3 High Volume Penny Stocks For Your January Watchlist
While trading penny stocks and blue chips has gotten off to a rough start this week, many investors are optimistic about the future. With the Dow Jones Industrial Average down by more than 500 points and the S&P 500 down by around 1.3%, the major factor right now is the after-effects of Covid.
Now, it is clear that Covid is still wreaking havoc on world markets, however, the effects of the past two years are beginning to catch up. Today, this includes fear surrounding interest rates as the 10-year yield hit over 1.8%. Moving forward, many analysts expect the Fed to begin increasing interest rates by March.
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In addition to this, we also have earnings season underway. Today’s earnings from Goldman Sachs Group Inc. (NYSE: GS) and JPMorgan Chase (NYSE: JPM), were disappointing resulting in a more than 7% and 4.2% drop respectively. So, while there is a lot to consider right now, there is also a lot to look forward to.
And while trading penny stocks in 2022 is not for the faint of heart, there is plenty of opportunity to make money. As always, understanding exactly what is going on in the stock market is the best way to heighten your chances or profitability. So, with that in mind, let’s take a look at three penny stocks with high volume to watch right now.
3 Penny Stocks to Watch Right Now With High Volume
- Brickell Biotech Inc. (NASDAQ: BBI)
- Farmmi Inc. (NASDAQ: FAMI)
- Immuron ADR (NASDAQ: IMRN)
Brickell Biotech Inc. (NASDAQ: BBI)
One of the largest gainers of the day so far is BBI stock. By midday, shares of BBI had climbed by over 68% to north of $0.35 per share. While shares are still down by around 70% for the year today’s move signifies a marked bullish turn for the biotech penny stock. So, why did shares of Brickell Biotech climb so much today? The main reason for today’s move comes as the company received coverage from the analyst firm, H.C. Wainwright & Co.
H.C. Wainwright added a Buy rating as well as a $2 price target on the company, which is quite a substantial increase from where it currently stands. While analyst ratings are nothing to live or die by, they can be helpful in deciding whether a company is worth looking into. The most recent company-specific news from BBI stock came in November when it announced positive topline results.
The company stated that it plans to submit a New Drug Application to the FDA by mid-2022. Right now and in the past few weeks, biotech penny stocks have remained a major focus for investors. So with this analyst rating and the most recent news in mind, does BBI deserve a place on your penny stocks watchlist?
Farmmi Inc. (NASDAQ: FAMI)
Another decent gainer of the day so far is FAMI stock, which managed to climb by around 3.2% at midday. Farmmi is a company that we have covered numerous times in the past few months due to its consistent momentum and notable updates. And with this gain today, FAMI stock is once again on many investors watchlists.
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For some context, Farmmi is an agricultural products provider. It engages in the production and sale of edible mushrooms including Mu Er mushrooms, Shiitake and more. Today, the company announced that its subsidiary, Zhejiang Farmmi Biotechnology secured a follow-on product order. This concerns a long-term customer from Vancouver, Canada, for its dried Shiitake mushrooms.
“We are seeing a higher level of customer activity than is typical for this time of year as positive demand tailwinds from last year continue into 2022. We are excited about the Company’s business prospects for 2022, having strengthened our balance sheet in 2021 in order to fund the next phase of Farrmi’s accelerated growth.”
The CEO of Farmmi, Yefang Zhang
This is exciting news and continues to reflect positively on the company. With this considered, will FAMI be on your list of penny stocks to buy or not?
Immuron ADR (NASDAQ: IMRN)
Pushing up by over 24% today are shares of IMRN stock. While this may seem like a lot, in the past five days, that number climbs to over 64%, bringing Immuron stock to over $4.21 per share. The main news behind this gain comes as the company announced that it received an award from the U.S. Dept. of Defense of $4.5 million to evaluate its Travelan compound for military use. Travelan is used in the treatment of severe diarrhea.
“This new project expands our clinical development program and represents the first of several significant clinical trials which the Company expects to undertake with the US Military in 2022. The new funding is testament to the value proposition our hyperimmune bovine polyclonal colostrum technology offers to benefit the US Military as well as the civilian international traveling population.”
The CEO of Immuron, Jerry Kanellos
Outside of this, Immuron is a biotech company working on developing polyclonal antibodies to treat infectious diseases. And while this DOD award is exciting, investors should consider the company wholly. So, with all of that in mind, do you think that IMRN stock is worth buying in 2022?
Can Penny Stocks Make Gains This Week?
With so many penny stocks to choose from right now, it can seem difficult to pick the best ones for your watchlist. However, there are a few steps to take for investors to have the highest chance of making money with penny stocks. First, because penny stocks are so speculative, knowing exactly what is going on in the market can have a major impact.
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Second, having a consistent trading strategy is paramount to understanding how to take advantage of the different factors at play. And lastly, knowing what your investment goals are and what type of trade you are, can help you to find stocks that align with your portfolio needs. Considering all of this, do you think that penny stocks are worth buying this week or not?
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