3 Popular Penny Stocks to Watch in January 2022
As another trading day comes to an end for penny stocks and blue chips, we’re witnessing extremely high volatility in the stock market. When trading began today, it looked as though the market was headed for a bullish day.
However, at midday, stocks fell following a record jump in the price of wholesale goods as well as surprising jobs data. The data showed that more than 230,000 people applied for unemployment last week, and the December PPP grew by 9.7% YoY. While investors are bullish about the future of penny stocks, small roadblocks like this can cause sizable volatility and uncertainty in the stock market.
“We’re going to have the best growth we’ve ever had this year, I think since maybe sometime after the Great Depression. The consumer balance sheet has never been in better shape; they’re spending 25% more today than pre-Covid. Their debt-service ratio is better than it’s been since we’ve been keeping records for 50 years.”
The CEO and Chairman of JPMorgan Chase, Jamie Dimon
All of this is very positive news and shows that the stock market could be headed for steady growth in the future. Considering this, let’s take a look at three penny stocks to watch right now.
3 Penny Stocks That Are Popular Right Now
- CytoDyn Inc. (OTC: CYDY)
- Yamana Gold Inc. (NYSE: AUY)
- Genius Brands International Inc. (NASDAQ: GNUS)
CytoDyn Inc. (OTC: CYDY)
One of the bigger gainers of the day so far is CytoDyn Inc. By EOD, shares had shot up by over 26% to north of $0.68 per share. While it’s difficult to say why CYDY stock is up, we do know that the company was supposed to host a webcast and live Q/A today. However, by midday, the company announced the cancellation of this event.
Right now, the main subject of CytoDyn is its CCR5 antagonist compound known as leronlimab. This drug has the potential to be used in several therapeutic indications and has received Fast Track Designation from the FDA. The Fast Track Designation concerns this drugs potential to treat HIV as well as metastic cancer. The company has already completed Phase 3 pivotal trials for this compound combined with antiretroviral therapies in those with HIV.
Now, it is working to resubmit its BLA or Biologics License Application after receiving a Refusal to File back in July of 2020. Moving forward, we continue to see a sizable amount of bullish sentiment in the biotech industry. And while CYDY is not working on a Covid treatment or cure, it is still receiving a lot of attention right now. With that in mind, will it be on your list of penny stocks to watch?
Yamana Gold Inc. (NYSE: AUY)
With a 1.5% gain on January 13th, Yamana Gold has many investors watching it right now. This gain brings its five day uptick to almost 10%, which is quite substantial for a mining stock. The main reason for…