Why These 3 Penny Stocks Climbed on May 5th
Finding penny stocks to buy in 2022 can be challenging. But, you need to be willing to put in the hard work and due diligence. Despite what you may think, it is possible to find penny stocks that will be profitable. However, it all comes down to your ability to find them.
When it comes to finding penny stocks to buy in 2022, the best place to start is with research. This means looking at the price that a stock has moved in the past and seeing if there is any indication of future growth. You also want to look for stocks that are experiencing momentum trading, which means people are buying because they think it will go up.
If a stock is being touted on social media or other channels, we also will tend to see high volume. And because penny stocks are so speculative, news and events will always be the largest driver of growth. So, with all of that considered, let’s take a look at three penny stocks that climbed during trading today.
3 Penny Stocks That Shot Up During Trading Today
- Mullen Automotive Inc. (NASDAQ: MULN)
- Sesen Bio Inc. (NASDAQ: SESN)
- Statera Biopharma Inc. (NASDAQ: STAB)
Mullen Automotive Inc. (NASDAQ: MULN)
Mullen Automotive is a penny stock that we have covered multiple times in the past few months. And with a 1.5% gain at EOD on May 5th, it’s clear that it is still quite popular among investors.
Despite a one month and six month drop of over 50% and more than 87% respectively, we have seen brief periods of major gains with MULN stock. And at around $1.30 per share, MULN is one of the cheapest pure play electric vehicle penny stocks on the market. Today, the company announced the addition of high performance Mullen FIVE RS models to its U.S. test drive tour.
“We’re adding a spring segment in 2023 with additional stops and increasing the number of Mullen FIVEs on tour to ensure as many people as possible can experience the Mullen FIVE. The RS is a personal project, and I fully intend for this EV to be one of the fastest and most exhilarating vehicles in the world. I’m excited to give people an up-close and personal glimpse of what we are working on.”The CEO of Mullen, David Michery
With EV stocks and other renewable-focused companies in focus, is MULN worth adding to your list of penny stocks to watch?
Sesen Bio Inc. (NASDAQ: SESN)
One of the largest gainers of the day is Sesen Bio, which shot up by over 11.9% at EOD. This major gain adds to a staggering five day uptick of over 50%. So, why the large movement for SESN stock? The most recent news from the biotech penny stock came on May 3rd when it announced a strategic update. The company stated that it will be reviewing strategic alternatives to try to maximize shareholder value.
“Our strong cash position provides us the opportunity to carefully consider a wide range of potential strategic alternatives designed to maximize shareholder value.
As we assess potential external strategic alternatives, we continue to seek to create value through the development of Vicineum for the treatment of non-muscle invasive bladder cancer. We plan to request a meeting with the FDA in the coming weeks to align on the remaining outstanding items related to an additional Phase 3 clinical trial.”The President and CEO of Sesen Bio, Dr. Thomas Cannell
Recently, biotech penny stocks have been on fire with Sesen being another to add to your list. Considering this exciting update, do you think Sesen Bio is a penny stock to watch in May or not?
Statera Biopharma Inc. (NASDAQ: STAB)
With over 3.8% in gains at EOD on May 5th, STAB is another penny stock that investors are watching right now. In the last month, shares of STAB stock have shot up by over 13%, and we have covered it numerous times in that period.
With a six month drop of over 90%, many investors are wondering whether or not STAB stock is worth watching. And to understand this, we can take a closer look at any recent announcements from the company. The most recent news from Statera came on April 27th when it announced a strategic agreement with Immune Therapeutics Inc. for the rights to low dose naltrexone.
“The agreement with Immune will enable us to strengthen our financial position with a transaction that has the potential to produce significant non-dilutive cashflow to fund our other programs. For instance, Statera is beginning to chart a new course in the immunotherapy field by pursuing molecules that act on Toll-like Receptor pathways similar to Naltrexone. It also will help advance our new product candidates for treatment of a variety of immune-related diseases that have no cure.”The CEO of Statera, Michael Handley
While STAB stock has seen extremely volatile trading patterns recently, it’s clear that there is some bullish momentum with the company. Whether this makes it worth watching or not is up to you.
Which Penny Stocks Are You Watching Right Now?
Picking the best penny stocks to buy in 2022 is not easy. But, it can be much easier than previously imagined with the right research on hand.
If we consider what factors are impacting the price of both penny stocks and blue chips in 2022, we can begin to understand ways to profit. So, with all of this in mind, which penny stocks are you watching right now?