Penny stocks continue lighting up the boards as retail traders take a breather from investing and focus on day trading. Whether it’s the latest short squeeze stock or meme stocks to watch, daily trends are plentiful when it comes to capitalizing on short-term moves in the stock market. Today we take a look at a few penny stocks to watch heading into Fourth of July week. Considering the shorter time frame, it will be interesting to see if some of these names – several of which have put in consistent uptrends – will continue climbing higher come July 5th.
Penny Stocks To Watch
- Mega Matrix Corp. (NYSEAMERICAN: MTMT)
- Geron Corp. (NASDAQ: GERN)
- Sorrento Therapeutics Inc. (NASDAQ: SRNE)
- Blue Apron Holdings (NYSE: APRN)
Mega Matrix Corp. (NYSEAMERICAN: MTMT)
Cryptocurrency stocks haven’t been in the best favor of traders and investors in the stock market this year. In fact, the price of Bitcoin and Ethereum have plummeted significantly in recent weeks. As of July 1st, BTC retested the $18,000 area while ETH dropped below $1,000. Despite this as the case, metaverse and related technology stocks have been more mixed than anything else.
Mega Matrix, for example, just saw a surge in trading volume on the first day of the 3rd quarter. MTMT stock jumped over 60% on some of its highest daily volumes since January. There weren’t any headlines to pair with the move. However, there could’ve been some industry news impacting some of the metaverse penny stocks today.
What’s Going On With MTMT Stock?
Facebook parent Meta Platforms has caused a stir this week in the metaverse & NFT communities. According to TechCrunch, Meta could already be testing non-fungible tokens with specific creators. The new feature allows the creators to display NFTs on their profiles under a tab titled “digital collectibles.”
[Read More] Best Penny Stocks To Buy Right Now? 4 To Watch Under $1
Following corporate reorganization strategies earlier this year, Mega Matrix is focused on building its metaverse and GameFi business. In a May update, CEO Yucheng Hu, said, “MEGA’s metaverse “alSpace” received its first player registrations during the first week of January 2022, in connection with the initial test-play period for its first mini-game “Mano.”
Geron Corp. (NASDAQ: GERN)
Shares of Geron Corp have been on the move for the last few weeks. Since June 16th, GERN stock has climbed from lows of $1.18 to highs this week of $1.65. As discussed a few days ago, Geron’s June update could have been a more significant catalyst for traders. In particular, according to CEO John Scarlett, it brought on a new Chief Medical Officer who was a critical contributor to Geron’s imetelstat program and “driving execution” of its Phase 3 trials.
This is the company’s candidate indicated in treating hematologic malignancies. There are currently 2 Phase 3 trials in myelodysplastic syndromes and refractory myelofibrosis.
What’s Going On With GERN Stock?
This week the company secured an additional $50 million loan capacity through the end of 2024. There’s currently a loan with Hercules Capital and Silicon Valley Bank that is now increased from $75 million to $125 million, earmarked to fund its projected level of operations, including activities to support the potential commercial launch of imetelstat. Since the loan increase is non-dilutive, the market has taken this as a positive sign for GERN stock this week.
Sorrento Therapeutics Inc. (NASDAQ: SRNE)
Another one of the biotech penny stocks to watch recently is Sorrento Therapeutics. The company was very active in June, releasing several critical updates on recent milestones, including dosing its first subject in a Phase 1 study. The trial is for its STI-1558 candidate in treating and preventing COVID-19 without a ritonavir booster.
One of Sorrento’s companies, Scilex Holding, also made a big move for an exclusive license with ROMEG Therapeutics. The deal gives Scilex the right to commercialize an FDA-approved prophylactic treatment, Gloperba, for gout flares.
[Read More] Hot Penny Stocks to Buy Now? 3 to Watch in July
“This licensing agreement will accelerate our strong commitment to bringing novel formulations that are opioid sparing and non-addictive for millions of acute and chronic pain patients. Gloperba has the potential to have a major impact on how doctors treat the increasing number of gout patients and complements our programs and pipeline of non-opioid agents very well,” said Jaisim Shah, CEO of Scilex.
What’s Going On With SRNE Stock?
There weren’t any significant headlines this week to prompt a move higher. However, a mix of new consultants and insider buying over the last few weeks may have helped boost sentiment. Last week, Sorrento Therapeutics appointed Tommy G. Thompson as Covid-19 special consultant to CEO Henry Ji, Ph.D. This was just a few weeks after Ji picked up 10,000 shares of SRNE stock at an average price of $1.3999 through a family trust.
Regarding the Thompson appointment, Ji said, “Mr. Thompson’s knowledge and experience will prove to be an invaluable asset in our continuing efforts to improve the healthcare situation in the U.S. and internationally, particularly in the areas of preventative, therapeutic, and overall medical approaches, concepts and solutions towards COVID-19, and public policy and government affairs relating to COVID-19.”
Blue Apron Holdings (NYSE: APRN)
Food & meal kit company Blue Apron Holdings has been back in focus recently, thanks to the retail community. Over the last few weeks, APRN stock has been on the move after making fresh 52-week lows on the 16th.
Blue Apron introduced some seasonal offerings that seemed to have struck a positive chord. Meanwhile, the company’s presentation at the Jun 22nd East Coast IDEAS Investor Conference gave traders a bit more bullish confidence.
It’s no secret that Blue Apron has struggled to gain traction in the stock market. Today, however, that hasn’t been the case. Why is APRN stock on the move?
What’s Going On With APRN Stock?
Something that may have played a more significant role in the market recently is the short position in APRN. According to data from Fintel.IO and TDAmeritrade, the short float on the meal-kit stock sits between 27.89% and 31.79%.
If you enjoyed this article and you’re interested in learning how to trade so you can have the best chance to profit consistently then you need to checkout this YouTube channel. CLICK HERE RIGHT NOW!!
