Are These Penny Stocks on Your List Right Now?
There are a lot of different ways to make money with penny stocks, but knowing what they are and how to trade is crucial. When you purchase penny stocks, you are likely to see very large price swings in a short time frame.
For example, a company that is trading at $0.50 per share could easily double or triple in price within a few days. However, we could also see that same stock go to $0.05 in the same time. So, it is very important to do your homework and be sure you are only trading penny stocks that fit your investing profile.
When looking for penny stocks, there are a few things you should keep in mind. If you’re looking for more volatile stocks, searching for those that are trending can be a great way to get ahead. You can also look for stocks with high short interest, as these may be more volatile. However, you need to be very careful when trading penny stocks, as they can be very risky.
The next thing to understand is that penny stocks are very speculative. Take, PHIO stock for example. At EOD, shares of PHIO stock had shot up by more than 150%. Now, we’ll get more into detail on this later, however, this is a great example of how quickly penny stocks can move.
When you’re looking to buy penny stocks, you need to be aware of the risks. These are much higher than buying shares of blue chips. So, keep all of this in mind when you’re making a watchlist. Considering this, let’s take a look at three penny stocks to watch as PHIO stock explodes.
3 Penny Stocks to Watch in April 2022
Phio Pharmaceuticals Corp. (NASDAQ: PHIO)
By EOD on April 8th, shares of PHIO stock had shot up by over 159% as well as a 3% after-hours gain. This is a staggering uptick and one that reflects news that came out only a few hours earlier. At around 1 P.M. on Friday, April 8th, Phio announced new positive data regarding its PH-894 RNAi compound. This is based on its proprietary self-delivering RNAi therapeutic platform known as INTASYL.
“We are excited by these new data on PH-894, our second product candidate, for various reasons. First, these data show that local administration of PH-894 resulted in systemic efficacy, similar to what we have shown with PH-762.
In addition, these studies have shown PH-894 to be a potent standalone treatment in a challenging model, while also enhancing the efficacy of systemic anti-PD-1 antibodies. We believe these data provide a strong rationale for the clinical use of PH-894 as a monotherapy, as well as in combination with systemic PD-1 therapy.”The VP of Research and Development at Phio Pharmaceuticals, Dr. Simon Fricker
Announcements in the biotech industry are always major news. And because of this, the company is gaining a very large amount of attention right now. While it will take some time to surmise the long term effects of this, it’s clear that PHIO stock is heating up right now. With its major gain, will PHIO stock be on your penny stocks watchlist or not?
Polarityte Inc. (NASDAQ: PTE)
Another penny stock showing sizable gains today is Polarityte Inc. At EOD on April 8th, shares of PTE stock had shot up by more than 12%. This is a large amount and comes only a week or so after the company reported its fiscal 2021 year financial results. In the results, the company announced that it raised roughly $5 million in gross proceeds from a direct registered offering. It stated that it used cash in its operations of $22.6 million.
“We are pleased to have reached the significant milestone of IND acceptance and look forward to our next crucial milestone of treating patients in our first pivotal study under IND in the near future. In less than one year since announcing we would wind down commercial operations for SkinTE as a 361 HCT/P, we have made substantial progress to position the Company for long-term growth and opportunities by submitting our IND.”The CEO of Polarityte Inc., Richard Hague
Considering that PTE is a biotech company at a time when the biotech industry is exploding, it could be worth keeping an eye on. With that in mind, will PTE be on your penny stocks watchlist?
Transocean Ltd. (NYSE: RIG)
At EOD on April 8th, shares of RIG stock had shot up by more than 3%. And in the last six months, RIG stock had climbed up by over 12% with more than 36% in the last year. For some context, Transocean is a provider of offshore drilling services. The company states that it specialized in harsh environment drilling with 37 mobile offshore drilling units.
The most recent announcement from the company came on March 29th. On the 29th, the company stated that it has purchased a minority interest in Ocean Minerals Ltd.
“The technical challenges associated with the efficient recovery of deepsea polymetallic nodules represent an opportunity for Transocean to leverage our unique offshore expertise in support of the rapidly emerging energy storage market. We are excited to work alongside Ocean Minerals to help support efforts to achieve a lower carbon energy economy and meet the growing global demand for critical minerals.The CEO of Transocean, Jeremy Thigpen
Considering this exciting news, is RIG going to be on your list of penny stocks to watch this month?
Can Penny Stocks Be Profitable in April?
Finding the best penny stocks to buy in April comes with a challenge. Because there is so much news impacting the stock market right now, investors need to think outside of the box and understand exactly what is moving and why.
While it isn’t easy, making money with penny stocks is entirely possible. But, always make sure to know what type of investor you are and how to use that as an advantage. Considering this, do you think that penny stocks can continue to be profitable in April?