3 Penny Stocks to Add to Your Watchlist Right Now
With another interesting day of trading for penny stocks and blue chips, there is a lot for investors to know right now. Today, the stock market is seeing bullish trading patterns with the S&P 500 up by over 1.4% at midday and the NASDAQ up by more than 2.2%. While this may seem like good news, it should be taken with a grain of salt. Right now, we continue to see a high level of volatility across the board with penny stocks. This means that while there will be good days, we also have to know how to make money on the bad days.
[Read More] Hot Penny Stocks To Buy? 3 Under $1 To Watch Now
The major factors at play in the stock market in July include rising inflation and subsequent rises in interest rates. This is nothing new, and it is something that many investors are used to right now. And, this is the cause of the major volatility that we have been witnessing over the last few months. So, make sure to keep a close eye on any news coming from the Fed as it will likely have a material impact on how penny stocks trade. With this in mind, here are three penny stocks that are climbing during trading right now.
3 Penny Stocks That Are Climbing During Trading
Evofem Biosciecnes Inc. (NASDAQ: EVFM)
Evofem Biosciences is a penny stock that we have covered numerous times in the past few weeks. And, as a result of Roe V. Wade being overturned, shares of EVFM stock have skyrocketed as of late. Today, EVFM stock managed to push up by over 9%, which is no small feat.
And in the last five day and one month period, EVFM stock has exploded by over 50% and more than 300% respectively. The most recent news from the company came on June 30th when it announced that it strengthened its Phexxi intellectual property via a new composition of matter patent from the USPTO.
“We are pleased to receive this new patent, which further builds on our composition of matter protection and while already well-protected by more than 40 patents, this allowance further solidifies the investment Evofem has made in creating Phexxi and providing it to women across the United States.”The CEO of Evofem, Saundra Pelletier
With all of this in mind, does EVFM stock deserve a spot on your penny stocks watchlist?
Zomedica Corp. (NYSE: ZOM)
On July 7th, shares of ZOM stock climbed by over 1.8%. While this may not seem like an explosive gain, in the past five days, ZOM stock has pushed up by a very respectable 15%. The most recent news from the company came on July 6th. On July 6th, it announced that it finalized the acquisition of the veterinary imaging company, Revo Squared. Revo is a producer of MicroView, which is a digital cytology platform.
“We’re excited to bring the MicroView platform to our new facility. We will be able to readily capitalize upon the success of our current high-quality manufacturing site and the experienced workforce already operating there – and we look forward to developing it further to bring MicroView to the veterinary market in 2023.”Tony Blair, the COO of Zomedica
While ZOM stock has been incredibly volatile in the past few months, this acquisition is an exciting prospect that investors are considering for the company. And while it is impossible to say if ZOM will continue to gain following this acquisition, there is no doubting that it is an exciting prospect. With that considered, will ZOM be on your list of penny stocks to buy or not?
Uxin Ltd. (NASDAQ: UXIN)
With over 15% in gains on July 7th, UXIN is another penny stock that investors are watching right now. If its 15% gain today is not enough, in the past five days, shares of UXIN stock have exploded by over 80%. This is a major gain for the company and one that represents news that came out a few days ago.
Last week, the company announced an entry into a definitive agreement for a financing transaction of $100 million. This is a replacement of its previously announced binding term sheet. With this money, the company states that it should be able to develop its Inspection and Reconditioning plant in Hefei. And, it states that it will be able to expand its business into the future. Whether this exciting news makes UXIN stock worth adding to your buy list or not is up to you.
Which Penny Stocks Are You Watching Right Now?
If you’re looking for penny stocks to buy, there are hundreds to choose from. As a result of the sheer amount of volatility in the stock market right now, it can be easy to lose money.
However, by understanding what is going on and how to take advantage, investors can have a much easier time doing the opposite. In addition to this, the large fluctuations in the stock market can be taken advantage of with the right trading strategy on hand. So, with all of this in mind, which penny stocks are you watching right now?