3 Penny Stocks to Add to Your End of June Watchlist
Finding penny stocks that are worth buying right now can be challenging. With so much volatility in the stock market, investors need to have a thorough understanding of exactly what is going on. This is the best and only way that traders can have a heightened chance of making money with penny stocks.
Despite today being highly bullish for penny stocks and blue chips, we continue to see extremely high volatility. In addition to all of this, investors have to consider what is going on at large, and then use that in their trading strategies. Today is a perfect example of just how volatile the stock market is.
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With the S&P 500 jumping by over 2% during trading today represents the large jumps that investors can use to profit. In addition to all of this, many investors believe that we could be entering into a recession given the official bear market that we are witnessing right now. Regardless, it all comes down to knowing how and where to find value with penny stocks. So, with this in mind, let’s take a look at three that could be worth watching right now.
3 Penny Stocks to Watch Right Now
- Clovis Oncology Inc. (NASDAQ: CLVS)
- Mullen Automotive Inc. (NASDAQ: MULN)
- Blacksky Technology Inc. (NYSE: BKSY)
Clovis Oncology Inc. (NASDAQ: CLVS)
One of the largest gainers on June 21st and in quite some time is CLVS stock. At midday, shares of CLVS stock had shot up by a staggering 67%. This is a major gain and one that adds to its five day gain of 122%. So, why are shares of CLVS stock exploding right now? The main reason comes as the company announced positive results from its interim phase 1/2 clinical trial on June 14th.
While this was around a week ago, it is still causing a lasting positive effect, especially considering the bullishness in the stock market right now. The drug in question is FAP-2286, which showed no adverse side effects causing withdrawal from the study. Currently, Clovis has an approved product known as Rubraca, which is a therapy for certain cancers including ovarian and prostate, but, the company has not yet seen a financial benefit from this.
But, the recent volatility in the biotech sector has been a major boost for CLVS stock, leading to its recent bullish uptick. Now, keep in mind that CLVS is highly volatile and continues to show just how much it can fluctuate. But, if you’re looking for a penny stock that is making large moves, CLVS could be worth adding to your penny stocks watchlist.
Mereo BioPharma Group (NASDAQ: MREO)
Another big gainer on June 21st is MREO stock. At midday, shares of MREO stock had shot up by over 12%. While this is not as large of a gain as CLVS, it is still impressive and worth considering. And, in the past five days, we’ve seen shares of MREO stock shoot up by an explosive 149%. For that reason, today’s uptick is likely the result of continued momentum following exciting news from last week.
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The biggest news came on June 20th when the company announced that AstraZeneca could be interest in acquiring it. The company stated that AstraZeneca could accept the bid at $5 per share, which would bring it to a total price of $500 million.
While there is nothing set in stone, Mereo already has a partnership with AstraZeneca, where the former received exclusive global worldwide rights to alvelestat, which is a rare-disease candidate. So, although this deal is still very much in the works, it could be worth watching for the future. With this in mind, do you think MREO is worth adding to your list of penny stocks to buy.
Blacksky Technology Inc. (NYSE: BKSY)
With over 20% in gains on June 21st, BKSY stock is another penny stock that is seeing heightened popularity right now. And in the past five days, shares of BKSY stock have shot up by over 26%. If this seem like a lot, in the last month, we’ve seen BKSY stock climb by a very exciting, 93%.
So, in this time we have covered it many times. The main reason for its gain today comes as the company made an exciting announcement on June 21st that it was awarded a five-year joint artificial intelligence center contract for AI data readiness.
“With demonstrated AI expertise in space-based dynamic monitoring, this agreement will open even more doors for BlackSky to contribute its unique value to the diverse national security challenges faced by the wider DoD community.
From automatically tasking satellites to the low-latency delivery and analysis of high-frequency geospatial imagery and non-imagery data, our unique, data-rich platform brings a strong source of core AI-enabled end-to-end capabilities to the DoD’s mission sets”
The Chief Innovation Officer for BlackSky, Patrick O’Neil
With this very exciting news considered, will BKSY be on your buy list today or not?
Which Penny Stocks Are on Your Watchlist Right Now?
Finding the best penny stocks to buy in 2022 is not easy. But, with careful research and a firm trading strategy, making a profit with small caps can be much easier than previously imagined.
[Read More] 3 Tips and Tricks for Buying Penny Stocks in June
As mentioned earlier, right now, we have a sizable amount of volatility in the stock market. This means that traders need to stay on their toes and understand how to take advantage with every day’s news. Considering all of this, which penny stocks are on your watchlist right now?
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