Are These 3 Under $3 Meme Penny Stocks on Your Watchlist?
Today, meme penny stocks and blue chips got a major bump. By EOD on March 28th, shares of AMC Entertainment Holdings Inc. (NYSE: AMC) and GameStop Corp. (NYSE: GME) had exploded by over 44% and 24% respectively. As we all know, these are the two most popular meme stocks, and have set the tone for the meme stock revolution over the last two years or so. And with penny stocks, we also witnessed some major gainers during trading today.
Now, because meme stocks are so speculative, making sure your risk tolerance is wide, is crucial. The likelihood that these penny stocks will make major intraday moves, is extremely high. While this is not a bad thing, it is something to keep in mind. Considering all of this, let’s take a look at three meme penny stocks to watch under $3 in April.
3 Meme Penny Stocks to Watch Under $3 in April
- Sphere 3D Corp. (NASDAQ: ANY)
- Clarus Therapeutics Holdings Inc. (NASDAQ: CRXT)
- Calithera Biosciences Inc. (NASDAQ: CALA)
Sphere 3D Corp. (NASDAQ: ANY)
One of the largest gainers of the day on March 28th is ANY stock. By EOD, shares of ANY had shot up by over 29%. This is a major gain and comes after a six-month drop of more than 55%. So, why the sudden uptick for ANY stock? Well, the main reason comes as Sphere 3D is and has been for quite some time, a trending penny stock. This is due to the sheer number of discussions concerning it on social media sites like Reddit and Twitter.
And today, we saw major movement with meme stocks as mentioned earlier. Besides this, recent climb with cryptocurrency has also highlighted different meme stocks as well, further adding fuel to the ANY stock fire. And because ANY has such a large role in Bitcoin mining, it makes sense that its shares would be climbing right now. Now, it’s also worth looking into what Sphere 3D does in order to understand whether it has potential or not.
Sphere 3D is a carbon neutral bitcoin mining company that is working to grow its business to an enterprise scale. In the past, it has built its business upon offering data management solutions, cloud networks and much more. Because of this, Sphere 3D is a popular tech penny stock that often sees speculative movement when the market moves. So, whether today’s sizable gain makes ANY worth adding to your list of penny stocks to watch or not is up to you.
Clarus Therapeutics Holdings Inc. (NASDAQ: CRXT)
Another big gainer on March 28th is Clarus Therapeutics. On March 28th, shares of CRXT stock managed to shoot up by over 14.5% at EOD, pushing up to over $1.89 per share. Recently, we’ve seen a sizable amount of bullish momentum with Clarus Therapeutics. This is due mostly to an announcement made a few weeks ago from the company.
On March 16th, it announced the initiation of its Phase 3 clinical trial of Jatenzo. This is a testosterone-based treatment for hypogonadal men with chronic kidney disease. The company states that this treatment is the first and only FDA-approved oral soft gel of its kind.
“We are excited screening has begun for the first patient in this trial of hypogonadal men with CKD…This will be the first of several life cycle management studies for JATENZO designed to maximize the potential for treatment of specific patient populations where T deficiency is a component of their compromised health.”The President and CEO of Clarus Therapeutics, Dr. Robert Dudley
This is a big deal for the company as the potential number of patients that it could treat is large. And, if it is able to get this compound approved by the FDA fully, there’s no doubt that it would be a big deal for Clarus Therapeutics and investors alike. So, with all of that considered, will CRXT be on your penny stocks watchlist or not?
Calithera Biosciences Inc. (NASDAQ: CALA)
With over 18% in gains during trading today, CALA is another penny stock that has captured investor attention recently. In the past month, shares of CALA have shot up by over 34%. This follows a six month drop of more than 70%, which is quite substantial. So, why are we seeing shares of CALA stock climb right now?
Well, the latest news from the company came on March 24th when it announced that it would report its Q4 and full year 2021 financial results. It stated that these results will be reported this week on Thursday, March 31st. For those unfamiliar, Calithera is a clinical-stage, precision oncology focused pharmaceutical company. It works on the production of targeted therapies for a variety of patient populations.
Recently, we’ve seen a major industry focus on biotech penny stocks. And while CALA has not made any big announcements recently, it’s upcoming financial results are getting investors very excited. Ahead of this, it is crucial to take a look at Calithera’s analyst expectations as well as what its most recent fiscal report stated. Considering this, will CALA be on your penny stocks watchlist as we move into April?
Are Meme Stocks Worth Adding to Your Small-Caps Watchlist?
Buying meme penny stocks can be a great way to make money in the stock market. However, it can also be a very quick and easy way to lose money. Because of this, understanding exactly what your tolerance for risk is and how to take advantage of that is crucial. And in 2022, we’ve continued to see more volatility than we have in many years prior.
So, make sure that you stay up to date with the latest news and events that are impacting the stock market, and consider how to take advantage of those. With that in mind, do you think meme stocks are worth adding to your small caps watchlist or not?