3 Top Penny Stocks To Watch Right Now
When it comes to finding penny stocks to buy, there are a number of strategies you can follow. And in 2022, the main factors that contribute to making money with penny stocks all have to do with what is going in the stock market. As a result of this, it is crucial to have an understanding of penny stocks and the stock market before you start investing.
The first thing to consider when looking for penny stocks to buy is the overall direction of the stock market and what news is ongoing. If the stock market is in a bull phase, then it is generally a good time to buy certain penny stocks. However, if it is a bear market, other stocks may be worth buying. In the end, it all comes down to what news is going on and how to take advantage of that. With this in mind, let’s take a look at what happened on August 9th, 2022.
Stock Market Recap, August 9th
On August 9th, penny stocks and blue chips ended lower. This comes as new earnings and an inflation report are supposed to both come out on August 10th. As stated earlier, news is always a crucial factor, and this weighed heavily on trading during August 9th.
The majority of the losses we saw on Tuesday were in the tech sector with the NASDAQ Composite dropping by around 1.2%. This is something that investors should keep an eye on moving forward as it could continue to impact the market at large. Considering this, here’s what you need to know about buying penny stocks on August 10th.
What You Need to Know About Buying Penny Stocks on August 10th
When it comes to buying penny stocks on August 10th, it is impossible to predict the future. However, we do know that volatility is likely to continue into the near future. As a result, make sure that you have a proper trading strategy that can shift with the shifting market. And, ensure that you are ready to handle the high levels of volatility that we are witnessing.
3 Penny Stocks to Watch Right Now
- T2 Biosystems Inc. (NASDAQ: TTOO)
- Endo International PLC (NASDAQ: ENDP)
- Timber Pharmaceuticals Inc. (NYSE: TMBR)
T2 Biosystems Inc. (NASDAQ: TTOO)
Despite dropping by around 6% during trading, TTOO stock pushed up by around 8% in after hours. The main news from the company comes as it announced on August 9th that it is exploring the potential to develop rapid molecular tests for Monkeypox. This is big news for the company and explains the recent uptick.
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Recently, any company with relation to Monkeypox has seen a major jump in popularity. And, this is both a good and bad thing as it is responsible for major volatility. So, if you’re comfortable with a high level of volatility, TTOO could be worth adding to your list of penny stocks to watch.
Endo International PLC (NASDAQ: ENDP)
During trading ENDP stock shot down by over 39%. And, this alongside a 9% after hours gain. So, why is ENDP stock moving so much right now? The main update for the company comes as it announced an imminent bankruptcy filing.
This is bad news for investors and explains exactly why ENDP stock is falling. However, in the interim, the volatility could be a great part of a strategy if large fluctuations are in your strategy. Considering this, does ENDP deserve a spot on your penny stocks watchlist or not?
Timber Pharmaceuticals Inc. (NYSE: TMBR)
During trading on August 9th, TMBR stock shot up by 1.2% and more than 3.9% in after hours respectively. The most recent news from TMBR came on August 8th when it announced the closing of an $8 million public offering.
This is a great update for investors as it should add some much needed capital into Timber Pharmaceuticals. The deal concerns 66.66 million shares of common stock sold at a price of $0.12 per share. It states that the money will be used for research and development, clinical trials, working capital and more. With this in mind, will TMBR be on your buy list or not?
Which Penny Stocks Are You Watching Today?
If you’re looking for penny stocks to buy, there are hundreds of options to choose from. But with so many stocks on the market, it can be hard to know which ones are worth investing in. In 2022, it all comes down to having the right information on hand and being able to use it. This also means having a well-thought-out trading strategy.
At the end of the day, buying and selling penny stocks is a very individual process. So, know who you are as a trader and always utilize that as your upper hand. With this in mind, which penny stocks are you watching right now?