Penny stocks hold a distinctive charm for many investors. Amidst fluctuating market trends and the occasional downturn, there’s often a group of these low-cost stocks surging in value. Investing in penny stocks is a bit like embarking on a treasure hunt.

These stocks, typically traded at less than five dollars a share, hold the promise of enormous gains. Even in times of market instability, it’s not uncommon to spot penny stocks that dramatically outperform their more expensive counterparts.

However, it’s crucial to remember that the world of penny stocks isn’t all roses. With the promise of high returns comes substantial risk. Penny stocks are often associated with smaller, less established companies and therefore carry inherent volatility.

Investors must be prepared to endure the possibility of significant losses. For those willing to brave these rough seas, the reward can be quite extraordinary, with returns occasionally reaching into the triple or even quadruple digits.

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Does this suggest that massive gains are the norm for investors? Not quite. Yet, it’s worth noting that the chances of discovering penny stocks that have climbed by 40%, 50%, or even 100% in a single trading day have been remarkably high recently. With penny stocks, such dramatic gains are indeed possible.

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Interestingly, broader market trends don’t usually exert a considerable influence on penny stock sentiment. While blue-chip stocks may rise and fall in accordance with economic indicators and market sentiment, cheap stocks often chart their own course. They can buck trends and defy expectations. This independence, however, doesn’t negate the need for investors to keep a close eye on the general market dynamics.

Understanding what drives the broader market movements can provide a useful backdrop against which to evaluate penny stock potential. Factors such as interest rates, inflation, global events, and industry-specific news can impact investor sentiment and, consequently, the overall market direction.

Being aware of these factors can help investors make informed decisions, enabling them to navigate the treacherous yet potentially rewarding waters more effectively. In this article, we’ll continue the list of penny stocks to watch from the update Penny Stocks To Buy? 3 To Watch While The Stock Market Is Down.

Penny Stocks To Watch

  1. Ardelyx Inc. (NASDAQ: ARDX)
  2. Invitae Corp. (NYSE: NVTA)
  3. Rigetti Computing Inc. (NASDAQ: RGTI)
  4. Akari Therapeutics (NASDAQ: AKTX)
  5. Carmell Therapeutics (NASDAQ: CTCX)
  6. Homology Medicines (NASDAQ: FIXX)

Ardelyx Inc. (ARDX)

A recent bout of selling pressure took shares of Ardelyx back into the penny stock range over the last few months. The company reported an FDA committee backed its kidney disease drug candidate and recommended its approval. The FDA also granted Ardelyx an appeal for its treatment candidate, Xphozah, and a Complete Response letter for a New Drug Application.

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The FDA accepted its resubmission of a New Drug Application for XPHOZAH, which helped lift ARDX stock. A recent presentation at the Jefferies Healthcare Conference this week and a current push to raise the company’s common share count have breathed some new life back into the market.

Earlier this month, Ardelyx reported that its Tenapanor new drug application to treat hyperphosphatemia was accepted for review in China. “The NDA acceptance for tenapanor for hyperphosphatemia in China marks a significant step forward in Ardelyx’s commitment to bringing our novel therapies to patients with unmet medical needs and our desire to expand internationally alongside best-in-class partners who complement our capabilities and share our mission,” said CEO Mike Raab.

If ARDX stock is on your watch list right now, keep August 2nd in mind. This is when the company reports its next round of earnings results.

Invitae Corp. (NVTA)

Invitae has continued a multi-day upswing this week as attention focuses on upcoming events for the medical genetics company. Its focus has been on delivering genetic information that gives accurate and actionable insight to individuals.

Earlier this year, NVTA stock grabbed attention following comments from Cathie Wood. In a CNBC interview, Wood discussed the company saying, “We do believe the breakthroughs that we are seeing thanks to the convergence of DNA sequencing … RNA protein sequencing and artificial intelligence are already delivering cures for disease, and so we still hold Invitae.”

But comments from talking heads may not be the reason traders are looking at NVTA stock. Earnings season is in full swing, and Invitae is on the watch list. The company reports its latest round of financial results for the second quarter on Tuesday, August 8th. Remember that earnings can be a source of speculation and, in turn, heightened volatility and risk. If NVTA stock is on your list of penny stocks to watch, it could be something to account for especially heading into earnings week.

Rigetti Computing Inc. (RGTI)

quantum computing stocks

Shares of Rigetti Computing stock continued climbing higher in the stock market today. The penny stock began surging shortly after reporting earnings in May. While it missed both EPS and sales estimates, commentary from management appears to have been a sticking point for bullish traders.

“I’m pleased to report that we believe we are on track and progressing toward the nearer-term strategic priorities and technology roadmap we announced in February 2023. Following the implementation of our updated business strategy we announced in February 2023, which is designed to improve our focus, operating efficiency, and preserve cash resources, we are starting to see positive impacts,” said Dr. Subodh Kulkarni, Rigetti’s Chief Executive Officer.

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The quantum computing company has gained interest as the sector grows in popularity. Rigetti is expecting to launch its Ankaa-1 quantum processor to customers in mid-2023. Last month, it was awarded a US Patent titled “Parametrically activated quantum logic gates,” helping to add to the positive sentiment in the stock market. Right before the end of July, Rigetti also announced a collaboration deal with ADIA Lab to develop quantum machine learning solutions for resolving certain challenges in quantitative finance.

Also, if RGTI stock is on your list, keep August 10th in mind. This is when the company reports its next round of financial results.

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