Buying Penny Stocks Today? Here’s What You Need to Know
With penny stocks and blue chips in a highly volatile place right now, investors continue to look for the best ones to buy. While this can be difficult given the sheer number of penny stocks out there, with the right information by your side, it can be much easier.
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Considering that there are so many penny stocks to choose from, understanding what is going on in the market is crucial. With that in mind, let’s take a look at what you need to know about trading penny stocks today.
What to Know About Trading Penny Stocks Today
During premarket, futures for the Dow Jones were little changed after sizable gains achieved on March 2nd. Many investors are excited about the potential of a second round of peace talks with Russia and Ukraine that could occur shortly.
And, with treasury yields moving lower slightly, investors are still waiting for Fed. Chair Jerome Powell to speak on potential rate hikes. Ahead of the market open, Dow Jones futures pushed up by around 0.3% with S&P 500 futures rising similarly. So, with all of this in mind, let’s take a look at three penny stocks that are gaining during premarket right now.
3 Penny Stocks Gaining During Premarket Right Now
- Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP)
- Alset Ehome International Inc. (NASDAQ: AEI)
- Imperial Petroleum Inc. (NASDAQ: IMPP)
Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP)
One of the bigger gainers during morning trading is Tonix Pharmaceuticals Holdings Corp. By early morning, shares of TNXP Stock had shot up by over 27% to more than $0.24 per share. This adds to its five day gain of 26%. While many penny stocks climb without news, Tonix made an exciting announcement during premarket trading today.
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It stated that it has received FDA Orphan Drug Designation for its TNX-2900 compound. This compound is used in the treatment of Prader-Willi syndrome, and could be a major tool in the fight against it. Orphan Drug Designation is a big deal and should allow Tonix to move forward with getting this drug in the hands of those who need it. Considering that, will this company be on your penny stocks watchlist?
Alset Ehome International Inc. (NASDAQ: AEI)
During premarket, AEI stock shot up by over 13% to more than $0.39. in the past five days, shares of AEI stock have climbed by around 27%, which is quite a substantial gain. While it’s tough to say why AEI stock has climbed so much during that time, we can look at its recent announcements.
On February 17th, the company appointed Anthony S. Chan as its new COO. Mr. Chan is a certified public accountant with more than 32 years in the industry. While this is not enough to justify its major gain, it is enough to start a domino effect resulting in increased popularity for AEI stock. With that considered, will AEI be on your list of penny stocks to buy?
Imperial Petroleum Inc. (NASDAQ: IMPP)
Imperial Petroleum is a penny stock that we have been covering substantially over the past few weeks. And again today, shares of IMPP stock are up by over 12% during premarket. This brings its five day gain to over 22% with more than 164% added in value in the last month.
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The most recent announcement from IMPP came a few weeks ago, when it announced the closing of an upsized underwritten public offering of 9.6 million units at $1.25 per unit. The proceeds will be used for acquiring vessels as well as capital expenditures and corporate purposes. With the recent bullishness on oil and gas as a result of the conflict in Ukraine, IMPP stock could be worth watching.
Are Penny Stocks Worth Buying Right Now?
With so many penny stocks to choose from, finding the best one for your watchlist can be challenging. However, because there is such a wide variety of penny stocks on the list, it all comes down to understanding where the greatest value is. With all of that in mind, do you think that penny stocks are worth buying right now or not?