3 Penny Stocks to Add To Your Watchlist as May Ends
During trading on May 25th, we saw penny stocks and blue chips climb. Despite major volatility in the last few weeks, we are seeing some bullish sentiment in sporadic trading. To take advantage of this, investors need to be on their toes, understanding how to buy and sell penny stocks.
And because there is so much that is causing these ups and downs, traders need to also consider how certain events will impact the stock market. Right now, we have several factors at play. This includes rising inflation, Fed minutes, climbing interest rates, Covid, Monkeypox, and much more. And because of this, many traders expect volatility to continue occurring in the coming weeks and months.
With penny stocks, most are used to large market fluctuations. These tend to come with the under $5 price territory. However, this is not to say that volatility comes without risks. When trading penny stocks, it is all about minimizing and understanding how to use risk as an advantage. So, with all of this considered, let’s take a look at three penny stocks that climbed during trading today.
Check These 3 Penny Stocks Out For Your List
- Elevation Oncology Inc. (NASDAQ: ELEV)
- Camber Energy Inc. (NYSE: CEI)
- Gingko Bioworks Holdings Inc. (NYSE: DNA)
Elevation Oncology Inc. (NASDAQ: ELEV)
By EOD, shares of ELEV stock had shot up by over 14%. This is a major gain for the company and one that highlights the interest on biotech penny stocks right now. In the past month, we’ve seen ELEV stock climb by over 60%, which is no small feat. So, why is ELEV stock pushing up right now? Well, the main news comes as the company announced that it received FDA authorization for fast track designation regarding its seribantumab for treating tumors. This is a major deal for the company, and could help to solve a wide range of advanced solid tumors.
“There are currently no approved therapies that specifically target NRG1 fusions, and therefore, receipt of fast track designation in a tumor-agnostic setting is a significant step in addressing this unmet need.”
This process should allow the company to move very quickly toward the final review process for this drug. And, if that occurs, there’s no telling what the market opportunity for ELEV stock could be. Considering that, does it deserve a spot on your list of penny stocks to buy or not?
Camber Energy Inc. (NYSE: CEI)
Camber Energy is a penny stock that we have covered multiple times in the past few months. And during trading on May 25th, shares of CEI stock managed to shoot up by over 3.2%. If you’ve been trading penny stocks in the last year or two, you’ve likely heard of Camber Energy. But if not, it is a highly popularized energy penny stock.
The biggest recent news from Camber came yesterday when it announced that received a letter from the NYSE. The letter states that CEI is back in compliance with the continued listing standards. This is big news from the company and news that is exciting for investors to consider. The issue of it potentially being delisted has been a hot topic for investors over the last few months. And now that this is finally put to rest, investors can take a look at the other aspects of CEI.
For some more information, Camber Energy is an energy company working on custom power solutions. Together with its subsidiary Viking Energy, Camber has been able to make a big name for itself. So, as we head toward the end of the month, will CEI be on your penny stocks watchlist?
Gingko Bioworks Holdings Inc. (NYSE: DNA)
Another penny stock that we have covered multiple times in the past few weeks is DNA stock. Gingko Bioworks has seen some big gains as well, ending the day on May 25th up by over 11.6%. And in the past five days, we’ve seen shares of DNA stock climb by over 16%, which is no small feat.
To understand if DNA stock is worth buying or not, we have to take a closer look at the company and any recent news. On May 18th, it announced a plan with First Serv to develop and implement biosecurity and global pathogen monitoring tools in Qatar. This includes Covid-19 testing services, and much more.
“Biosecurity in this new era is about applying the cutting edge tools of the biotech age to prevent the next pandemic or infectious disease threat. Proactive pathogen monitoring is an essential part of this effort—we need a robust global weather map to identify and track emerging biological threats.”The General Manager of Biosecurity at Gingko Bioworks, Matt McKnight
With a resurgence of Covid cases around the world right now, it’s no secret that biotech companies involved in testing or treating Covid are seeing more popularity. While this alone is not a reason to buy DNA stock. It is interesting for understanding whether DNA is worth watching or not.
Are Penny Stocks Worth Buying Right Now?
Finding penny stocks to buy can be tricky in 2022. But, because there are so many options to choose from, it can seem like a daunting task to pick just a handful for your watchlist.
However, with so much going on in the stock market, it is also a time where there is a lot of opportunity to be had. With the right trading strategy, investors can make money with penny stocks in 2022. Considering this, do you think penny stocks are worth buying right now or not?