These Under $1 Penny Stocks Are Climbing Right Now, Here’s Why
There’s a lot of talk out there about penny stocks – some investors are interested and others avoid them. For that reason, there’s no shortage of opinions on whether or not penny stocks are worth buying or not. So, are penny stocks worth buying? It depends.
If you’re looking for fast moving stocks that climb and fall substantially in a given trading day, penny stocks could be right for you. However, the high risk and volatility also means that you should have a thorough understanding of how to trade and what you’re investing goals are.
On the other hand, if you’re looking for a long term growth stock, certain penny stocks may not be right for you. Because penny stocks move so quickly, most traders tend to utilize the swing trading method. While we do see plenty of examples of penny stocks moving beyond the $5 threshold, most investors are not holding their breath. So, if you’re looking to invest in a company for the long haul, penny stocks may not be the best choice. Some big movers today include Denison Mines Corp. (NYSE: DNN) and Nordic American Tanker Ltd. (NYSE: NAT) among others.
At the end of the day, whether or not penny stocks are worth buying depends on your investment goals and trading style. If you’re comfortable with the risks, then penny stocks could be a good addition to your portfolio. However, if you’re not comfortable with the risks, it’s probably best to steer clear. Considering this, let’s take a look at three under $1 penny stocks to watch right now.
3 Under $1 Penny Stocks to Watch Right Now
- Alset Ehome International Inc. (NASDAQ: AEI)
- Vyne Therapeutics Inc. (NASDAQ: VYNE)
- Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP)
Alset Ehome International Inc. (NASDAQ: AEI)
At midday, shares of AEI stock had shot up by more than 13%. In the past few days, we’ve covered AEI stock numerous times due to its frequent upticks. And in the last five, shares of AEI stock have shot up by more than 65%. This is no small feat and shows that there is major bullish sentiment with AEI stock right now.
So, why is Alset Ehome climbing right now? Well, to understand this, we have to take a closer look at the company and any recent announcements it has made. The most recent news from the company came on March 31st. On the 31st, it announced its full year 2021 financial results with 22% revenue growth. In the results, it stated that its revenue shot up by over 20% to more than $19.8 million from $16.2 million in the previous year.
If you’re not familiar, Alset Ehome is a holding company that operates a sustainably focused business that operates in several different industries. This includes financial services, digital transformation, bio health tech, and much more. While AEI stock is highly volatile, the company has made significant progress in the past week or so. Whether this makes it worth adding to your penny stocks watchlist or not is up to you.
Vyne Therapeutics Inc. (NASDAQ: VYNE)
Another decent gainer so far today is VYNE stock. At midday, shares of VYNE stock had climbed by around 8.5%. This is a significant amount and comes after a one month uptick of more than 29%. While we do see many penny stocks climb with little to no news, today, VYNE made an exciting announcement. The company stated that it has received positive Phase 1B efficacy data for its FMX114 trial for the treatment of mild-to-moderate atopic dermatitis.
“We are encouraged by these early efficacy results from this Phase 1b segment of the trial showing that, based on ADSI scoring, FMX114 treatment demonstrated a statistically significant improvement of the signs and symptoms of AD in 2 weeks. We look forward to topline results from the Phase 2a segment of the study in the second quarter.”The Chief Scientific Officer of VYNE, Dr. Iain Stuart
This is great news for the company and shows how hard it is working to expand its pipeline. And recently, we’ve seen a major emphasis on biotech penny stocks around the stock market. While the long term effects of this are unknown right now, there’s no doubting the positivity of today’s announcement. Considering this, will VYNE stock be on your list of penny stocks to buy?
Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP)
Up by over 2.5% at midday is TNXP, which is a penny stock that we have covered multiple times recently. The big news for Tonix Pharmaceuticals came today as it announced the start of a new pivotal trial for TNX-102 SL in patients with Fibromyalgia. This Phase 3 RESILIENT study of TNX-102 SL will gauge how successful the drug is at treating a larger sample size of patients.
In March of this year, Tonix reported results from another Phase 3 study of TNX-102 SL, where it did not achieve statistical significance. So, this new study is a big deal for the company and the future of this drug. Tonix also states that it expects to have results from this study by the first quarter of 2023. And, if they end up being positive, it could result in a swift submission of an NDA to the FDA.
Now, as stated before, a lot of this is still up in the air. So for now, much of this is speculation until the study begins. But, with this encouraging news, it’s clear that TNXP is seeing heightened attention right now. With that in mind, do you think Tonix Pharmaceuticals is an under $1 stock worth watching or not?
Can You Make Money With Cheap Penny Stocks?
The short answer to this is that it entirely depends on you and your trading strategy. While making money with penny stocks is possible for any investor, understanding how to trade, how the market works, and what is impacting penny stocks and blue chips, are crucial questions to ask. So, always know your own tolerance for risk and what your investing goals are.
Only then can you make an educated decision as to which penny stocks are worth buying and which are worth avoiding. Considering this, do you think making money with cheap penny stocks is right for you or not?