Buying Penny Stocks Today? Here’s What You Need to Know
After yesterday’s rather wild day of trading penny stocks and blue chips, what do we have in store for the stock market today? Well, there is a lot to keep track of right now as is the case with the stock market in general. Yesterday, we saw the market take a major dip to start the day. However, as the day progressed, the market quickly snapped up toward EOD. This resulted in most stocks recouping their losses in an unexpectedly bullish turn.
What to Know About Trading Penny Stocks Today
As we get started on Tuesday, January 25th, we are seeing U.S. stock futures dropping in premarket. Contracts on the S&P 500 dropped by roughly 1.2% with Dow futures dropping by around 0.7%.
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While there is no one factor that is causing all of the volatility we’re witnessing, there are several that are contributing to it. One of the main issues right now is the Fed interest rate hikes. In addition, the January monetary policy meeting is set to begin today with a statement from Fed Chair Jerome Powell tomorrow.
Additionally, there are several earnings reports that will come out this week as earnings season continues. So, as you can see, there is a lot that is affecting the stock market right now. And, most analysts believe that the major volatility we’re witnessing right now will only continue. So, with all of that in mind, let’s take a look at three penny stocks that are climbing right now.
3 Penny Stocks That Are Climbing Right Now
- Esports Entertainment Group Inc. (NASDAQ: GMBL)
- Kintara Therapeutics Inc. (NASDAQ: KTRA)
- Catalyst Biosciences Inc. (NASDAQ: CBIO)
Esports Entertainment Group Inc. (NASDAQ: GMBL)
With a modest gain of around 3% during premarket trading, many investors are focusing on GMBL stock right now. And while many gains with penny stocks occur without news, yesterday, Esports Entertainment made an exciting announcement.
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On January 24th, the company stated that it has received an approval for a Transactional Waiver from the Director of the New Jersey Division of Gaming Enforcement. This will allow the company to accept bets in the state of New Jersey.
“We couldn’t be more pleased to be the first esports-dedicated operator to be granted the right to commence business in New Jersey. On behalf of our entire team, I would like to thank the Division of Gaming Enforcement for their approval of our platform and the trust they have placed in our Company.”
The CEO of Esports Entertainment Group, Grant Johnson
With this in mind, will GMBL be on your penny stocks watchlist moving forward?
Kintara Therapeutics Inc. (NASDAQ: KTRA)
Another penny stock that is moving right now is KTRA stock. Despite a drop in its YTD chart, we have seen a slight bullish turnaround with KTRA recently. The most current news from Kintara came on January 12th when it announced a grant from the Luxembourg National Research Fund and Cancer Foundation to support its VAL-083 related research.
“The recognition and financial support from this esteemed organization to support VAL-083’s research in Dr. Golebiewska’s laboratory is extremely exciting as it will provide important data to optimize the clinical use of this first-in-class small molecule chemotherapeutic.”
The Chief Scientific Officer of Kintara, Dennis Brown, Ph.D.
This is great news for the company and should allow it to move further with this compound. Considering that, does KTRA deserve a spot on your list of penny stocks to buy?
Catalyst Biosciences Inc. (NASDAQ: CBIO)
By morning trading, shares of CBIO stock had shot up by over 8% to north of $0.66 per share. As stated earlier, often we will see shares of penny stocks climb with no news or announcement. However, today Catalyst Bio put out an exciting update that is worth looking into. Today, the company stated that the FDA has granted it a Rare Pediatric Disease Designation for its CB 4332 product. This is used in the treatment of Complement Factor I deficiency or CFID.
“We are focused on efficiently advancing the development of CB 4332 and our complement medicines portfolio in a number of complement-driven diseases in hematology, nephrology and ophthalmology.”
The CEO of Catalyst Biosciences, Nassim Usman, Ph.D.
This is an exciting update and helps to explain CBIO’s 20% premarket gain today. With that in mind, will CBIO be only our penny stocks buy list or not?
Are Penny Stocks Worth Buying Right Now?
If you’re looking for the best penny stocks to buy now, there are hundreds of options to choose from. While it can be difficult given the sheer number of factors affecting the stock market, there is plenty to take advantage of right now.
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With the right information on hand, investors can find penny stocks that offer the potential to make money. Considering this, do you think that penny stocks are worth buying right now or not?
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