It’s tough to argue with the potential that penny stocks offer if you know how to trade them. Popular opinion suggests that these are just “lottery tickets” to place bets on. The “crazy” part is that they don’t have to be, and if you understand the basics, you can consistently profit with these cheap stocks.
What’s the first step after getting some trading education? Start making a list. This can be based on industry trends, popular topics (like short squeeze stocks), or mentions on social media. Once that watch list is put together, the real work begins to identify viable candidates to trade. Today we look at a few of the top mentioned penny stocks on Reddit. Will they hit your list?
Penny Stocks TL;DR 30-Second Summary
- Penny stocks are high-risk and high-reward and becase of this, traders tend to treat them like lotto tickets or blackjack bets
- If you understand how to trade penny stocks, it’s less of a gamble than it is a strategic reaction to market trends
- Making a list of penny stocks to watch is the first step
- One of the significant trends in the stock market today involves popular names on social media platforms like Twitter and Reddit
- We look at a handful of hot Reddit penny stocks in this article
Research is always essential. Whether you’re looking to quickly flip a stock or take a long position, you should understand why something moves first. As with many penny stocks on Reddit, speculation plays its part. Today we look at 3 penny stocks gaining attention from the social media community. We’ll discuss recent trends, and then you can decide if they’re the best penny stocks to buy now or if they should be avoided entirely.
Reddit Penny Stocks To Buy [or avoid]
- NRX Pharmaceuticals Inc. (NASDAQ: NRXP)
- Petros Pharmaceuticals Inc. (NASDAQ: PTPI)
- W&T Offshore Inc. (NYSE: WTI)
NRX Pharmaceuticals Inc. (NASDAQ: NRXP)
Shares of NRX Pharmaceuticals have traded lower since the end of November. The company announced big news that seems to have been more a buy the rumor, sell the new event. NRX reported that an analysis of clinical data for its drug ZYESAMI (aviptadil) demonstrated significant improvement to conditions of critically-ill COVID-19 patients compared to treatment with standard of care alternatives such as Gilead Sciences’ (NASDAQ: GILD) remdesivir.
Regardless of the reaction in the market, NRX has continued executing on new milestones and reported more updates recently. It filed a Breakthrough Therapy Designation request with the FDA for patients with Critical COVID-19 and respiratory failure. NRX also filed a provisional patent for “Stable, Buffer-free Compositions of Vasoactive Intestinal Peptide (VIP).” Among other things, this patent filing provides a path to inclusion in the FDA’s orange book of innovative drugs.
The company’s latest submission of a revised emergency-use authorization with the FDA for Zyesami has also sparked some interest. NRx is looking for a more narrow authorization for the drug candidate based on FDA feedback on a previous application. Meanwhile, the company’s BriLife™ Covid vaccine has also turned heads. In particular, the company is expected to update preliminary findings this week at the HC Wainwright BioConnect Conference. Since the conference date is December 10, it could be interesting timing to consider once details emerge.
Petros Pharmaceuticals Inc. (NASDAQ: PTPI)
Another actively discussed penny stock this week is Petros Pharmaceuticals. This year, no new updates have come from the biotech company, but events this week could put it on some watch lists. In particular, the company is presenting at the HC Wainwright BioConnect and Biotech Showcase Conferences this month.
The specialty men’s health company has been in a very bright spotlight over the last few weeks, thanks to solid progress with its STENDRA tablets. A few weeks back, Petros announced a digital health marketing agreement with Hims & Hers Health Inc. (NYSE: HIMS), which gave rise to a big move in the market (no puns intended).
A recently closed $7.5 million offering has also spotlighted the company. That’s mainly based on what these funds are planned for. According to Petros President, Fady Boctor, “This latest raise, in which we are grateful that our largest stockholder continues to participate, creates our strongest cash position in the history of the Company going into 2022, which we believe to be a vital component in our strategic plans toward leadership in the men’s health category and allows us considerable flexibility and confidence in our ability to execute on that strategy.”
With this backdrop, PTPI stock has joined the list of penny stocks to watch this week.
W&T Offshore Inc. (NYSE: WTI)
Thanks to growing interest in reopening trends, energy stocks remain a focus for investors. W&T Offshore has also gained added attention from the Reddit community following big news this week. The oil and gas producer reported that it had acquired a working interest in oil and gas producing properties in Federal shallow waters in the Gulf of Mexico. W&T said this adds internally estimated proven reserves of 5.5 million BOE and over 50 gross producing wells in 3 shallow water fields.
“The current environment for acquisitions in the Gulf of Mexico continues to be very good and we are well-positioned to pursue additional attractive opportunities that present themselves.”
Tracy W. Krohn, Chairman and Chief Executive Officer
Since the deal is expected to close this quarter, timing is important for those watching WTI stock. Also adding to the momentum is interest in the company as a “short squeeze penny stock.” Fintel data shows WTI has a short float percentage of roughly 10% right now. Since that’s a popular trend across social media platforms, it may be another thing to note if this is on your list of penny stocks right now.
Reddit Penny Stocks To Watch
As with many trends, hype plays its role. More times than not, this is a factor to account for whenever you’re researching popular stocks on Reddit and other platforms. It doesn’t hurt to have added attention on a company so long as you know how to handle things like volatility. So if any of these names are on your list of penny stocks today, understand what the driving forces are and if there’s potential heading into the rest of the week.
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