Are These Penny Stocks on Your Watchlist Right Now?
On January 10th, we saw penny stocks and blue chips underperform, keeping a five-day losing streak going. While this is not out of the ordinary, it is definitely not desired for those who invest in penny stocks or any securities for the matter.
But, because penny stocks don’t like to play by the rules, there are plenty of opportunities to make money even when markets are down. To understand how, we have to first consider what’s going on in the stock market. This means knowing what is causing the drop, whether it is a short or long term phenomenon and so on.
At the start of the day, we witnessed the NASDAQ dropping by around 1.5% with the Dow also losing roughly 400 points. In addition, we briefly saw the price of Bitcoin dip below $40,000 for the first time since August. So, as we can see the stock market is extremely volatile right now. While this may seem scary, using the information above can help to highlight which industries could be worth watching.
Of course, we also have to consider the pandemic and the Omicron variant’s effects on the stock market. This is one of the major movers we’re witnessing right now. While there is a lot going on, with the right strategy on hand, it can be much easier to navigate these wild waters. With that in mind, let’s take a look at three penny stocks to watch with the market down today.
3 Penny Stocks to Watch as the Stock Market Declines Again
- Bone Biologics Corp. (NASDAQ: BBLG)
- Adamis Pharmaceuticals Corp. (NASDAQ: ADMP)
- Ocugen Inc. (NASDAQ: OCGN)
Bone Biologics Corp. (NASDAQ: BBLG)
One of the largest gainers of the day despite the overall market is BBLG stock. By EOD, shares of BBLG had shot up by over 81% to $6.22. While this means that it is technically no longer a penny stock, it was at the beginning of the day.
So, why is BBLG stock up so much and what does the company do? Well, the main answer to this question comes as the company announced it would be presenting at the H.C. Wainwright BioConnect Virtual Conference. While this alone is not enough to drive its price over 80%, we have to look at what Bone Biologics does. The company is focused on the Nell-1 protein, which could have indications in the treatment of osteoporosis. The company states that recombinant Nell-1 is combined with a demineralized bone matrix putty that is 510-K cleared, and then is used in the operating room.
So far, studies have shown that this can increase the success of spine fusion by more than 37%, which is no small feat. So, while it is hard to say that the presentation is the main reason behind BBLG stock’s growth today, it is an encouraging announcement to understand. With that in mind, will BBLG be on your list of penny stocks to watch?
Adamis Pharmaceuticals Corp. (NASDAQ: ADMP)
Another major gainer of the day is ADMP stock, which shot up by over 32% at EOD. While many large gains occur without news, today, Adamis made an exciting announcement that is worth considering. Early in the trading day, ADMP announced its submission of a Fast Track Application to the FDA for its compound, Tempol. The company states that this compound could be used in the treatment and prevention of Covid-19.
“Our ongoing clinical trial is continuing, as we see a surge in COVID-19 infections in the U.S. and worldwide. Concerns have been expressed about potential safety questions for EUA approved antivirals such as mutagenesis and drug-drug interactions. We are thus applying for Fast Track designation to the FDA to expedite the regulatory approval pathway for Tempol.”The CEO of Adamis, Dr. Dennis J. Carlo
This is great news, and we’ve seen that any company involved in Covid-19, has seen vastly heightened attention. So, with this considered, does ADMP stock deserve a spot on your penny stocks watchlist?
Ocugen Inc. (NASDAQ: OCGN)
While OCGN’s gain of around 5% today may not seem like much compared to the others on this list, it is still a respectable uptick. As with the other penny stocks mentioned above, Ocugen made an exciting announcement during trading today.
The company announced data from a booster shot of its Covid-19 vaccine candidate which induced a 10-fold increase in antibodies to a variety of variants. In addition, it stated that its work on fighting Omicron should come out soon with studies still ongoing. What’s interesting about the Covaxin vaccine is that after six months from the second dose, the company states that 75% of subjects had recognizable antibody levels. As stated earlier, there is a major focus on both biotech penny stocks and biotech penny stocks that are working on a Covid treatment or cure.
While today’s news is not make or break, it is exciting for the company and investors alike. With Covid cases continuing to increase around the world, companies are searching for the best way to combat the virus. And given this exciting progress, OCGN stock could be an interesting company to keep an eye on moving forward. So, do you think that OCGN is worth buying or not?
Are Penny Stocks Worth Buying Right Now?
If you’re looking for the best penny stocks to buy, there are hundreds of options to choose from. But, with such a wide breadth of choices, investors have to be selective with the companies they pick. This means understanding exactly what’s going on in the stock market and which way things are moving.
Right now, there is a lot to consider including inflation, the state of the U.S. economy at large, the pandemic, and more. With a thorough understanding of these factors and a strong trading strategy, investors can vastly improve their chances of making money with penny stocks. Considering all of this, do you think that penny stocks are worth buying right now or not?
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