Full access to Entrepreneur for $5
Subscribe

Best Penny Stocks To Buy Now? 3 To Watch As AMC Stock Sparks Rally

AMC stock spikes again, leaving penny stocks rallying in its wake

By
This story originally appeared on PennyStocks

Many penny stocks have been the main focus for investors this year. In addition, the growth of apps like Robinhood, and retail traders, have added billions of dollars in capital to the stock market.

PennyStocks.com - PennyStocks

[Read More] Hot Penny Stocks to Watch With September Around the Corner

As a result, volume is higher than ever and volatility is also surging. While this may seem scary at first, high volume and high volatility are two factors that penny stock investors love. These can be easily used as an advantage if you have the right tools at your disposal. 

Meme Stocks Boom

Helping bring the surge back to retail trading momentum right now are popular meme stocks and former penny stocks like AMC Entertainment (NYSE: AMC), GameStop (NYSE: GME), and Koss Corporation (NASDAQ: KOSS) to name a few. These were the original “short squeeze stocks” that brought hordes of new traders into the market over the last year.

While we touched on it earlier today in the article “5 Penny Stocks That Turned $2,500 Into Over $29,000 In 2021 So Far” AMC stock and other memes surged even higher during the afternoon session. This helped give a much-needed jolt to small-cap stocks and penny stocks alike. With that, it’s important to keep track of underlying market trends to follow the money.

In this case, looking at major ETFs, the Russell 2000 Small-Cap ETF (NYSE: IWM) is on fire heading into power hour on Tuesday. With that, let’s look at some hot penny stocks right now. Will they be top names to buy heading into the rest of the week or should they be avoided entirely?

Best Penny Stocks to Buy [or avoid] Right Now 

  1. Evofem Biosciences Inc. (NASDAQ: EVFM
  2. Darkpulse Inc. (OTC: DPLS
  3. Dare Bioscience Inc. (NASDAQ: DARE

Evofem Biosciences Inc. (NASDAQ: EVFM)

Evofem is a biotech company that develops and commercializes products targeted at women’s sexual and reproductive health. Its main product, Phexxi, is a gel used for contraceptive purposes. Evofem is also developing EVO100, which is an antimicrobial gel to prevent the transmission of Chlamydia and other diseases. This is a large market and one that Evofem is working hard to capitalize upon. 

[Read More] Hot Robinhood Penny Stocks With High Volume in August

In the spirit of the recent earnings season, Evofem reported its second-quarter financial results this month. When it comes to net product sales, Evofem improved by 68% quarter over quarter. The company also experienced a 47% increase in Phexxi prescriptions and a 52% increase in its Phexxi prescriber base.

“We are pleased to show strong and sustainable growth in Phexxi prescriptions and dispensed units in the second quarter. This momentum allows us to further accelerate the growth trajectory with our celebrity campaign launching in early September.”

CEO of Evofem, Saundra Pelletier

Shares of EVFM have been on the rise recently, pushing up by over 5% in the past five days. In addition, the overall bullish sentiment on biotech penny stocks is driving many companies like EVFM up right now. Noting this info, will EVFM make your list of penny stocks to watch right now?

Penny_Stocks_to_Watch_Evofem_Biosciences_Inc_EVFM_Stock_Chart

DarkPulse Inc. (OTC: DPLS)

DarkPulse Inc. is a company that creates solutions for installation, engineering, and security management. Governments and industries globally that need tech-based solutions then purchase these solutions. DarkPulse is actively developing a patented BOTDA dark-pulse sensor technology. Its two security platforms are Fiber and Ultra-High Sensitivity Sensors, which work similarly to provide a range of services to the customers that it works with.

On August 20th, the company announced that its subsidiary Optilan won a security & comms contract for power plants constructed by ENKA Insaat Ve Sanayi A.S. Optilan will deliver communications and security systems to ENKA’s Misurata and Tripoli Simple Cycle power plants in Libya. The goal of the projects is to meet the growing demands for electricity in Libya. This is a big deal and one that has yet to fully play out for DPLS. 

We’re delighted to have been awarded this contract by ENKA and deliver on projects that crucially assist Libya’s pursuit to meet increased market demand for electricity.”

The CEO of Optilan, Bill Bayliss

In the past five days, shares of DPLS stock have shot up by over 11%. And if that seems like a lot in the past month, that jumps to over 40%, and in the past six months, by over 600%. Keeping all of this in mind, will DPLS stock make your penny stocks watchlist?

Penny_Stocks_to_Watch_DarkPulse_Inc

Dare Bioscience Inc. (NASDAQ: DARE)

Dare is a biotech company that focuses on developing and marketing products for women’s health. Similar to Evofem, Dare is a company that develops therapies for contraception, fertility, sexual, and personal health. One of its products is DARE-BV1 which just completed Phase 3 clinical trials to treat bacterial vaginosis.

On August 12th, Dare Bioscience reported its second-quarter financial results and also provided a company update. At the very end of 2020, Dare had cash and cash equivalents of $4.7 million. Now as of June 30th, 2021, the company has $9.1 million in cash and cash equivalents. Between July 1st and August 10th, Dare received additional cash of about $25.4 million. This took place as a result of sales of common stock in its at-the-market offering program.

“Consistent with our guidance, we submitted our New Drug Application for DARE-BV1, a potential new first-line treatment for bacterial vaginosis, to the FDA in June. Our NDA was accepted for filing and received Priority Review with a PDUFA target date of December 7, 2021.”

CEO and President of Dare Bioscience, Sabrina Martucci Johnson

With a lot to look forward to from the company, will DARE stock be on your list of penny stocks to watch in August?

Penny_Stocks_to_Watch_Dare_Bioscience_Inc_DARE_Stock_Chart

Are Meme Penny Stocks Worth Buying?

While meme penny stocks can be quite volatile, they do present a lot of opportunities for investors of all types. With so many circulating constantly, it can be difficult to find the best ones for your buy list.

[Read More] Reopening Penny Stocks to Buy in September? 3 to Watch

But, with the right research on hand and a commitment to gaining a trading education, buying and selling penny stocks can be a profitable endeavor. Considering this, do you think that meme penny stocks are worth buying?