If you’re not familiar, Eloxx Pharmaceuticals is a biotech stock working in the field of ribosome modulation. This includes its large library of Ribosome Modulating agents or RMAs. The company states that these compounds have the potential to treat diseases such as cancer, kidney problems, and several other genetic disorders. With a wide breadth of novel compounds currently in its pipeline, many investors have been focusing on ELOX stock in the past few months. 

It’s worth noting that its analyst coverage is intriguing, but it should not be the only aspect that investors base their opinions off of. Rather, traders should have a thorough and consistent understanding of what the company does. Considering this, will ELOX stock be on your penny stocks watchlist?


Opko Health Inc. (NASDAQ: OPK) 

Another big gainer so far today is OPK stock, pushing up by over 10.5% at EOD on December 17th. While no company-specific news came out today, Opko does have a sizable role in the Covid testing industry. And with case numbers increasing as a result of the Omicron variant, investors are looking for the next best plays. This could be one of the main reasons behind today’s gain for OPK stock. 

Only a week or so ago, the company also received an FDA approval for its 4kscore Test. This test can be utilized in men over 45 years old to test for prostate cancer. The company states that the global prostate cancer treatment market could be worth almost $10 billion by the year 2026. This represents a CAGR of over 4.6% from 2019 to 2026. In addition, Opko’s subsidiary, BioReference Labs has become a major player in the Covid testing market. And with vastly increased demand for Covid tests right now, it makes sense that investors would be paying attention to the company. 

Now, traders should also consider that Covid has a direct effect on many different biotech stocks. And as news comes out consistently, we often see movements with the stocks that are involved. So, while this should not serve to incite fear, it should help to better your trading strategy. Considering this, is OPK stock worth buying right now?


Which Penny Stocks Are You Buying Right Now?

If you’re looking for the best penny stocks to buy, there are plenty of options out there. And while it may seem difficult at times, there are hundreds of choices for investors of all types.

[Read More] Penny Stocks: Definition, How To Buy, & When To Sell

Now, the best way to stay ahead in the stock market is to have a thorough and consistent understanding of what’s affecting prices. With that in mind, which penny stocks are you buying right now?

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