3 Penny Stocks to Add to Your Watchlist Right Now
With another positive day of trading for penny stocks and blue chips, investors are looking for the best penny stocks to buy. Right now, we have several issues at play that are causing movement in the stock market. This includes climbing inflation and the subsequent rise in interest rates.
As a result, there is an incredible amount of volatility in the stock market that continues to bear its ugly face. To avoid losing money with penny stocks, there are a few steps that every investor should take. For one, it is crucial to have a penny stocks trading strategy. No matter what you read online about a given penny stock, understanding how you are going to take advantage and making sure your strategy is repeatable, is paramount.
[Read More] Best Penny Stocks To Buy? 4 To Watch Right Now
Often, investors will buy or sell penny stocks simply based on news or rumors. And while this can be a great way to make money with penny stocks, it can also lead to major losses in the long term. So, keep all of this in mind when considering your trading. Considering that, here are three penny stocks to watch that are climbing right now.
3 Penny Stocks to Watch That Are Climbing
- Precision Biosciences Inc. (NASDAQ: DTIL)
- Sorrento Therapeutics Inc. (NASDAQ: SRNE)
- Tencent Music Entertainment Group (NYSE: TME)
Precision Biosciences Inc. (NASDAQ: DTIL)
With over 10% in gains at EOD, DTIL is a penny stock that investors are watching right now. In the past five day period, shares of DTIL stock have shot up by over 25%. Yesterday, the company made an exciting announcement. The company announced on June 21st that it is engaging in a $50 million offering of common stock. In addition to this, the company announced an in vivo gene editing collaboration with Novartis to develop a treatment for certain disorders including Sickle Cell disease.
“We are excited to collaborate with Novartis to bring together the precision and versatility of ARCUS genome editing with Novartis’ gene therapy expertise and commitment to developing one-time, potentially transformative treatment for hard-to-treat inherited blood disorders. This collaboration will build on the unique gene insertion capabilities of ARCUS and illustrates its utility as a premium genome editing platform for potential in vivo drug development.”The CEO of Precision Biosciences, Michael Amoroso
In the agreement, Precision will receive an upfront payment of $75 million and could receive $1.4 billion in addition through milestone payments. So, with all of this in mind will DTIL be on your penny stocks watchlist?
Sorrento Therapeutics Inc. (NASDAQ: SRNE)
Another decent gainer on June 22nd is SRNE stock. At midday, we saw shares of SRNE climb by over 7.5%. This is a major gain for the company that adds to its five day uptick of over 55%. So, why are we witnessing such major climbs with Sorrento Therapeutics right now?
The most recent news from the company came as one of its subsidiaries, Scilex Holding Company, entered into a license and commercialization agreement with RxOmeg Therapeutics for the right to distribute Gloperba in the U.S. This drug is used as an oral solution for adults suffering from gout.
“The collaboration with Scilex represents an exciting milestone for the ROMEG team, and is good news for gout patients and physicians. Existing therapies for gout do not adequately address physician need to adjust dosages to manage the toxicity profile for patients with specific impairments, side effects, common drug-drug interactions, and age-related health disorders.”The Founder and CEO of Romeg, Indu Muni, Ph.D.
With this exciting news in mind, it makes sense that SRNE would see these sizable gains. Considering that, does it deserve a spot on your list of penny stocks to buy or not?
Tencent Music Entertainment Group (NYSE: TME)
With more than 3.5% in gains on June 22nd, shares of TME sit at just under $5. At $4.84, TME is inching out of penny stocks territory. But, while it still is a penny stock, it’s worth looking into why it is climbing right now. The most recent news from the company came on June 19th. On the 19th, it announced that it had renewed its strategic partnership with Time Fengjun Entertainment.
The goal is to allow Chinese musicians to have a better platform for entertaining users. In the past, TME has continued to build out ways to support young musicians. And this newest move seems to be the next step in its plan. While TME is highly volatile, the company has continued to show positive momentum recently. And as a result, it could be worth considering for your watchlist this month or next.
Are Penny Stocks Worth Buying Right Now?
Finding penny stocks that are worth buying can be complicated. But, with the right strategy and a commitment to understanding how penny stocks work, making money with small caps in 2022 can be much easier than previously imagined.
As stated earlier, we have a lot going on in the stock market. This means that investors need to pay attention and be able to use these factors to their benefit. Considering all of this, do you think that oysters are worth buying right now or not?