Are These On Your Penny Stocks To Buy Or Avoid List Right Now?
Are you one of the millions of new users of apps like Webull or Robinhood looking for real penny stocks to buy? You’re not alone if you said yes. In fact, you’re among the millions of new traders flocking to the public markets this year. Thanks to COVID shutdowns and countless companies cutting staff, many have found opportunities in learning how to day trade penny stocks in 2020.
This, of course, has lead to these new traders finding out quickly that certain stocks aren’t accessible on platforms like these. The main restriction is to stocks trading on the OTC. While not all penny stocks on the OTC are restricted, the vast majority are. This means that all of those U.S. marijuana penny stocks people are talking about aren’t able to be traded.
It’s also concerning to some who’re looking for stocks under $1. While there are plenty to choose from, the vast majority of popular penny stocks on Robinhood are over that threshold. What this means is that it’s almost a game of chance finding penny stocks to buy under $1 on Webull and Robinhood. When you find these cheap stocks, however, it’s important to keep in mind the larger risks involved.
[Read More] Top Penny Stocks To Watch For December 2020; 5 Names To Know Now
One of the obvious risks involves low prices. Simply put, as you’ll see with some of the names on this list, even a move of 10 cents can equate to a jump of 20% or more. It’s great if it’s a 20% move in the direction you’d like. But just as easily as they rise on smaller moves, they can fall just the same. So, just because they can be bought for under $1, does that mean they’re worth the risk? Well, according to some analysts, they’re forecasting some interesting targets. Do you agree?
Robinhood Penny Stocks To Buy For Under $1: Oragenics Inc.
Oragenics Inc. (OGEN Stock Report) isn’t one of the companies with a price target or analyst rating right now. However, as we’ve discussed, the company has been executing on a few different initiatives. These have helped compound momentum in the latter part of the fourth quarter. In fact, Since the November 20th, OGEN stock has climbed from around $0.38 to highs this week of $0.6499. That’s over 70% in just a few weeks and resulted from a move of fewer than 30 cents.
The company recently closed on a $6 million public offering, which gives the company the capital it needs to expand on its preclinical developments. Specifically, Oragenics is working on a SARS-CoV-2 vaccine, Terra CoV-2 as well as its lantibiotics program.
Earlier this quarter the company received feedback from the FDA about its Type B Pre-IND Meeting Request. The Agency said that it’s in broad agreement with the company’s planned approach to clinical development of Terra CoV-2. Oragenics explained that it believes its timelines for both filing an Investigational New Drug application and beginning a Phase 1 study will proceed on schedule. Oragenics expects to file the IND by the end of the first quarter of 2021 and start patient enrollment in the Phase 1 clinical study early in the second quarter of 2021.
From a technical perspective, keep the 200-day moving average in mind. This was tested on Wednesday. However, OGEN stock was unable to break above it. Will that remain the case or will December have new highs in store?
Robinhood Penny Stocks To Buy For Under $1: Avinger Inc.
Who would think analysts would follow penny stocks under $1? Well, in the eyes of Aegis, Avinger Inc. (AVGR Stock Report) is one of the companies. The firm has a Buy rating on the stock along with a price target roughly 212% higher than the current trading levels around $0.32. Aegis’ AVGR stock forecast sits at $1 and was issued back in September.
Traders have been concerned on the future of the stock as it currently doesn’t meet NASDAQ’s price requirements. However, at the beginning of December Avinger received an extension from the exchange that gives them until May of next year to reach $1. One of the things Avinger is exploring is a potential reverse stock split of 1:5 and up to 1:20. This will come up for a vote at the company’s shareholder meeting on December 10th.
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Avinger’s also coming off of a strong quarter. Its revenue jumped 57% to $2.3 million, sequentially. It’s gross margin also climbed 34% during the same period. “Beginning in the fourth quarter, we also took a key step forward in our growth strategy with completion of the first U.S. commercial cases for Tigereye, our next generation CTO-crossing catheter…We will continue launching at key opinion leader sites throughout the fourth quarter, then progress to full commercial availability in the first quarter of 2021,” explained Jeff Soinski, Avinger’s President and CEO.
Robinhood Penny Stocks To Buy For Under $1: Acasti Pharma
Another one of the biotech penny stocks under $1 we’ve discussed has been Acasti Pharma (ACST Stock Report). Shares hit 52-week lows of $0.171 at the beginning of November. ACST stock has since managed to climb to highs of $0.4177 this week. The company focuses on biotech treatment development.
In its pipeline are products such as CaPre, a therapeutic that is currently in Phase 3 trials to treat hypertriglyceridemia. Earlier this year the company engaged Oppenheimer & Co. The main reason was to undertake a strategic review of the company with the purpose of exploring strategic alternatives to drive shareholder value. This includes potential mergers, acquisitions, or other initiatives that involve Acasti and/or CaPre, its omega 3 product.
Shares have been climbing ever since the company put out its fiscal second-quarter 2021 update in November. In it, Jan D’Alvise, Chief Executive Officer of Acasti, commented, “We remain committed to maximizing value for our shareholders, and as previously disclosed, we are actively exploring and evaluating a range of strategic options…While we continue to pursue strategic alternatives, we plan to complete the full data analyses for TRILOGY as contemplated in the Statistical Analysis Plan, including the pooling of the data from TRILOGY 1 and 2. As previously disclosed, we plan to provide an update on the final TRILOGY data when feasible.”
While there haven’t been such updates so far, momentum continues building this month. What’s more, is analysts at H.C. Wainwright still have a Buy rating on the stock and stuck a $3 price target on ACST stock in August. That’s 809% higher than the current levels on December 2nd.
