Buying Penny Stocks on June 24th? Here’s What You Need to Know
After a bullish day of trading penny stocks and blue chips, there is a lot that investors need to know. For starters, right now, there is a sizable amount of volatility across the board. This means that penny stocks are likely to continue showing major movement in the coming days and weeks.
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As a result, now is the time to create a well-thought-out trading strategy that can shift with the changing times. So, with this in mind, let’s take a look at what you may have missed in the stock market on June 23rd, 2022.
Stock Market Recap, June 23rd, 2022
On Thursday, stocks managed to climb once again following incredibly mixed trading in the last few days. At EOD, penny stocks and blue chips saw modest gains with the Dow Jones Industrial Average rising by 190 points.
In addition, the S&P 500 gained by 0.95% with the NASDAQ Composite up by over 1.6%. All of this shows that despite bearish sentiment overall, there are still going to be some days of bullish sentiment. With this considered, here’s what you need to know about trading penny stocks today.
What to Know About Trading Penny Stocks Today
As stated multiple times, there is an incredible amount of volatility right now with penny stocks and blue chips. And because of this, it is more important than ever to keep up with exactly what is going on in the stock market.
This means looking at the news and any announcements that may pertain to the penny stocks on your watchlist. While we have seen some bullish days as of late, it is likely that we will continue to see large market fluctuations in the near future. Considering that, here’s three penny stocks to watch right now.
3 Penny Stocks to Watch Right Now
- 9 Meters Biopharma Inc. (NASDAQ: NMTR)
- Toughbuilt Industries Inc. (NASDAQ: TBLT)
- BioNano Genomics Inc. (NASDAQ: BNGO)
9 Meters Biopharma Inc. (NASDAQ: NMTR)
At EOD on June 23rd, shares of NMTR stock had shot up by over 30%. And, during after hours, we saw another 1% or so in gains for 9 Meters Biopharma. With a 25% drop in the past month, these recent gains are a welcome sign for investors. A few days ago, the company saw an over 50% drop after announcing that it would discontinue its Larazotide trial.
However, as the low levels its price was at during that time, some investors decided to come in and scoop up shares of NMTR stock at a value price. While it is impossible to say with certainty whether or not NMTR stock is worth buying, it could be worth adding to your list of penny stocks to watch.
Toughbuilt Industries Inc. (NASDAQ: TBLT)
Another major gainer on June 23rd was TBLT stock. During trading and after hours, shares of TBLT managed to shoot up by over 25% and more than 17% respectively. These gains bring TBLT stock to just north of $2.00 during after hours.
So, why the explosive uptick for Toughbuilt Industries? The main reason comes as the company announced the closing of a $6 million public offering. This concerns around 3.15 million shares of its common stock sold to the public at a price of $1.90 per share. With this exciting update in mind, does TBLT belong on your penny stocks watchlist or not?
BioNano Genomics Inc. (NASDAQ: BNGO)
Up over 7% and more than 3% in trading and after hours respectively is BNGO stock. In the past five day period, shares of BNGO have shot up by more than 12%, which is no small feat. To understand this, it is worth looking into the latest announcement from the company.
Around a week ago, the company stated that it would be participating in the European Association for Cancer Research Congress 2022. At this meeting, the company will display its solutions for cancer research including the Saphyr system as well as its NxClinical software. This meeting ended on June 23rd, which could be the reason behind its uptick on the same day.
Which Penny Stocks Are You Watching Right Now?
If you’re looking for the best penny stocks to buy right now, there is a lot to know. Considering that there is so much going on in the stock market, investors need to be on their toes and constantly looking for new factors that may change the direction of their portfolios.
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In 2022, the most pertinent constants at play are rising interest rates and climbing inflation. These have become the main reasons that the stock market is moving in the past few weeks. So, with this in mind, which penny stocks are you watching right now?