This article is about penny stocks under $1; they can be purchased for pennies, but does that mean they’re worth it? You can decide for yourself based on your trading strategy.
This niche within the stock market today has grown in popularity over the last few months. Due to the 2022 stock market crash, plenty of companies have gotten dumped to some of their lowest prices in history. That includes both higher-priced and penny stocks alike. The critical thing to remember, especially if you’re a trader, is that lower prices are a playground for high volatility.
Taking all other factors away, a stock worth 40 cents will experience a more significant percentage change from a much lower move in price compared to other stocks worth more per share. In this case, it would only take 4 cents worth of an uptick for that stock to see a 10% jump in price.
The same can’t be said for stocks trading at $40 or even $4. Then again, if that same stock drops four cents, it equates to a much more meaningful decline in value compared to those higher-priced stocks. That’s where your risk profile comes into play. Today we look at a few more penny stocks under $1 this week. This will continue the list from our article Penny Stocks To Buy Now? 3 Low Float Stocks Under $1 To Watch.
Penny Stocks Under $1 To Watch
Pagaya Technologies Ltd. (PGY)
Technology stocks haven’t necessarily been the high point of the stock market in 2022. High-growth names have taken a back seat to value and safe haven trades. But that doesn’t mean there aren’t bright spots, and Pagay is an example.
The company specializes in artificial intelligence infrastructure for the financial ecosystem. It uses machine learning to offer its partners residential real estate and consumer credit solutions. One of the recent catalysts that seem to have helped boost momentum is Pagay’s latest round of investor conference presentations. Since the beginning of the month, it has gone to at least three, including Wedbush’s Finance, Citi’s FinTech, and NASDAQ Conferences.
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New filings came out a few days ago that showed a slew of 13D filings for beneficial ownership of the company. This week we see an interesting spike in action mid-day on Monday. Whether or not those two coincide is yet to be seen.
Bone Biologics Corp (BBLG)
This week saw Bone Biologics explode on higher-than-average trading volume and a price spike back above $0.40. The company’s shares have found some footing in the 20-30-cent range over the last few weeks, which comes after a massive sell-off earlier this year.
The company develops orthobiologic products for spine fusion, but the continued need for funding has hurt Bone Biologics in the short term. Its last funding round was in early October, when it priced a $5.1 million at a steep discount. This primary catalyst sparked the initial sell-off earlier in the quarter. However, since funds were earmarked for things like its planned clinical trials, maintaining and extending its patent portfolio, and retaining contract research organizations, the market could be looking for the next steps now that capital is secured.
In a letter to shareholders, company CEO Jeffrey Frelick discussed some of the next moves Bone Biologics plans on taking. These include developing assays that characterize its NELL-1 platform, a Master Cell Bank, and performing scaling activities. It is also building a quality system to address conditions of Essential Principles needed by the Australian regulatory authorities before beginning human studies. Bone also plans to engage another CDMO to perform fill/finish functions, which is required to ensure sterility, another requirement before human implantation.
“Looking to 2023, we plan to commence a 30-patient clinical trial in Australia. This will be a multicenter, prospective, randomized pilot study evaluating the safety and preliminary effectiveness of NB1 in subjects with degenerative disc disease undergoing transforaminal lumbar interbody fusion,” explained Frelick in an October update.
With this on the horizon, BBLG stock has begun to see momentum build again. Whether or not that continues through the end of the year is to be seen.
SiNtx Technologies Inc. (SINT)
Shares of SiNtx Technologies also caught a mid-day pop on Monday afternoon. The company’s stock price has been hovering around the $0.10 mark for weeks, and a new momentum trend has helped give daily average volumes a boost.
The original equipment manufacturing company focuses on advanced ceramics and initially caught attention this quarter following a DARPA contract. The Defense Advanced Research Projects Agency awarded SiNtx a three-year Phase 2 award of $1.5 million to oversee a project to create thermal-environmental barrier coatings. The goal is to develop gas turbines that operate reliably at turbine inlet temperatures of up to 3,100°F.
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“This project is designed to develop unique high-temperature ceramic composites and environmental protective coatings for the advanced CMCs that will ensure engine performance, increase flight safety, and lower maintenance costs. Spinoffs to commercial aviation and commercial power plants will lower energy costs and reduce environmental pollution,” explained Dr. Larry Fehrenbacher, Vice President of Technology SINTX Technologies.
Since that news hit, there haven’t been many new updates from the company. Despite that, technical traders have noticed Monday’s unusual trading volume, and SINT is on the list of penny stocks to watch as a result.
Akebia Therapeutics Inc. (AKBA)
The biotechnology company Akebia Therapeutics turned heads in the stock market this week. The move came after the company’s most recent presentation at the Piper Sandler Healthcare Conference that took place at the end of November and beginning of December. Its kidney disease treatment pipeline has come into focus heading into the end of 2022. That’s thanks, in part, to potential catalysts regarding upcoming milestones connected to its drug candidates.
Earlier this quarter, Akebia submitted a Formal Dispute Resolution Request with the FDA. It was in response to the CRL it was given in March. This “Complete Response Letter” was for the company’s vadadustat, which was under review as a treatment for anemia due to chronic kidney disease. Based on the general Dispute process, Akebia has its sights set on the end of the year to receive a response. There’s also a marketing authorization application for vadadustat that Akebia’s partner, Otsuka Pharmaceuticals, submitted. The MAA was submitted to the European Medicines Agence and is expected to receive a decision next quarter.
With multiple potential catalysts on the horizon, it looks like speculative momentum has begun building in AKBA stock. The important thing to remember is that the outcome of these FDA and EMA filings isn’t guaranteed to be positive (or negative). So keep your risk profile in mind; depending on the official outcome, you’ll be better prepared to react.
List Of Penny Stocks Under $1 To Watch
- Pagaya Technologies Ltd. (NASDAQ: PGY)
- Bone Biologics Corp. (NASDAQ: BBLG)
- SiNtx Technologies Inc. (NASDAQ: SINT)
- Akebia Therapeutics Inc. (NASDAQ: AKBA)
- HTG Molecular Diagnostics Inc. (NASDAQ: HTGM)
- Wearable Devices Ltd. (NASDAQ: WLDS)
- Hillstream BioPharma (NASDAQ: HILS)
