Hot Penny Stocks to Watch Right Now? 3 For Your List in May

May 19, 2022 3:55 PM EDT
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3 Penny Stocks to Add to Your Watchlist Today

With a relatively flat day of trading for penny stocks and blue chips, there are plenty of opportunities for investors right now. Although trading penny stocks can be challenging, it can also be highly rewarding if done correctly.

For that reason, it is worth looking into what is affecting the stock market and how to make money with penny stocks. For starters, the largest impacts on the market right now include rising inflation, climbing interest rates, and geopolitical tensions. And while these have all worked together to create an incredibly unpredictable market, they also present the potential to make money with frequent swings.

[Read More] Penny Stocks & Frequently Asked Questions From New Traders

Now, when it comes to trading penny stocks, it's all about taking advantage of these swings. This means having a trading strategy and the discipline to stick to it. So, if you're looking to make money with penny stocks, make sure you have a plan and the patience to implement it.

With the right approach, you can take advantage of this volatile market and come out on top. And, make sure to never trade with emotion. This is one of the most important lessons to learn when it comes to penny stocks. So, with all of this in mind, let's take a look at three hot penny stocks to add to your watchlist right now.

3 Penny Stocks to Watch on Thursday, May 19th

  1. Neurometrix Inc. (NASDAQ: NURO)
  2. Indaptus Therapeutics Inc. (NASDAQ: INDP)
  3. Mullen Automotive Inc. (NASDAQ: MULN)

Neurometrix Inc. (NASDAQ: NURO)

One of the bigger gainers of the day on May 19th is NURO stock, which shot up by over 35% at midday. And, in the past five days, shares of NURO stock have climbed by more than 40%, which is no small feat.

[Read More] Best Penny Stocks To Buy? Einhorn, Lynch, Cohen & Dalio Own These 5

While we do see gains without news, today, Neurometrix made an exciting announcement. It stated that it received FDA authorization to market its Quell product for neuromodulation. This can be used in the reduction of symptoms of fibromyalgia in patients with high pain sensitivity.

"There is an unmet need for effective and safe fibromyalgia treatments. Receiving this De Novo authorization is a key milestone towards the Company's goal of making Quell available as a prescription treatment option for people living with fibromyalgia. We believe physicians treating patients with fibromyalgia will be interested in Quell's potential clinical benefits and safety profile. Our initial commercialization efforts will focus on rheumatologists and pain medicine physicians."

The CEO of Neurometrix, Shai N. Gozani, M.D., PhD.https://pennystocks.com/category/penny-stocks-watch-list/

Right now, there is a sizable amount of bullish momentum with biotech stocks. And, while NURO is quite volatile, the company does look like it could be worth keeping an eye on. With this in mind, will NURO be on your penny stocks watchlist?

Penny_Stocks_to_Watch_Neurometrix

Indaptus Therapeutics Inc. (NASDAQ: INDP)

Another gainer at midday on May 19th is INDP stock. During trading, shares of INDP stock managed to climb by over 18% to more than $2.97 per share. This is a substantial gain that reflects exciting news put out by the company during the trading day. In premarket trading, INDP announced that it received FDA clearance for its Investigational New Drug or IND application for its Decoy20 trial. This will test the ability of this drug to work in treating solid tumors.

"We are excited to begin our first in human study of Decoy20, as there is still a significant unmet medical need for patients with advanced solid tumors. This is an important milestone for Indaptus, which brings us one step closer to our goal of demonstrating the utility of a multi-targeted and antigen-agnostic, systemic immunotherapy that primes and activates both innate and adaptive anti-tumor immune responses."

Jeffrey Meckler, the CEO of Indaptus

As stated earlier, it's clear that there is a lot of bullish movement with biotech stocks. And, because this is just the beginning of its testing on this compound, INDP looks like it is in an advantageous position. Considering that, do you think INDP is worth adding to your list of penny stocks to buy or not?

Penny_Stocks_to_Watch_Indaptus

Mullen Automotive Inc. (NASDAQ: MULN)

Mullen Automotive is a penny stock that we have covered multiples times in the past few months. And despite a one month drop of over 25%, we have begun to see some small bullish sentiment with the company in the last few trading days. The most recent news from the company came on May 13th, when it announced its preliminary summary for its Q2 results. In the results, the company announced cash and cash equivalents of $65.2 million.

"We have made significant progress during the second quarter and have demonstrated significant finance progress for moving forward. Our balance sheet continues to improve and our EV programs are all moving forward, including the start of the Mullen FIVE RS program."

The CEO of Mullen, David Michery

While MULN stock is highly volatile, it does look like investors are interested in the company right now. With this considered, is it worth buying or not?

Penny_Stocks_to_Watch_Mullen Automotive (MULN Stock Chart)

Which Penny Stocks Are You Watching Right Now?

If you're looking to make money trading penny stocks, there are plenty of options to choose from. As traders, it is our job to make sure that the penny stocks on our lists, have the best chance of climbing.

[Read More] What to Know About Buying Penny Stocks on May 19th

And while it can be difficult to predict which way a penny stock will go, it can be much easier once we consider our trading strategy. This strategy should be able to adapt to changing market conditions, and, it should be aligned with your overall investing goals. So, with this in mind, which penny stocks are you watching right now?

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