3 Top Penny Stocks to Add to Your Watchlist Right Now
On Thursday, penny stocks and blue chips saw another bearish day of trading. This comes as the S&P 500 dropped by over 3.6% with the NASDAQ down by over 4.5% at midday. The main reason for this comes as the Fed recently announced it would begin raising interest rates once again. And yesterday, the Fed announced a 75 basis point rate, which is the first of its kind since 1994.
As a result, we are seeing an incredible amount of volatility that is mostly bearish right now. So, as the Fed attempts to curb inflation, investors need to stay on their toes and understand exactly what is going on in the stock market. While penny stocks don’t typically like to play by the rules of the larger stock market, that does not mean that they are immune to overall trading patterns.
And for that reason, understanding the news will be key to making money with penny stocks in 2022. Now, as we continue to move into June, it is likely that volatility will be a constant. So keep that in mind when you’re trading and adjust your penny stocks trading strategy thusly. Considering all of this, let’s take a look at three penny stocks that are climbing right now.
3 Top Penny Stocks to Watch in June 2022
- Acorda Therapeutics Inc. (NASDAQ: ACOR)
- Kinross Gold Corp. (NYSE: KGC)
- Rigel Pharmaceuticals Inc. (NASDAQ: RIGL)
Acorda Therapeutics Inc. (NASDAQ: ACOR)
One of the larger gainers of the day despite overall market conditions is ACOR stock. At midday, shares of ACOR had shot up by over 50% to more than $0.60 per share. This sizable gain comes as the company announced that Esteve Pharmaceuticals GmbH began its launch of INBRIJA 33mg capsules in Germany. With this, Acorda should receive a large percentage of the overall selling price of this product in Germany.
And, it states that it should begin gaining revenue from this during the second quarter of this year. On top of this, the company announced that it has a previous agreement with Esteve to launch this compound in Spain in early 2023. So, with this major deal, we see just why shares of ACOR stock are climbing right now. Considering that, will it be on your list of penny stocks to buy or not?
Kinross Gold Corp. (NYSE: KGC)
Another penny stock that is seeing some bullish sentiment right now is Kinross Gold. Before we get into the news from the company, it’s worth noting a few things. For one, often we will see gold stocks rise in value during times of economic turmoil. This means that when inflation rises or interest rates go up, stocks like KGC may see subsequent climbs. That is due to gold being a safeguard asset, which means that investors turn to it when confidence in the economy drops.
As it pertains to Kinross Gold, the company announced today that it has finalized the sale of its Russian assets for $340 million. It received $300 million in U.S. cash and will receive another payment of $40 million a year after the deal closes. This is a major deal for the company and something that investors should not take lightly. So, with all of this exciting news in mind, does KGC deserve a spot on your penny stocks watchlist today?
Rigel Pharmaceuticals Inc. (NASDAQ: RIGL)
With a very positive trajectory during trading on June 16th, RIGL is another penny stock investors are watching right now. At midday, shares of RIGL stock had shot up by over 20%, which is no small feat. And if that’s not enough, in the past five days, RIGL stock has climbed by more than 45%. The most recent news from the company came today when it announced that the President of Rigel, Paul Rodriguez, purchased over 520% more shares in the company. This comes out to roughly $688,000 at a price of $0.69 per share.
Often when we see insider buys this large, investors will have a renewed sense of confidence in a company. That is due to the potential that an insider could know something that the public doesn’t. While this is mostly speculation, it’s clear that there is a high level of bullish interest in Rigel Pharmaceuticals right now. Whether this makes it worth buying or not however, is up to you.
Are Penny Stocks Worth Buying Despite the Current Stock Market?
If you’re looking for penny stocks to buy right now, it can be challenging. And, if you’ve invested in penny stocks or blue chips in the past few months, you’ve likely been at the mercy of the stock market’s bearish trading patterns during that time. Right now, the largest impacting factor on penny stocks and blue chips is inflation and subsequent rising interest rates.
For that reason, it is critical to pay attention to what is going on in the stock market and how to take advantage. This will be your greatest chance at making money with penny stocks in 2022. So, with this in mind, do you think penny stocks are worth buying despite the current state of the stock market?