Understanding Penny Stocks And 3 Hot Ones to Watch Now
Trading penny stocks can have a lot of intricacies that inexperienced investors don’t understand. However, if you take the time to learn about this type of trading, it can be a very lucrative investment. With penny stocks, there are a few things that investors should always keep in mind. The first is to do your research. This means understanding the company, the products or services they offer, and the financial status of the company.
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The second is to have a solid plan. This means having an exit strategy and knowing when to buy and sell. When trading penny stocks, it is crucial to know what type of trader you are, and to use that as an advantage, Lastly, always be prepared to lose money. Because penny stocks can be riskier than blue chips, the potential to lose money to high volatility is palpable. So, while trading penny stocks can be and often is profitable, understanding the risks is critical to success.
What Are Penny Stocks?
Penny stocks are shares of any stock that is trading for under $5 per share. This means that there are quite a lot of penny stocks out there to choose from.While there are a lot of penny stocks, not all of them are worth investing in. Because penny stocks
Some popular examples today include Ion Geophysical Corp. (NYSE: IO) and Windtree Therapeutics Inc. (NASDAQ: WINT) and more. In order to find the best penny stocks to invest in, you need to do your research and only invest in companies that you believe have a good chance of succeeding. So, with all of this in mind, let’s take a look at three hot penny stocks to watch on April 20th.
3 Hot Penny Stocks to Watch on April 20th
- Petros Pharmaceuticals Inc. (NASDAQ: PTPI)
- Annexon Inc. (NASDAQ: ANNX)
- IT Tech Packaging Inc. (NYSE: ITP)
Petros Pharmaceuticals Inc. (NASDAQ: PTPI)
One of the bigger gainers of the day so far is PTPI stock. By midday, shares of PTPI had shot up by more than 11.6% to over $1.48 per share. This is a substantial gain that adds to a five day uptick of more than 30%.
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The main reason for today’s move follows a big announcement made by the company on Tuesday, April 19th. The company stated that it received positive results for its OTC label comprehension study of Stendra for erectile dysfunction.
“The results of this label comprehension study help us to continue to solidify our plans to apply to the FDA to help expand access for STENDRA beyond the prescription model, and, if approved by the FDA, to make STENDRA potentially the first prescription-grade ED medication to become available over-the-counter in the United States.
The switch to OTC is one of many approaches we are currently exploring to expand access to STENDRA. We remain steadfast in our dedication to men with ED by providing new and innovative options to help them safely, securely, and discreetly obtain this medication.”
Fady Boctor, the CCO and President of Petros
This is a major deal for the company and should continue to play out in the coming weeks and months. With this in mind, will PTPI stock be on your penny stocks watchlist or not?
Annexon Inc. (NASDAQ: ANNX)
Another big gaining penny stock during trading today is Annexon Inc. By midday, we witnessed shares of ANNX stock push up by more than 14%. This is a big gain for the company and shows that there is a sizable amount of bullish interest in it right now. The most recent news from the company came on April 7th when it announced that it completed enrollment in the ARCHER Phase 2 trial of its novel C1q inhibitor, ANX007, in those with geographic atrophy. It also stated that it should have topline efficacy results from this study in the first half of 2023.
“We are very pleased to have completed enrollment in our ARCHER trial ahead of schedule, which is a testament to the strong efforts by our team and the enthusiasm among patients and their treating physicians for a novel treatment…We’re continuing to follow patients in the trial and look forward to assessing and reporting initial findings in the first half of 2023.”
The CEO of Annexon, Douglas Love, Esq.
While this news is a few weeks old, it looks like it still may be impacting movement with ANNX stock. So whether that makes it worth adding to your list of penny stocks to buy, is up to you.
IT Tech Packaging Inc. (NYSE: ITP)
With over 18.9% in gains by EOD on April 20th, investors are keeping a keen eye on ITP stock right now. To understand whether it’s worth investing in or not, we have to take a closer look at the company and any recent announcements from it. Because there is no company specific news today, the most recent announcement from the company could be the cause.
On March 15th, the company announced its Q4 and fiscal year 2021 financial results. In the results, the company posted $160.8 million in revenue, which is an increase of 59% YoY. In addition, it managed to increase its gross profit by 93% YoY, which is quite a big achievement. While it is low priced and subsequently, very volatile, it looks like ITP could have a lot to offer investors. With that considered, do you think it is worth buying or not?
Which Penny Stocks Are You Watching Right Now?
Finding the best penny stocks to buy is all about understanding where to look. While it can be challenging given the vast number of events that are impacting the stock market, there are a few key indicators that you can watch in order to get an idea of which penny stocks are worth your attention.
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One indicator to keep an eye on is the level of trading activity in a particular stock. This can be a good indication of whether or not there is significant interest in a stock. Another is to understand exactly how certain events will impact the stock market. So, with all of this in mind, which penny stocks are you watching right now?
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