3 Penny Stocks to Add to Your Watchlist This Month
With another day of trading penny stocks over, there is a lot to be excited about. Over the past week, we have seen some major stock market movements. While this can lead to large losses, it can also lead to very sizable gains. To understand how to make money with penny stocks, investors have to consider what is going on in the stock market.
Right now, there are plenty of penny stocks that investors are watching due to the large movement and momentum in the stock market. This is the result of high inflation, climbing interest rates, and geopolitical upsets. In addition to this, investors need to have a well thought out trading strategy. This is the best way to secure your chance at making consistent profits with penny stocks. A trading strategy will take into account your investment goals, risk tolerance, and the penny stocks you are interested in.
With a trading strategy, you can enter and exit trades with confidence, knowing that you have a plan to follow. If you don’t have a trading strategy, now is the time to develop one. While trading penny stocks is not easy, it is possible to make a lot of money if you approach it in the right way. Penny stocks are a great way to invest in the stock market, and they can offer investors the opportunity to make large profits. So, with all of this in mind, let’s take a look at three penny stocks to watch right now.
Check These 3 Penny Stocks Out For Your Watchlist
- Chembio Diagnostics Inc. (NASDAQ: CEMI)
- Enservco Corp. (NYSE: ENSV)
- Vistagen Therapeutics Inc. (NASDAQ: VTGN)
Chembio Diagnostics Inc. (NASDAQ: CEMI)
One of the larger gainers of the day on May 31st is CEMI stock. At EOD, shares of CEMI had shot up by over 11%. This is a sizable uptick and one that reflects bullish sentiment over the past few trading days. In the last five, we’ve seen CEMI stock climb by more than 22%, which is quite a lot.
The main reason for this is likely due to an announcement made by it on May 17th. On the 17th, the company announced an agreement for Reszon Diagnostics International. The agreement will allow Reszon Diagnostics to produce Chembio’s HIV 1/2 STAT-PAK Assay products in Malaysia.
“We are excited to be working with Reszon, a leader in Malaysian diagnostics test kits, to optimize our global manufacturing by leveraging our Malaysian resources. This represents a major milestone in our Global Competitiveness Program to improve profitability.
We believe this new relationship will increase our capacity to supply new markets, bolster our competitiveness and strengthen our position in rapid point-of-care testing. We look forward to exploring commercial opportunities in Malaysia and other high-growth markets.”The CEO of CEMI, Richard Eberly
Enservco Corp. (NYSE: ENSV)
Another big gainer on May 31st is ENSV stock, which shot up by over 12% at EOD. This brings it to just over $2.40 per share. And, in the past month, shares of ENSV stock have climbed by more than 19%, which is no small feat. If you’re not familiar, Enservco is a provider of oilfield services. This includes offerings such as hot filings, acidifying, frac water heating, and much more.
As a result of this, the company is a decent-sized player in the energy industry. Recently, we’ve seen a sizable amount of upward momentum with energy penny stocks. And although it is tough to say whether ENSV stock is worth buying, it is clear that there is interest in the company. With that in mind, does ENSV deserve a spot on your penny stocks watchlist?
Vistagen Therapeutics Inc. (NASDAQ: VTGN)
With over 12% in gains, VTGN is another biotech penny stock that is climbing right now. If you’re not familiar, VTGN is a late-stage, clinical biopharmaceutical company. It works on a variety of compounds used in anxiety, depression, and CNS disorders.
To understand whether VTGN stock, we have to look at the company’s recent announcement. On May 5th, it announced key updates regarding regulatory measures via its treatment for social anxiety disorder. The company states that the FDA agreed that its data shows no signal of potential for abuse, and that it does not need to conduct further abuse studies.
“There are more than 25 million people in the United States suffering from social anxiety disorder, or SAD, and many of them do not have adequate treatment options available.
As PH94B continues to progress through our Phase 3 development program in SAD, we are encouraged by our consensus view with the FDA on the important dimension of abuse liability. This clear and timely feedback from the FDA further emboldens our team and our steadfast efforts to advance PH94B on behalf of the millions of people struggling with SAD.”The CEO of Vistagen, Shawn Singh
Considering this, does VTGN belong on your watchlist or not?
Which Penny Stocks Are You Watching Right Now?
If you’re looking for the best penny stocks to buy, there are hundreds to choose from. But, understanding exactly what is going on in the stock market will remain crucial to profiting.
[Read More] Penny Stocks To Buy Now? 4 To Watch This Week
If we consider that there are so many factors at play, we can begin to make a refined trading strategy.
Although it can be difficult, many investors are making money with penny stocks in 2022. So, with all of this in mind, which penny stocks are you watching right now?