Buying Penny Stocks Today? Here’s What You Need to Know
As we enter another day of trading penny stocks and blue chips, stock futures are showing mixed results on January 28th. While some are glad to see this week end, others are anxious about what the future could hold.
But, what we do know is that there is a sizable amount of hope for penny stocks to perform well in the coming weeks. To understand how to trade penny stocks today, let’s take a look at what is going on in the stock market right now.
What to Know About Trading Penny Stocks Today
The biggest news in the market right now is the major earnings that were reported this week. This includes Apple Inc. (NASDAQ: AAPL), which reported record quarterly sales and profits that were better than expected.
In addition to this, news surrounding the GDP during the fourth quarter showed higher growth than investors had anticipated as well as lower jobless claims. But, as traders continue to digest the hawkish news from the Fed and Fed Chair Jerome Powell’s comments on future interest rates, markets remain in flux.
As we all know, stocks do not like uncertainty. And, they is something that we are seeing quite a bit of across the market right now. So, as the Fed continues to work on improving inflation, we are likely to see more volatility in the near future. With that in mind, let’s take a look at three penny stocks that are climbing during premarket trading right now.
3 Penny Stocks Climbing During Premarket Right Now
- NovaBay Pharmaceuticals Inc. (NYSE: NBY)
- Imperial Petroleum Inc. (NASDAQ: IMPP)
- Vaccinex Inc. (NASDAQ: VCNX)
NovaBay Pharmaceuticals Inc. (NYSE: NBY)
During premarket, shares of NBY stock jumped by around 8%. While many stocks can jump with no news, NovaBay made an exciting announcement during early morning. The company stated that it has appointed Audrey Kunin, M.D., and Julie Garlikov to its Board of Directors. The two represent decals of experience in the skincare and pharmaceutical industry, and for that reason, they could be major assets to the company moving forward.
“This is an exciting, transformational time at NovaBay with the recent addition of DERMAdoctor and our planned further expansion into the large, lucrative OTC eyecare and skincare markets. We are delighted to welcome professionals to our Board who bring highly relevant experience and records of success.”The Chairman of the Board at NovaBay, Paul E. Freiman
With this big news in mind, will NBY be on your list of penny stocks to watch?
Imperial Petroleum Inc. (NASDAQ: IMPP)
The largest gainer of the day during premarket trading is IMPP stock. By early morning, shares of IMPP stock had surged by a staggering 77% to over $2.05 per share. The main reason behind this gain is IMPP stock erasing some of its losses from the previous few days of trading.
While this may not be enough to justify an over 70% gain, we did see exciting quarterly results from the company last month. In December, it posted revenue of $4.1 million for Q3 2021.
“We are happy to have successfully concluded the spin-off of STEALTHGAS’s four tankers into a separate listed entity. This year has been tough for tanker owners as the market was hit by COVID-19 uncertainty resulting in reduced oil demand and reduced crude exports.”The CEO of Imperial Petroleum, Harry Vafias
Although it is tough to say if IMPP stock deserves a spot on your penny stocks watchlist, today’s move is an interesting one. With that considered, do you think IMPP stock is worth buying or not?
Vaccinex Inc. (NASDAQ: VCNX)
During premarket, VCNX stock shot up by a very sizable 19%. Despite a one year loss of around 60%, we are seeing a slight bullish turnaround with Vaccinex. So, why did shares of VCNX stock move today? Well, the company announced during early morning trading that it has received two complete responses for the first three patients enrolled in its Phase 1b/2 Keynote B84 study of pepinemab in combination with Keytruda. This study is testing the combination of these compounds for those with either recurrent or metastatic head and neck cancer.
“We believe there is a strong rationale for continued development of pepinemab in combination with KEYTRUDA in HNSCC…We look forward to sharing further results at a medical conference as the study progresses, with interim analysis around the midpoint of enrollment (2H 2022).”The President and CEO of Vaccinex, Maurice Zauderer, Ph.D.
In the biotech industry, announcements like these are always exciting for investors to consider. With that in mind, will VCNX be on your penny stocks watchlist?
Are Penny Stocks Worth Buying?
The short answer to this question is that it is up to you and your trading strategy. With so many factors impacting the stock market right now, understanding how to buy penny stocks and why, will help you to make money with small caps.
But, investors should also understand that penny stocks are highly speculative and can gain or lose quickly and by large amounts. So, with all of that in mind, do you think that penny stocks are worth buying or not?
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