Hot Penny Stocks To Watch With The Stock Market Down Today
The stock market is down today, but that doesn’t mean all stocks are getting dumped. In fact, in this article, we discuss a handful of bullish names trading higher in a sea of red. What’s helping them stay afloat? Big news has become a significant catalyst acting as a buoy. Not only that, this list of penny stocks isn’t just maintaining, they accelerated higher during Tuesday’s morning session.
How To Find Penny Stocks For Your Watch List
It can be challenging, at times, to find penny stocks to buy, let alone ones to add to your watch list. But the thing to remember is even when the stock market sells off; there are usually a few cheap stocks to watch for one reason or another. Thanks to the more speculative nature of this low-price environment, even when most companies’ shares are down, penny stocks tend to be resilient, even if it’s just for a single session.
Whether it’s short squeeze stocks, insider trading activity, unusual options, or simply a bullish momentum surge, you’ve got your pick as far as deciding what trends to look for. The most important part is picking penny stocks that you can add to your list based on your personal trading strategy.
For instance, if you’re a swing trader, stocks moving up and down rapidly within minutes are probably not for you. Then again, if you are looking for quick scalps in the market, slow-moving stocks wouldn’t necessarily meet your criteria. In the stock market today, bears are taking control early, which has made it a bit more challenging to find bullish opportunities.
Why Is The Stock Market Down?
What may help clear out some of the noise is understanding why the stock market is down in the first place. Monday’s stock market sell-off continued on Tuesday. This was thanks, in part, to early comments made by JPMorgan CEO Jamie Dimon saying a mild to hard recession could hit next year.
Semiconductor stocks also helped drag down tech, but the main story and focus of the day remain the Federal Reserve. Signs of strength in the U.S. economy continue spooking investors who have hoped Fed rate hikes would begin easing. The latest employment data is thought to be a compelling argument that monetary policy still has room for hawkish action.
We’re in a blackout period for Fed members, and that has allowed imagination to run wild. According to the Federal Reserve, “The blackout period will begin at the start of the second Saturday (midnight) Eastern Time before the beginning of the meeting and will end at midnight Eastern Time on the next day after the meeting. For example, if the Committee meeting starts on a Tuesday, the blackout period will begin at the start of the Saturday that falls ten days earlier, and if the meeting ends on a Wednesday, the blackout period will end at the end of Thursday.”
Without additional commentary, the market is going off the last round of economic data. Meanwhile, investors await one of the most important CPI reports of the year that comes next week and one day before the conclusion of the final FOMC meeting of the year.
Penny Stocks To Watch
Geron Corp. (GERN)
Anyone looking for some of the most consistent, high-performing penny stocks of 2022 might have GERN stock on their list. That’s because shares have climbed from lows of under $1 in February to above $3 in September. Now, in December, the penny stock is still trading well above the $2 level as the company continues hitting milestones.
Geron is a clinical biotech company focused on advancing its imetelstat platform. There is two Phase 3 trials underway evaluating the treatment in lower-risk myelodysplastic syndromes and relapsed/refractory myelofibrosis.
A few upcoming events could have sparked speculation-fueled momentum in the stock market this week. The first is a few presentations set to take place at next week’s American Society of Hematology meeting. The next comes in January, where Geron hopes to report top-line results from its ongoing Phase 3 IMerge trial of imetelstat designed to confirm Phase 2 data.
“The upcoming presentation at ASH of the longer-term follow-up data from our Phase 2 IMerge trial showing unprecedented greater than one-year continuous transfusion independence in approximately one-third of the 38 lower-risk MDS patients in the study highlights the differentiating qualities of imetelstat that could address significant unmet needs in this indication,” said Faye Feller, M.D., Executive Vice President, Chief Medical Officer of Gero in a November update.
With these upcoming events, GERN stock could be one of the names to watch heading into the new year.
Muscle Maker Inc. (GRIL)
We discussed Muscle Maker Inc. earlier this month. In the article, Penny Stocks To Buy: 6 Insider Picks Before December 2022, we highlighted GRIL stock with insider activity in mind. The company’s CEO, CIO, COO, and CFO purchased shares of the penny stock, according to filings, between 11/23 and 11/25.
Muscle Maker recently launched a new project with Aggia, a UAE company, to have it operate the new Muscle Maker subsidiary, Sadot LLC. This new subsidiary will source, distribute, and produce agricultural goods, such as shipping grains via cargo ship. In addition, the Pokemoto brand inked a partnership with Newtek Business Services (NASDAQ: NEWT) to secure funding for opening new locations in the US.
This week, Pokemoto is back in focus again. The brand crossed the 50 franchise agreement milestone and now reaches 15 states once all are opened. “Seeing our footprint grow shows that our franchise marketing efforts are working and that we’re resonating with the right audiences. We continue to seek out new partnerships, vendors, and resources to expand our tool kit for prospective and current franchisees so that they can focus their efforts on expanding their Pokemoto portfolios,” said Pokemoto CEO Michael Roper in this week’s update.
Considering the latest round of achievements and insider activity, GRIL stock has been one to watch over the last few weeks. Keep in mind, however, that the run-up has been quick. Shares are trading above $0.75 this week compared to around $0.40 at the start of last week. Will profit-taking become a factor, or will the penny stock continue moving higher? That’s something to be seen but worth noting if GRIL stock is on your watch list.
Bionano Genomics (BNGO)
Shares of Bionano Genomics have caught a nice surge in momentum this month. The move comes as BNGO shares hold a relatively sideways trend as the overall markets pull back. Bionano specializes in genome analysis solutions for researchers and clinicians. It offers different solutions for applications in translational and clinical research.
Bionano’s Lineagen Inc (Bionano Laboratories) also provides diagnostic testing. These testing solutions are for patients with indications of autism spectrum disorder and neurodevelopmental disabilities. The company has also expanded its footprint to include other areas of genome analysis and testing, which is what may be in focus this week.
Bionano announced in November that it planned to acquire Purigen Biosystems. The deal would allow the company to simplify further and speed up its DNA isolation in optical genome mapping. It also adds a proprietary technology licensed by Purigen called isotachophoresis (ITP) and Purigen’s Ionic Purification System for isolating DNA and RNA from biological samples.
Science aside, this acquisition is valued at up to $64 million, with a cash payment of $32 million at closing. The closing date is what could be the catalyst right now. According to the November release, the acquisition is expected to close “on or before December 8, 2022.”
Since the date is this week, BNGO stock could be one of the names to watch.
The Very Good Food Company (VGFC)
Penny stocks under $1 have become a popular trend among retail traders. It is one of the most frequently searched for on our site. That makes sense based on how volatile the market has been and how traders have focused on capitalizing on quick moves instead of making long-term investments.
Stocks under $1 don’t require much to produce significant percentage moves. The lower the price, the higher the volatility in general. The Very Good Food Company is among the lowest-priced names on the list and was one we discussed in our article, “3 Hot Penny Stocks to Buy For Under 10 Cents.”
Since then, VGFC stock managed to bounce as high as $0.16, and though it was only a few cents, it equated to a jump of more than 50%. This week, shares are back on the move as traders remain focused on its latest partnership with Albertsons grocery stores. Starting next year, Albertsons’ will offer products in the freezer sections of 7 divisions, roughly 900 stores.