Cheap Penny Stocks to Buy For Under $1

If you’re watching the action in the stock market today, you’re seeing plenty of chop. The U.S. dollar’s strength has pushed broader markets lower, but a mix of positive and negative economic against this week’s PPI data and CPI data has brought much more push-pull action. That’s likely why traders are looking for cheap penny stocks to buy.

In most cases, these low-priced equities move untethered to broader trends. You’re sure to find at least a handful of names jumping higher while market ETFs like the SPDR S&P 500 (NYSEARCA: SPY) or Invesco Nasdaq ETF (NASDAQ: QQQ) are trading sideways or making new lows.

While the definition of penny stocks covers stocks under $5, some of the most exciting among this equity class are ones trading for much lower prices. Today we look at penny stocks to buy for less than $1 right now. Keep in mind that volatility is at extreme levels if you’re looking at any of these or similarly-priced companies.

They can move up quickly and can drop back just as fast. Also, just because they might be “cheap,” that doesn’t mean they’re any less risky so trade your plan accordingly if these types of companies are on your list of penny stocks to watch.

Penny Stocks To Buy For Under $1

  1. Sio Gene Therapies (NASDAQ: SIOX)
  2. MarkerTherapeutics (NASDAQ: MRKR)
  3. Cinedigm Corporation (NASDAQ: CIDM)

Sio Gene Therapies (NASDAQ: SIOX)

The first name on this list of penny stocks is Sio Gene Therapies. The company focuses on gene therapy products including its AXO-AAV-GM1 and AXO-AAV-GM2for treating gangliosidosis. The disease is inherited and is caused by a deficiency in specific proteins necessary for breaking down lipids (fatty substances).

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The company, in general, is relatively quiet when it comes to news. However, with earnings season ramping up, SIOX stock has started following suit. In its last quarterly update, the company reported its fiscal Q1 2022 results showing a better loss per share compared to the previous year’s results.

best penny stocks to buy under $1 Sio Gene SIOX stock chart

CEO David Nassif, J.D. also made mention of other plans for the company including strategic alternatives. “Our financial results show the beneficial effects on operating expenses and cash resulting from the termination of the licenses to our three clinical-stage programs and the significant headcount reduction initiated in April. The winddown process of these programs will soon be concluded but the process will continue as we reduce our real estate footprint…We are also continuing to actively pursue strategic alternatives that could deploy our cash for better returns to our stockholders.”

A trend among smaller companies has been the way of “strategic alternatives,” and while no new updates have highlighted a direction, speculation can play its own role. In the stock market today, SIOX stock seems to have gained momentum as volume increases and the penny stocks tests its 50-day moving average once again. Shares have failed to maintain levels above this critical technical level for more than a year. So it will be interesting to see if any further details emerge regarding progress in its hunt for alternatives.

Marker Therapeutics (NASDAQ: MRKR)

Like Sio Gene, Marker has also experienced trouble maintaining the 50-day moving average as support for longer than a few weeks. Nevertheless, the company has made strides in developing next-generation T-cell immunotherapies.

Last month Marker was awarded a $2 million gran from the FDA to support its Phase 2 ARTEMIS Trial of the company’s MT-401. The treatment candidate is under evaluation in patients with post-transplant acute myeloid leukemia (AML). MT-401 also holds an Orphan Drug Designation for treating AML patients following stem cell transplant.

Something to note about this study is that in the company’s Q2 financial update, CEO Peter Hoang explained that he anticipated providing a topline readout from Phase 2 AML study patients in the 3rd quarter. While that doesn’t seem to have taken place, now that Q4 is underway, it remains a point of focus for the market.

best penny stocks to buy under $1 Marker Therapeutics MRKR stock chart

Cinedigm Corporation (NASDAQ: CIDM)

Even though the list of penny stocks is made up of several biotechs, that doesn’t mean that there aren’t other cheap stocks to watch right now. Cinedigm has made waves in the stock market this week after traders began recirculating details on the Cinedigm-SLING TV partnership expansion update from last week.

The two announced the launch of RetroCrush on SLING TV. THis further expanded Cinedigm’s growing portfolio of streaming brands. Other channels include The Bob Ross Channel, Comedy Dynamics, Dove Channel, The Elvis Presley Channel and many others.

Commenting on the milestone last week, John Stack, Senior Director, Cinedigm Business Development, said, “The expansion of our partnership with SLING TV embraces Cinedigm’s mission to bring its channels to the widest enthusiast audiences possible.”

best penny stocks to buy under $1 Cinedigm CIDM stock chart

Are Penny Stocks Worth It?

Whenever you talk about penny stocks, the risk is something significant to have a handle on. I don’t mean how risky of a stock it is but your own risk profile. Are you experienced in handling high volatility situations, and do you know how to trade stocks that swing in multiple directions quickly?

If the answer is ‘yes,’ then you should have no problem with this type of penny stock. However, if you’re new to trading, then cheap stocks might be too risky for you, or you might need to spend some time learning the ropes first.

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