3 Penny Stocks to Watch in Mid-June 2022
With another interesting day of trading penny stocks and blue chips, there is a lot for investors to know. Right now, we have to consider what is going on in the stock market so we can use that to our advantage.
And, over the past few days, we’ve seen an incredible amount of bearish sentiment in the stock market. This is the result of high inflation and subsequent rises in interest rates. Recently, the Fed stated that it would increase interest rates by 75 basis points. This is the largest rate hike since the 1990s. And as a result, major indexes such as the S&P 500 and NASDAQ, have fallen substantially.
While penny stocks don’t typically play by the rules, they are not in any way immune to macroeconomic shifts. And for that reason, knowing what is going on in the stock market remains crucial to profiting. So, always consider these factors when it comes time to make a penny stocks watchlist. With all of this in mind, let’s take a look at three penny stocks to add to your watchlist right now.
3 Penny Stocks to Watch Right Now
- Mereo BioPharma Group Plc. (NASDAQ: MREO)
- Vinco Ventures Inc. (NASDAQ: BBIG)
- MEI Pharma Inc. (NASDAQ: MEIP)
Mereo BioPharma Group Plc. (NASDAQ: MREO)
One of the largest gainers of the day on June 17th is MREO stock. At EOD, shares of MREO had shot up by over 60%, which is no small feat. This large gain is the result of big news that came out during premarket trading. Early on Friday, AstraZeneca Plc, announced that it could be taking over Mereo BioPharma. This came out in a report from The Times, which stated that Mereo would accept $500 million in American depositary receipts.
Currently, the company has a lead drug known as etigilimab, which has helped to bring it a sizable amount of popularity in the past few months. And, because it has kept its shares under $1 over the last thirty days, some rumors surround that the company could be at risk of being delisted. So, all of this exciting news shows that Mereo is an interesting penny stock to keep an eye on right now. But, whether it’s worth adding to your penny stocks watchlist or not, is up to you.
Vinco Ventures Inc. (NASDAQ: BBIG)
Another decent gainer on Friday is BBIG stock, which shot up by over 4% at EOD. And in the past five days, shares of BBIG have climbed by more than 12%. During that time, we’ve covered it on numerous occasions. And, its recent gains are even more impressive considering its six month drop of over 30%.
It’s important to consider that there is no recent news that is causing the movement with Vinco Ventures. So, to attempt to understand it, we can take a closer look at its most recent announcement. On May 25th, the company the company announced that it had to delay the Cryptyde spin-off distribution date. And only a few days before this, the company reported its Q1 financial results.
“Vinco continues to execute our plan to grow into a global content driven ecosystem focused on our core pillars: enrich our communities as we engage, endorse and entertain. During the first quarter of 2022, we completed our acquisition of AdRizer, which represents one of the core pillars of our strategy to monetize traffic throughout the digital media spectrum and across the Vinco ecosystem.”
CEO of Vinco Ventures, Lisa King
So, while BBIG stock is highly volatile, the company could be worth keeping an eye on. Considering this, will it be on your list of penny stocks to buy this coming week?
MEI Pharma Inc. (NASDAQ: MEIP)
With over 8% in gains at EOD on June 17th, MEIP is another penny stock that investors are watching right now. In the past month, shares of MEIP stock have shot up by more than 16%. And while this may not seem like much, it is substantial considering its six month drop of over 75%. So, is there any reason that MEIP stock is climbing right now?
Well, around a week ago, the company announced that it and Kyowa Kirin reported clinical data on the drug Zandelisib at the European Hematology Association 2022 Hybrid Congress. In the results, the company stated that this drug showed a 70% objective response rate with a 35% complete response rate. And, 87.5% of responses were achieved within the first two cycles of therapy.
“I believe the data presented at EHA this year are very exciting and supportive of the zandelisib development program, particularly as we continue to enroll the Phase 3 COASTAL study evaluating zandelisib in combination with rituximab.”
Wojciech Jurczak, M.D., Ph.D., a Professor at the Dept. of Clinical Oncology in Krakow, Poland
This is great news for the company and investors and should be kept in mind. With this considered, is MEIP stock worth buying or not?
Which Penny Stocks Are You Watching Right Now?
If you’re looking for the best penny stocks to buy right now, there are hundreds to choose from. But, understanding what is going on in the stock market and using that to your advantage, will separate you from making and losing money.
Right now, we have many factors that are causing movement in the market. This includes rising inflation, climbing interest rates and much more. So, with all of this in mind, which penny stocks are you watching right now?