Buying Penny Stocks Today? Here’s What You Need to Know
Finding the best penny stocks to buy can be tricky. With so much going on in the stock market, it takes a thorough understanding of the current market conditions to make money with penny stocks. But, in no way does this make profiting with small caps impossible. Rather, investors need to stay on their toes to understand exactly what is going on. With this in mind, let’s take a look at what you need to know about trading penny stocks today.
What to Know About Trading Penny Stocks Today
During early morning trading on March 9th, stock futures began to recover its previous losses. Both the S&P 500 and the Dow had climbed by over 1% prior to market open. This comes as the S&P 500 has had a tough year, dropping more than 12% YTD.
Although the price of crude oil is still extremely high, it has pulled back slightly, indicating that there may be a calming in the market. As we all know, the main factor at play right now is the war going on in Ukraine. This has caused incredible market upsets and large price swings. So, with all of this in mind, let’s take a look at three penny stocks that are gaining during trading right now.
3 Penny Stocks Gaining During Trading Right Now
- Direct Digital Holdings Inc. (NASDAQ: DRCT)
- Sunshine Biopharma Inc. (NASDAQ: SBFM)
- TC Biopharm Ltd. (NASDAQ: TCBP)
Direct Digital Holdings Inc. (NASDAQ: DRCT)
One of the biggest premarket gainers on March 9th is DRCT stock. By early morning, shares of DRCT stock had exploded upward by over 90%. This is a major gain especially considering its five day drop of more than 20%. So why is DRCT stock climbing right now?
Aside from any news released from the company, today, Benchmark initiated coverage on the stock. In addition to adding a Buy rating, the firm put an $8 price target on DRCT stock as well. This is well above its current price of around $1.20 per share. While analyst ratings are nothing to live or die by, they are important to consider. With that in mind, will DRCT be on your penny stocks watchlist or not?
Sunshine Biopharma Inc. (NASDAQ: SBFM)
The largest premarket gainer of the day on March 9th is SBFM stock. By market open, shares of SBFM had climbed by an incredible, 207% to more than $4.67 per share. This is a major turnaround for the company, which saw its shares drop by over 76% in the past month period. As is the case occasionally with penny stocks, no news is driving this gain.
However, as a relatively new IPO, SBFM stock is popular with investors of all types. The most recent update from the company came on February 25th when it announced the expansion of an anti-coronavirus drug development program. This program comes on the back of a collaboration agreement with the University of Arizona. Whether this makes SBFM stock worth adding to your list of penny stocks to buy, is up to you.
TC Biopharm Ltd. (NASDAQ: TCBP)
With more than 26% in gains during premarket on March 9th, TCBP is another penny stock that is in focus right now. The big news from TC Biopharm came yesterday when the company announced positive data for its Phase 1b/2a study. This study is for the treatment of late-stage acute myeloid leukemia with allogeneic gamma delta T-cells.
The company states that this data is very encouraging to continue upon its goals and that no safety concerns were raised during these initial trials. The drug, Omnimmune, could be a major tool in the fight against Leukemia, and the company states that it plans to continue moving forward with these trials. With this considered, do you think TCBP stock is worth buying or not?
Which Penny Stocks Are You Watching Today?
Finding the best penny stocks to buy can be challenging. But, with so many penny stocks to choose from and such a fast-paced market, making money with small caps is entirely possible.
Considering the sheer amount of news impacting the stock market right now, it is up to you to stay as up to date as possible with everything going on. Considering that, which penny stocks are you watching today?