3 Penny Stocks to Add to Your Watchlist Today
Following a bullish few weeks for penny stocks and blue chips, we are beginning to see signs of Omicron-related fears settle in. Yesterday, news came out showing that the U.S. had hit 1 million cases of Covid per day. And while we knew this was coming, it is once again, sending shockwaves through the stock market.
During early trading, stock futures fell slightly despite surging job growth and hope for a bullish new year. When it comes to penny stocks, investors have to understand that events going on will always have a large effect on how small-caps trade. In addition, we tend to see volatility be substantially higher than that of blue chips. But, this volatility is also something that many investors look for as it offers the potential to see sizable short-term gains (and losses).
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Regardless, it is crucial to have a thorough and well-thought-out trading strategy. This strategy should align with what is going on in the world and should take advantage of that movement. Considering that there are many fluctuations occurring with penny stocks right now, let’s take a look at three that could be worth watching.
3 Penny Stocks to Watch Right Now
- Lixte Biotechnology Holdings Inc. (NASDAQ: LIXT)
- Castlight Health Inc. (NYSE: CSLT)
- Senseonics Holdings Inc. (NYSE: SENS)
Lixte Biotechnology Holdings Inc. (NASDAQ: LIXT)
One of, if not the biggest gainer of the day so far is LIXT stock. Short after the market opened, shares of LIXT were holding strong with a 100% gain for the day. This brings its five-day gain to over 135%, which is no small feat whatsoever. While many large gains occur without news, Lixte Biotechnology made an exciting announcement during premarket trading.
The company shared the results of preclinical studies concerning its LB-100 compound, which is its lead asset. LB-100 is a protein phosphatase (PP2A) inhibitor and can be used as a cancer treatment. In the study at the China Medical University and Hospital in Taiwan, the therapy resulted in an improved response for a range of cancers.
“Recent advances in therapy with immune checkpoint inhibitors have been a true breakthrough in the development of more effective and less toxic treatment for many cancers. Unfortunately, most cancer patients do not respond to immunotherapy. There are widespread efforts to find pharmacologic and/or immunologic ways to turn unresponsive (‘cold’) tumors into responsive (‘hot’) tumors.”
The CEO and Founder of Lixte, John S. Kovach, M.D.
This is big news for the company and reflects its continued work on growth. While shares of LIXT stock are likely to remain highly volatile in the near future, it still could be worth adding to your list of penny stocks to watch.
Castlight Health Inc. (NYSE: CSLT)
Another big gainer so far today is CSLT stock, pushing up by over 24% during morning trading. This brings its five-day gain to over 33% which is an impressive move for the healthcare company. If you’re not familiar, Castlight is working to make the healthcare system easier to navigate by offering a digital platform.
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It is partnered with several Fortune 500 companies to offer healthcare plans with a better and easier buying experience. Big news came out during premarket trading today when the company announced a business combination with Vera Whole Health Inc. Vera is a provider of advanced primary care and owns clinics, provides health care, and has several strategic industry partnerships under its belt.
“We believe the combined company has a unique opportunity to deliver large scale innovation to the commercial customer segment and accelerate the restructuring of the healthcare market to a stronger focus on value.”
Ron Williams, the Chairman of Vera
The deal, worth around $370 million has already been unanimously approved by the Board of Directors at Castlight. With this big news in mind, will CSLT be on your penny stocks watchlist this month?
Senseonics Holdings Inc. (NYSE: SENS)
With a 9% gain at midday on January 5th, SENS stock is once again in the public eye. If you’re not familiar, Senseonics is a biotech company that we have covered numerous times in the past few months. It operates in the medical tech industry through the development of continuous glucose monitoring systems or CGMs. These systems are used in those who have diabetes, and offer a more efficient way to track blood sugar. Among its products are the Eversense and Eversense XL. These are inserted under the skin as a small sensor and can communicate with smartphones.
Only a day ago, the company announced several business updates. In the update, the company stated that for the full 2021 year, it expects revenue to come in between $12 and $15 million. Additionally, the company stated that it is working on plans with Ascensia Diabetes Care for its 180-day CGM system.
“We understand that the FDA is at full capacity managing the backlog of COVID-19 related filings creating longer than expected review timelines. We are confident a decision regarding approval of the 180-day system will be made in the coming weeks as the FDA continues to clear out the backlog.
In 2021 we integrated operations and coordination activities with our commercial collaborator Ascensia Diabetes Care. A thoughtful go-to-market strategy is being designed to target a smooth transition to the 180-day system.”
f Senseonics, Tim Goodnow, Ph.D.
In the U.S. and globally, diabetes affects millions and has a large clinical unmet need. With systems like Eversense, Senseonics hopes to capture a part of this market. So whether this makes SENS stock worth buying or not is up to you.
Which Penny Stocks Are You Buying Right Now?
With so many penny stocks to choose from, finding the best ones to buy all comes down to knowing where to look.
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Although it can be challenging to do so, there are hundreds of penny stocks that could be worth watching. But, investors should have a thorough and consistent understanding of their own trading style. Considering that, which penny stocks are on your watchlist right now?
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