3 Hot Penny Stocks to Watch in 2022
Over the last few days, we’ve seen sizable bullish sentiment in the stock market with penny stocks and blue chips. While this is a welcomed advancement following weeks of bearish trading patterns, investors need to stay on their toes. Right now, there is an incredible amount of volatility with penny stocks and blue chips as a whole. This is the result of high inflation and the Fed response of increasing interest rates.
As a consequence, many investors believe that we could enter a recession if things continue the way they are going. Now, it is difficult to judge where the stock market is based on short term momentum. So, just because we are seeing bullish movement right now, does not mean that it will continue and vice versa. Because of this, it is paramount for traders to understand exactly what is going on in the stock market.
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This will allow for the greatest chance of taking advantage of penny stocks movement. While volatility can be scary, it can also present great opportunities to make money with penny stocks. So, keeping this in mind, let’s take a look at three that could be worth adding to your watchlist right now.
3 Penny Stocks to Add to Your Watchlist Right Now
- Redhill Biopharma Ltd. (NASDAQ: RDHL)
- Jaguar Health Inc. (NASDAQ: JAGX)
- Chimerix Inc. (NASDAQ: CMRX)
Redhill Biopharma Ltd. (NASDAQ: RDHL)
With over 5.2% in gains at EOD on June 24th, RDHL stock has shot up by over 25% in the past five days. On June 23rd, the company announced highlights from its Q1 2022. In the quarter, the company stated that it brought in net revenue of $18.2 million. This puts it at a cash balance of over $45 million, which is no small feat. In addition to this, the company stated that it has reduced its cash used in operating activities by over 70%.
“To address the current market realities and operating landscape, RedHill is being decisive about controlling its own destiny and is highly focused on achieving earlier profitability, targeting positive cash from operations to start during H2/22. Our comprehensive cost reduction plan is expected to generate operational cost savings of approximately $50 million over the next 18 months.”The CEO of Redhill Biopharma, Dror Ben-Asher
All of this is exciting news for the company, and shows that it is working hard to grow right now. With a major market focus on biotech penny stocks, RDHL could be worth adding to your list of penny stocks to watch.
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Jaguar Health Inc. (NASDAQ: JAGX)
On June 24th, shares of JAGX stock managed to climb by more than 9%. This sizable gain comes after a six month drop of more than 70%. As a result, we see that this bullish price action is a welcomed sign for investors to consider. With this, we have to take a look at the most recent news from the company to see why shares of JAGX stock are climbing.
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On June 22nd, the company announced the online availability of a presentation regarding Short Bowel Syndrome by Dr. Mohamed Miqdady. Dr. Miqdady is the Division Chief of Pediatric Gastroenterology, Hepatology, and Nutrition at Sheikh Khalifa University’s medical school. And, he is on the scientific board for Napo Pharmaceuticals, which as you may know, is a subsidiary of Jaguar Pharma.
Currently, Napo Pharmaceuticals is working hard to develop drugs used in the fight against SBS. So, considering that, does JAGX belong on your penny stocks watchlist or not?
Chimerix Inc. (NASDAQ: CMRX)
At EOD, shares of CMRX stock had shot up by more than 13%. These gains come after an explosive five day uptick of over 50%, which is quite substantial. And although CMRX is seeing the benefit of the large bullish sentiment with biotech stocks, there are other factors at play right now.
One of the major reasons that Chimerix is seeing attention is due to its smallpox drug. And, with the rise in cases of Monkeypox around the world, many investors are fearfully searching for companies involved in treating it. Although Monkeypox is not necessarily the same as smallpox, it comes from the same family of viruses. And therefore, the company states that its treatment could have an effect on Monkeypox.
In addition, the company announced today that it was awarded a $25.3 million contract from Canada for its smallpox drug. And, it is likely that the attention from this drug could continue to rise as cases climb globally. Considering this, will CMRX be on your buy list this coming week or not?
Which Penny Stocks Are You Watching Right Now?
If you’re looking for penny stocks to buy in 2022, there are hundreds of options to choose from. Because of this, it is crucial to understand exactly what is going on in the stock market. This is the best and only way that you will be able to take advantage of market momentum.
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And right now, volatility is at an extreme level. Because of that, it is more crucial than ever to have a well-thought-out trading strategy that can adapt to the changing times. Considering all of this, which penny stocks are you watching right now?