Buying Penny Stocks on June 23rd? Here’s What You Need to Know
With another day of trading penny stocks, there is a lot for investors to consider. As a result, investors need to understand exactly what is going on and how to take advantage. This involves having a trading strategy and not getting caught up in the hype. With all of this in mind, let’s take a look at what you missed in the stock market on June 22nd.
Stock Market Recap, June 22nd, 2022
On June 22nd, the stock market slipped into the red following a somewhat bullish day of trading. And although we have seen some bullish momentum recently, many traders believe that penny stocks and blue chips could fall victim to a recession.
While it is uncertain right now, we do know that bearish momentum is likely to continue to some extent in the coming weeks. Considering this, here’s what you need to know about trading penny stocks today.
What to Know About Trading Penny Stocks Today
Right now, we’re seeing heightened S&P 500 futures following a day that began in the green and ended in the red. Futures for the Dow Jones dropped by around 0.08% with the S&P 500 falling by around 0.08%.
As we can see, there is an intense amount of volatility in the stock market. And as a result, investors expect large market fluctuations to continue into the coming weeks and months. So, although we did see a bullish trading day, keep in mind all of the factors that are working against the stock market right now. With this considered, here are three penny stocks to add to your watchlist today.
3 Penny Stocks to Watch Right Now
- Mustang Bio Inc. (NASDAQ: MBIO)
- Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP)
- 9 Meters Biopharma Inc. (NASDAQ: NMTR)
Mustang Bio Inc. (NASDAQ: MBIO)
During trading and into after hours, shares of MBIO stock shot up by over 12% and more than 2% respectively. These sizable gains add to a five day gain of 14%, which is no small feat.
On June 22nd, the company announced that its MB-106, a CD20 targeted drug, was granted orphan drug designation for the treatment of Waldenstrom Macroglobulinemia. This is a big deal for the company and is likely the reason for its recent uptick. Considering all of this, will MBIO be on your penny stocks watchlist?
Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP)
Another major gainer on June 22nd was TNXP stock, which shot up by over 3.8% and 4.5% during after hours. In the past six months, TNXP stock shot down by over 85%, which makes this gain even more exciting.
The most recent announcement from the company came on June 22nd when it stated the pricing of its $30 million private placement. This placement concerns redeemable preferred stock. The company states that it will offer shares at $4, which is exciting for investors to consider. Whether this makes TNXP worth adding to your list of penny stocks is up to you.
9 Meters Biopharma Inc. (NASDAQ: NMTR)
Despite falling 8.5% during trading on June 22nd, shares of NMTR climbed up by around 2.5% during after hours. In the past month, NMTR stock has fallen by over 40%. This comes after the company announced the halt of its current late-stage trial.
The news when it came out was not received well by investors. Recently, we’ve seen major bullish emphasis with biotech penny stocks. And, this could be one of the reasons that NMTR stock is climbing. Regardless, does it deserve a spot on your buy list or not?
Which Penny Stocks Are You Watching Right Now?
If you’re looking for penny stocks that are worth buying, there are hundreds of options to choose from. However, because there are so many options, investors need to be sure to do the proper research involved in making a decision.
This means considering what is going on in the stock market, what news is occurring, and how to best take advantage. While this may seem difficult, it is much easier once it is put into practice. Considering all of this, which penny stocks are you watching right now?