best penny stocks on robinhood to buy right now

Did These Robinhood Penny Stocks Slip By This Month?

Whether you’re trading penny stocks on Robinhood, Webull, TDAmeritrade, ETrade or others, everyone’s got one goal in mind. That goal is making money with these cheap stocks. Robinhood and Webull are usually separated from the pack of other penny stock brokers for reasons dealing with access to specific stocks. Specifically, these platforms, for the most part, prohibit access to OTC penny stocks. So for those of you who use these applications to trade penny stocks, most marijuana stocks, for example, are inaccessible in this case.

Regardless of that fact, there are still plenty of traders using Robinhood looking for cheap stocks to buy. Some may search for stocks under $4 but others are still thirsty for something even less. When it comes to penny stocks on Robinhood under $1, the options are less and the risk is high. Some of the things that traders face are things like delisting due to not meeting a minimum price requirement. Other companies may be behind in their filings; another risk of delisting. But, for the most part, if you’re looking at penny stocks under $1 on Robinhood, the minimum price is the biggest factor to consider.

In any case, the ability to trade cheap stocks on apps like these is exciting for some users. Generally speaking, lower-priced stocks move quicker but most are on the OTC. The chance of seeing these lower-priced Robinhood penny stocks is somewhat of an anomaly and one that attracts thousands of traders.

Are There Really Penny Stocks Under $1 On Robinhood?

Clearly, we have answered that question above and I can also give you a live example from today. Just look at what happened with Sundial Growers Inc. (SNDL Stock Report) today. One of the few marijuana penny stocks on Robinhood traded more than 2 billion shares today; yes, with a B. The move came on the heels of the company’s update that the holder of Sundial senior secured second lien convertible notes fully converted all notes from the original issuance of $73.2 million on June 5, 2020.

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While this event actually dilutes the market due to converting debt into shares, it was received well by the market. The marijuana penny stock surged over 70% intraday to highs of $0.86. While it will be interesting to see how things shake out later on in the week, SNDL stock clearly demonstrated how just 36 cents can equate to a massive percentage gain.

It’s important to keep in mind that small moves down can result in the opposite in many cases. Herein lies the risk of trading penny stocks under $1. But that hasn’t stopped day traders from flipping in and out of positions every day. The ultimate decision you need to make is whether or not a volatile trading style is for you. With this in mind, are any of these Robinhood penny stocks to buy right now?

Robinhood Penny Stocks Under $1: Onconova Therapeutics Inc.

Onconova Therapeutics Inc. (ONTX Stock Report) has traded relatively sideways for most of November. The penny stock’s range was between $0.24 and $0.295 up until Monday. This week, shares surged to nearly $0.30 on the highest volume day of the month. There weren’t any news headlines to go along with the move. However, if you look at Onconova’s filings, you can see a series of Form 4 filings showing numerous insider buys.

The company’s CFO, SVP of Corporate Development, its CEO, and one of its Directors collectively purchased nearly 120,000 shares between $0.256-$0.265. This was seen as a strong vote of confidence as ONTX stock surged after hours on Monday. The penny stock jumped to after market highs of $0.36.

Last week the company announced the filing of an Investigational New Drug application (IND) with the FDA. This was for its ON 123300, the company’s multi-kinase inhibitor. The IND seeks permission to begin a Phase 1 trial with ON 123300 in certain relapsed/refractory advanced cancers including patients with HR+ HER 2- metastatic breast cancer.

robinhood penny stocks under $1 Onconova Therapeutics Inc. (ONTX stock chart)

Robinhood Penny Stocks Under $1: Ocugen Inc.

Ocugen Inc. (OCGN Stock Report) has been a slow and steady mover this month. At the start of November, OCGN stock was trading around $0.25 and by the month’s end, it reached a high of around $0.32 on the 30th. However, after the close on Monday, shares continued higher. Ocugen stock reached a high of over $0.33 in post-market trading.

There weren’t any headlines to accompany the move. However, there may be some speculative momentum building ahead of an upcoming presentation. Dr. Shankar Musunuri, Chairman, CEO, and Co-Founder of Ocugen, will speak at Xconomy’s Xcelerating Life Sciences New York & Philadelphia Virtual Event on December 3.

He will speak on “The Promise of Cell & Gene Therapies: Regulatory and Reimbursement Roadblocks”. This comes shortly after the company reported stronger earnings for the quarter and gained interest from analysts at Roth. First, Ocugen saw EPS increase from a loss per share of $3.55 in last year’s quarter to a loss of just 7 cents per share this year. Additionally, with respect to Roth, the firm initiated coverage on Ocugen with a Buy rating and $1 price target.

[Read More] Top Penny Stocks To Watch Today; 4 With 75%-233% Price Targets

Ocugen focuses on treatments addressing blindness diseases. Its OCU400 clinical trial is the nearest term trial that the company is conducting. It’s on target to begin in 2021.

robinhood penny stocks under $1 Onconova Ocugen Inc. (OCGN stock chart)

Robinhood Penny Stocks Under $1: Advaxis Inc.

Advaxis Inc. (ADXS Stock Report) was another one of the aftermarket penny stocks to watch on Monday. Shares of ADXS stock surged to highs of nearly $0.33 after the closing bell. This nearly filled the gap created from earlier in the month when ADXS stock dropped following an announcement of an upsized stock offering. The offering was officially closed late last week.

The company plans to use the net proceeds from the offering to fund its continued research and development initiatives in connection with expanding its product pipeline. This includes investment in its ADXS-HOT program. Earlier this month, Advaxis announced the presentation of data from its ongoing Phase 1/2 study evaluating ADXS-503 as a monotherapy and in combination with KEYTRUDA®.

ADXS-503 is the first drug construct from the company’s ADXS-HOT off-the-shelf, cancer-type specific, immunotherapy program. It leverages Advaxis’ Lm technology platform targeting hotspot mutations that usually happen in specific cancer types.

robinhood penny stocks under $1 Onconova Advaxis Inc. (ADXS stock chart)

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