Best Penny Stocks to Watch During Trading This Week
After another interesting day of trading penny stocks and blue chips, there is a lot for investors to know. Right now, we have several factors that are causing movement with penny stocks. And all of this has caused another day of decent losses across the board. While this is a difficult sentiment for investors to come to terms with, it could also present opportunities for traders to profit. Today, we saw the S&P 500 slide by around 1.3% with the Dow Jones dropping 150 points.
One of the biggest drops of the day came from Snap Inc. (NYSE: SNAP), which fell by more than 40% at EOD. This brought many tech stocks down with it, which is disheartening. So, while all of this has served to create a tough investing environment, we do know that the volatility we’re witnessing is characteristic of what we’ve seen in the past few weeks. Considering all of this, let’s take a look at three penny stocks that climbed during trading today.
3 Penny Stocks That Gained During Trading on May 24th
Geovax Labs Inc. (NASDAQ: GOVX)
While GOVX stock managed to climb during intraday trading, it took a dive alongside the rest of the stock market at EOD. Despite this, in the past five days, shares of GOVX stock have shot up by a staggering 241%. To understand why we are seeing this major gain, we have to take a closer look at the company and any recent announcements from it. The biggest recent news came today when the company announced the notice of allowance for a cancer vaccine patent in China.
“This patent allowance complements the previously issued U.S. Patent No. 11278607, demonstrating the global importance of this technology, and adding to our growing portfolio of wholly owned, co-owned, and in-licensed intellectual property, which now stands at over 70 granted or pending patent applications spread over 20 patent families. GeoVax is committed to advancing meaningful cancer immunotherapies towards improving the lives of patients worldwide.”The CEO of Geovax, David Dodd
This is great news for the company despite its fall during intraday trading. And, in addition to its work on this, GOVX has a role in preventing Covid-19, making it an interesting penny stock right now. Whether it deserves a spot on your list of penny stocks to watch however, is up to you.
DiDi Global Inc. (NYSE: DIDI)
By EOD on May 24th, shares of DIDI stock shot up by around 2.7%. While this is nothing to write home about, it is significant considering the rest of the market’s trajectory during that time. In addition to this, shares of DIDI have fallen by around 17%, which makes today’s uptick even more important. To understand why, we can look at an announcement made by the company on May 23rd.
On the 23rd, it stated that it has secured approval from its shareholders to delist from the NYSE. The majority of this sentiment comes from the goal of resolving a cybersecurity probe that the company has been going through in China. This has resulted in a drop of around $70 million from the market value of DiDi throughout the length of the probe. And, many investors are seeing an end in sight now that this delisting is fully on the table. Considering all of that, will DIDI be on your penny stocks watchlist or not?
Scisparc Ltd. (NASDAQ: SPRC)
Another major gainer of the day on Tuesday, May 24th is SPRC stock, which shot up by over 22% at EOD. This sizable uptick brings shares of SPRC stock to around $2.80, which is the result of news announced today. The company stated that its joint pre-clinical trial with Clearmind Medicine Inc. has shown positive results. This is regarding its psychedelic combination treatment, which is a big breakthrough for the company.
“We are pleased with these latest results that confirm the high safety profile of the psychedelic combination treatment. Previous testing results showed high efficacy potential in treating alcoholism when using this combination. We plan on further exploring the safety and efficacy of combining our technology with Clearmind’s novel molecule.”The Chief Executive Officer of Scisparc, Oz Adler
In results released previously, the company did show that this treatment reduced alcohol consumption in animals. Right now, we are seeing a major emphasis on biotech penny stocks. And because of that, companies like SPRC are receiving more attention than usual. While it is tough to say if this will continue, it is clear that SPRC is making big headway right now. And, when we see announcements like this, it is crucial to pay attention to the company and what it could do in the future. Considering that, do you think SPRC is a buy or not?
Which Penny Stocks Are You Watching Right Now?
Finding the best penny stocks to buy right now is challenging. And with so much going on in the stock market, it is as easy to lose money with penny stocks as it is to make money. So, keeping that in mind, trading right now is all about understanding how to take advantage of the current state of the stock market.
As you may know, the largest causes of movement in the stock market right now include rising interest rates, climbing inflation, Covid, Monkeypox, and more. And as a result of all of this, we expect volatility to continue. So, with this in mind, which penny stocks are you watching right now?