3 Penny Stocks That Exploded In Pre-Market Trading Today
Are these Penny Stocks on your watch list right now?
Finding penny stocks that have earned pre-market is a great way to get ahead before trading day. And while some penny stocks that explode during pre-market trading will continue those runs throughout the day, others may see a correction as the market opens. To understand what is most likely to happen, we can look at the market at large and what it is doing.
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Right now, US equity futures are rising ahead of the open, with the S&P 500 and the Dow both approaching all-time highs. In addition, the most recent report on jobless claims came out, with 198,000 reported. This is the lowest level since 1969, which is no small feat. Despite all this positivity, we still have to consider the effects of the pandemic and the Omicron variant. While this variant is better understood now than it was a month ago, the skyrocketing number of cases is still of concern.
Despite this, the variant proved to be less severe than the previous variants, which is undoubtedly good news. So while we don’t know what will happen with penny stocks or blue chips in the coming months, we do know that investors are hoping for gains. Considering that, let’s take a look at three penny stocks that rose during pre-market trading today.
3 Penny Stocks To Watch With Big Pre-Market Gains
- Reliance Global Group Inc. (NASDAQ: RELI)
- Kiora Pharmaceuticals Inc. (NASDAQ: KPRX)
- Aridis Pharmaceuticals Inc. (NASDAQ: ARDS)
Reliance Global Group Inc. (NASDAQ: RELI)
At $ 7.48 per share during pre-market after gaining 19%, RELI’s share is no longer a penny stock. However, just a few days ago, the shares were trading below $ 5. For this reason, it is worth considering why RELI’s stock is rising so sharply at this time. Over the past month, RELI shares have risen 196%.
While it’s hard to say why Reliance Global is moving, we can look at some recent announcements and the insurance industry as a whole. Just a few weeks ago, the company announced the launch of its 5MinuteInsure.com product in 8 additional states, bringing the total to 20 states in the United States.
“We have added 8 more states to the 5MinuteInsure.com platform and are now commercially available in a total of 20 states in the United States, with a combined population of over 100 million people. We are extremely pleased with the pace of the national rollout of 5MinuteInsure.com and I would like to personally thank our team and advisors, who have helped us achieve these important milestones.
Reliance Group CEO Ezra Beyma
This is great news for the company and it could help explain why it is growing at this time. To take advantage of these significant gains, RELI also recently valued a $ 20 million private placement with institutional investors. Given all of this, is RELI stock worth adding to your list of penny stocks to watch?
Kiora Pharmaceuticals Inc. (NASDAQ: KPRX)
Kiora Pharmaceuticals is another big pre-market winner today, rising over 15% during early morning trading. Despite a 75% drop in the past six months, it looks like we are seeing a small bullish reversal for the biotech penny stock. Similar to RELI, there is no announcement today that results in this big payoff.
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For this reason, we can safely say that this is mostly speculation and that KPRX stock may be trending online. However, he made an announcement about two weeks ago that is worth considering. On December 14, the company announced that its compound KIO-101 exhibited high safety and tolerance in a Phase 2 study for people with dry eye disease.
“These early signs of a drug-related effect on clinical outcome are encouraging and support the continued development of KIO-101 for patients with ocular surface inflammation associated with dry eye disease.”
Kiora Development Director Eric J. Daniels
In addition to this, Kiora currently has several compounds in its clinical pipeline, including KIO-201, which is used in wound healing and KIO-301 for people with hereditary or age-related retinal degeneration. So while the recent performance of KPRX stock is nothing to write home about, do you think stocks are taking a bullish turn? Whether or not that’s the case, it looks like KPRX stocks could be a nice addition to your penny stock watch list.
Aridis Pharmaceuticals Inc. (NASDAQ: ARDS)
Shares of ARDS rose about 7% in pre-market trading. Unlike others on this list, there are a few clear reasons why ARDS stocks are increasing right now. Last week, the company announced that its drug AR-701 is highly responsive against Covid-19 and its variants.
This includes the Omicron variant, which many believed might require new drugs due to its variety of mutations. AR-701 is a kind of antibody cocktail that has attracted considerable attention to the company in recent weeks. And in accordance with that, HC Wainwright has set a bullish price target of $ 19 on ARDS shares. Additionally, analyst group Cantor Fitzgerald recently said the Aridis pipeline was “underestimated.”
While analyst comments are not a reason to live or die, they are worth considering for investors. And, those comments appear to be less speculative and more about Aridis’ potential going forward. With Covid cases continuing to increase at this time, the focus is on any business related to the pandemic. Given this, is ARDS stock worth buying or not?
Are Penny Stocks Worth Buying Now?
If you are looking for the best penny stocks to buy in 2022, there are a lot of options to choose from. With a few days into the new year, investors are hoping 2022 may present more opportunities for earnings than 2021.
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But, there are still many unknowns, including the pandemic, inflation and other economic incidents. This means that the high volatility we are seeing now is likely to continue going forward. Given all of this, do you think penny stocks are worth buying now or not?
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