Buying Penny Stocks on July 27th? Here’s What You Need to Know
After another tough day of trading for penny stocks and blue chips, investors need to stay on top of the news. As always, we find that news is the largest mover of growth with penny stocks. Because of this, understanding exactly what is going on with the stock market and certain penny stocks specifically, is crucial to profiting.
As you may have seen, the past few months have been an extremely volatile time. And, many investors have lost money with trading due to that. So, with this, let’s take a closer look at what is happening in the stock market right now.
Stock Market Recap, July 26th, 2022
On July 26th, we saw the Dow drop by over 200 points with the S&P 500 falling by around 1%. This comes as Walmart recently slashed its earnings forecast, which had a major ripple effect around the U.S. retail space. In addition, the earnings cut is likely the result of the price of food and other goods becoming more expensive due to inflation.
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So, while we did begin to see some major bullish sentiment last week, it is likely that we will continue to see large up and down movement going into the future. With this in mind, here’s what you need to know about trading stocks on July 27th.
What You Need to Know About Buying Penny Stocks on July 27th
As stated earlier, there is an incredible amount of volatility across the board right now. And while we cannot predict any type of movement in the stock market, we do know that there are a few factors that are contributing more than others.
This includes rising inflation, climbing interest rates, corporate earnings, and more. These have been the main cause of market movement in the past few weeks, and they continue to be the prime suspect for high volatility. So, keeping those considered, let’s take a look at three penny stocks to add to your watchlist today.
3 Penny Stocks to Watch Today
- Geovax Labs Inc. (NASDAQ: GOVX)
- Imperial Petroleum Inc. (NASDAQ: IMPP)
- Chimerix Inc. (NASDAQ: CMRX)
Geovax Labs Inc. (NASDAQ: GOVX)
One of the larger gainers on July 26th and that we’ve seen in some time is GOVX stock. During trading and after hours, shares of GOVX stock managed to shoot up by over 6.5% and more than 14% respectively. While that may not seem like much, in the past five days, GOVX stock has pushed up by over 150%.
The main reason for this comes as the company is working on producing a compound that could stop the transmission of Monkeypox. With the World Health Organization declaring Monkeypox a global health emergency, many investors are focused on companies like GOVX. Considering that, do you think it deserves a spot on your penny stocks watchlist or not?
Imperial Petroleum Inc. (NASDAQ: IMPP)
Imperial Petroleum is a penny stock that we have discussed numerous times in the past few months. And with over 14.5% in gains during trading and another 12.4% in after hours gains, IMPP is once again on many investors radars.
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The most recent news for the company came on July 25th when it announced that it would release its financial results on July 27th before the market opens. As a result, investors are excited about the news that the company will report today. So, keep a close eye on IMPP and whether or not it hits the mark.
Chimerix Inc. (NASDAQ: CMRX)
With 17% in gains at EOD on July 26th, CMRX is a popular penny stock to watch right now. Similar to Geovax, the company is benefitting right now from the attention on Monkeypox. Because it is a biotech penny stock with work on vaccines and antivirals, the company has seen an increased amount of popularity over the last few weeks.
While this is encouraging, it is also important to keep in mind that CMRX is quite volatile. And, any penny stock with a relation to this side of the stock market right now, is seeing increased volatility. With that in mind, does CMRX deserve a spot on your list of penny stocks to watch?
Which Penny Stocks Are You Watching Right Now?
If you’re looking for the best penny stocks to buy in 2022, it can be challenging to create a perfect watchlist. However, if you understand what makes penny stocks move, making money with small caps can be much easier than previously anticipated.
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Now, in the past few months, we have seen a major amount of volatility across the board. Although it has not made it easy to profit, it has given plenty of opportunities to do so. With this in mind, which penny stocks are you watching right now?