3 Penny Stocks to Watch With 2022 On the Way
While 2021 has not been a banner year for stability with penny stocks, it has been profitable for many investors. And as a result of the major market momentum witnessed during that time, investors have been able to take advantage. It’s worth noting that the volatility in the stock market has also been difficult to keep track of for some. However, with the right trading strategy and consideration of what’s going on in the stock market, investors can use the large market fluctuations that are ongoing as a positive.
Right now, the most pressing factor for movement is the Omicron variant of Covid-19. While this initially caused a major bear turn in the market, studies have since shown that the variant could be less severe albeit, more transmissible. And, a new study came out today showing that the severity could potentially be 50-70% less likely to land people in the hospital than the Delta variant.
So, with this positive news, there is a lot to look forward to in the next few months. Now, it all comes down to knowing how to trade penny stocks and where to find the best ones to watch. Considering all of this, let’s take a look at three penny stocks to add to your watchlist right now.
Penny Stocks To Watch
- Ensysce Biosciences Inc. (NASDAQ: ENSC)
- Farmmi Inc. (NASDAQ: FAMI)
- Qualigen Therapeutics Inc. (NASDAQ: QLGN)
Ensysce Biosciences Inc. (NASDAQ: ENSC)
After pushing up by over 5% on Thursday, December 23rd, shares of ENSC are once again in the public eye. This brings its five-day gain to a staggering 62%, which is more than substantial. However, when we look at the one-month chart for ENSC stock, we see an even more substantial gain of over 220%.
So, why have Ensysce Bioscience shares climbed so heavily in that time? Well, around a week ago, the company announced that it enrolled the first patients in its Phase 1 study of PF614-MPAR. This is a compound that could potentially protect from overdoses on opioids. As you may know, there is a major opioid epidemic in the country that has been around for years at this point.
“The initiation of this study represents a significant step toward minimizing overdoses and deaths from prescription opioids. Opioid abuse and overdose are causing significant and long-lasting impacts on the quality of life for sufferers and their families.”CEO of Ensysce, Dr. Lynn Kirkpatrick
This is big news for the company and shows that it is making progress with this new solution to opioid overdoses. With that in mind, will ENSC be on your penny stocks watchlist?
Farmmi Inc. (NASDAQ: FAMI)
Farmmi Inc. is another popular penny stock that has been growing substantially over the past few weeks. And despite a YTD drop of more than 79%, FAMI is up by around 3% in the past five days. If you’re not familiar, Farmmi Inc. is a provider of agricultural products for export around the world. This mostly includes a large lineup of fungi such as Mu Er mushrooms and shiitakes. Only a few days ago, the company announced a repeat order for export to Jordan.
“We are not letting up on our sales push as the year comes to a close. Customers we have been working with are continuing to place repeat orders because of our mushroom’s high-quality, versatility, nutritiousness, and great taste. As important, we have been able to maintain inventory levels needed to fulfill orders on time, without delay or substitution. This has strengthened our customer relationships and opened meaningful opportunities at new customers.”The CEO and Chairwoman of Farmmi, Ms. Yefang Zhang
While the long-term details of this order are more or less unknown right now, this is one of a handful of large orders that the company has received recently. Considering this, is FAMI stock worth buying right now or not?
Qualigen Therapeutics Inc. (NASDAQ: QLGN)
If you’ve traded penny stocks over the past few weeks, you’ve likely heard of QLGN stock. With a 29% gain on Thursday, December 23rd, shares of QLGN are up by more than 33% in the past five days.
The majority of these gains came as a blog on Seeking Alpha from Biotechlab, stated that QLGN could be worth $9 per share considering its 38% YoY revenue increase. In addition to this, the company recently announced a sizable $8.82 million registered direct offering worth around 5.88 million common shares. With this, it should be able to continue working on its FDA-cleared FastPack line of products. Also of note is its large pipeline of cancer therapeutics including QN-247 and more.
Right now, there is a major emphasis on biotech penny stocks. Because of this, companies like QLGN have continued to see bullish sentiment from investors. Now, it’s clear that QLGN stock is highly volatile right now as illustrated by its trading pattern. But, with the big news that the company has put out in the past few weeks, many traders are paying attention. So, if we consider all of this, do you think that QLGN stock is a worthwhile addition to your list of penny stocks to watch or not?
Are Penny Stocks Worth Buying In the New Year?
If you’re making a list of the best penny stocks to buy right now, there are hundreds of options to choose from. But, with such a long list of penny stocks to watch, investors need to understand exactly what’s going on in the stock market and how to take advantage.
Right now, the Omicron variant continues to be the main source of movement with both penny stocks and blue chips. And, because of this, traders need to stay on their feet to understand exactly how to make money given the variant. Considering all of this, do you think that penny stocks are worth buying in the new year?
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