3 Hot Penny Stocks to Add to Your End of May Watchlist
With another day of positive trading for penny stocks and blue chips, there is a lot of bullish sentiment to go around. While it is tough to say if this bullish momentum will continue into the near future, it is encouraging for those trading penny stocks right now.
On Friday, we saw the S&P 500 push up by around 2% at midday, leading to a week ending in the green. Recently, sentiment in the stock market has been mostly bearish. This is the result of rising inflation and climbing interest rates. And on Friday morning, the latest data for the Personal Consumption Expenditures came out from the Fed. The data showed that inflation may be slowing to some degree, which is in line with the rise in retail spending as of recently.
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In addition to all of this, we are seeing positive data from several major retailers, which has helped to present a bullish economic case in the past few days. Despite some difficulty for long term inflationary reduction, in the short term, it looks like things could be moving in a positive direction. So with this information in mind, let’s take a look at three penny stocks to add to your watchlist right now.
3 Hot Penny Stocks to Watch Right Now
- DiDi Global Inc. (NYSE: DIDI)
- Gingko Bioworks Holdings Inc. (NYSE: DNA)
- Oncternal Therapeutics Inc. (NASDAQ: ONCT)
DiDi Global Inc. (NYSE: DIDI)
DiDi Global is a penny stock that we have discussed multiple times in the past few weeks. And with an over 9% gain during intraday trading on May 27th, it is once again in focus. While we do see large and speculative gains with companies like DIDI, today, news came out regarding DiDi Global.
The news for DIDI came as a report was released from China DAW Group stating that the latter may be considering buying a stake in DIDI. This is a big deal for the company and comes after weeks of controversy regarding DiDi Global. The main controversy stems from China’s recent probes into cybersecurity issues.
And after a $4 billion U.S. IPO, DiDI quickly came under fire from the Chinese government. Now, it is also facing heat from the Securities and Exchange Commission regarding the IPO. So, there is a lot on the table for DIDI. And as a result, it may be worth looking at from afar for now. However, if you’re looking for a highly volatile penny stock to watch, DIDI could be worth adding to your list of penny stocks.
Gingko Bioworks Holdings Inc. (NYSE: DNA)
Another decent gainer of the day on May 27th is DNA stock. With over 7% in gains at midday, DNA stock has climbed by more than 18% in the past five days. This is a sizable gain and one that reflects both company specific happenings and the bullishness on the biotech industry recently.
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The biggest recent news from Gingko came on May 18th when it announced its plan with FirstServ to develop new global biosecurity products for use in Qatar. This will offer protection against the pandemic, and leverage Gingko’s different biosecurity technologies.
“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.
We are incredibly excited by the opportunity to use our biosecurity platform to help bolster Qatar’s pathogen monitoring infrastructure to assist Doha’s global travel hub in becoming a leader in helping prepare the world for the next new variant or novel pathogen.”
Matt McKnight, the General Manager of Biosecurity at Gingko
Considering this exciting news, will DNA be on your penny stocks watchlist or not?
Oncternal Therapeutics Inc. (NASDAQ: ONCT)
One of the largest gainers on May 27th is ONCT stock, which shot up by over 50% at midday. This is a very sizable gain for the company, and could be partly due to the biotech bullishness that we’ve seen in the past day or two. The most recent news from the company came on May 26th when it announced the presentation of updated interim data for Zilovertamab in combination with Ibrutinib. The company will present at the ASCO 2022 conference.
“The interim data update presented today further strengthens our confidence in the significant clinical value the combination of zilovertamab and ibrutinib can deliver to MCL and CLL patients.
Solid objective response rate (ORR) of 85% and median progression-free survival (PFS) of 36 months in heavily pre-treated MCL patients in our CIRLL study support our Phase 3 registrational study ZILO-301, which we plan to initiate in the third quarter.”
The CEO and President of Oncternal, James Breitmeyer, M.D., PhD.
With all of this in mind, do you think ONCT stock is worth buying or not?
Which Penny Stocks Are You Watching Right Now?
Finding the best penny stocks to buy can be challenging. But, with so many penny stocks to choose from, it can be a daunting task to profit. So, the best way to have a high chance of making money with small caps, is to understand what’s going on in the stock market and how to take advantage.
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Right now, there is a sizable amount of volatility across the board. This means that investors need to have a strategy and use it. So, with all of that in mind, which penny stocks are you watching right now?
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