3 Penny Stocks to Add to Your Watchlist This Month
With another penny stock trading day, there is plenty to be excited about. Over the past week, we have seen significant stock market movements. Although this can result in significant losses, it can also result in very large gains. To understand how to make money with penny stocks, investors need to consider what is happening in the stock market.
Many penny stocks are being watched by investors right now due to the magnitude of movement and momentum in the stock market. This is the result of high inflation, rising interest rates and geopolitical upheaval. In addition to this, investors must have a well thought out trading strategy. This is the best way to ensure your chance of making consistent profits with penny stocks. A trading strategy will take into account your investment goals, risk tolerance and the penny stocks you are interested in.
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With a trading strategy, you can enter and exit trades with confidence, knowing you have a plan to follow. If you don’t have a trading strategy, now is the time to develop one. Although trading penny stocks is not easy, it is possible to make a lot of money if you approach it the right way. Penny stocks are a great way to invest in the stock market and can offer investors the opportunity to make significant profits. So, with all of that in mind, let’s take a look at the three penny stocks to watch right now.
Check These 3 Penny Stocks For Your Watchlist
- Chembio Diagnostics Inc. (NASDAQ: CEMI)
- Enservco Corp. (NYSE: ENSV)
- Vistagen Therapeutics Inc. (NASDAQ: VTGN)
Chembio Diagnostics Inc. (NASDAQ: CEMI)
CEMI stock is one of the biggest gainers of the day on May 31st. At EOD, shares of CEMI had jumped more than 11%. This is a significant rise that reflects bullish sentiment over the past few trading days. Over the past five years, we’ve seen CEMI stock rise over 22%, which is a lot.
The main reason for this is probably due to an announcement made by her on May 17. On the 17th, the company announced an agreement for Reszon Diagnostics International. The agreement will allow Reszon Diagnostics to produce Chembio’s HIV 1/2 STAT-PAK test products in Malaysia.
“We are delighted to work with Reszon, a Malaysian leader in diagnostic test kits, to optimize our global manufacturing by leveraging our Malaysian resources. This is a major milestone in our global competitiveness program aimed at improving profitability.
We believe this new relationship will increase our ability to supply new markets, strengthen our competitiveness and strengthen our position in rapid point-of-care testing. We look forward to exploring business opportunities in Malaysia and other high growth markets.
CEMI CEO Richard Eberly
Right now, there is major bullish interest in biotech penny stocks. So whether that makes CEMI stock worth adding to your list of penny stocks to buy or not is up to you.
Enservco Corp. (NYSE: ENSV)
Another big gainer on May 31 was ENSV stock, which jumped over 12% at EOD. That brings it to just over $2.40 per share. And, in the past month, shares of ENSV have soared more than 19%, which is no small feat. If you are unfamiliar, Enservco is an oil service provider. This includes offerings such as hot filing, acidizing, frack water heating, and more.
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As a result, the company is a decently sized player in the energy sector. Recently, we have seen a considerable amount of upward momentum with energy penny stocks. And while it’s hard to say whether ENSV’s stock is worth buying, it’s clear there’s interest in the company. With that in mind, does ENSV deserve a spot on your penny stocks watch list?
Vistagen Therapeutics Inc. (NASDAQ: VTGN)
With more than 12% gains, VTGN is another biotech penny stock that is climbing at the moment. If you are unfamiliar, VTGN is a late-stage clinical biopharmaceutical company. It acts on a variety of compounds used in anxiety, depression and CNS disorders.
To understand if VTGN stock, we need to look at the company’s recent announcement. On May 5, he announced key updates regarding regulatory measures via his treatment for social anxiety disorder. The company states that the FDA has agreed that its data shows no signs of abuse potential and that it does not need to conduct further abuse studies.
“There are more than 25 million people in the United States with social anxiety disorder, or SAD, and many of them don’t have adequate treatment options available.
As PH94B continues to progress through our Phase 3 development program in SAD, we are encouraged by our consensus view with the FDA on the important dimension of abuse liability. These clear and timely comments from the FDA further strengthen our team and our ongoing efforts to advance PH94B on behalf of the millions of people struggling with SAD.
Vistagen CEO Shawn Singh
Considering this, does VTGN belong on your watch list or not?
What Penny Stocks are you looking at right now?
If you’re looking for the best penny stocks to buy, there are hundreds to choose from. But, understanding exactly what is going on in the stock market will remain crucial to profiting from it.
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If we consider that there are so many factors at play, we can start building a refined trading strategy.
While it may be difficult, many investors are making money from penny stocks in 2022. So with all of that in mind, what penny stocks are you looking at right now?