Penny Stocks Under $1

The basic definition of penny stocks includes those trading below $5. But if you ask most retail traders, they think of penny stocks as stocks trading for pennies a share. That means the vast majority are hunting for stocks under $1, and 2022 has been a year in which we’ve seen a sea of stocks meeting these basic criteria. Whether it’s new start-up companies looking to build footing in an industry or notable names falling on hard times, there’s no shortage of cheap stocks to buy right now.

One of the most attractive aspects of buying stocks for pennies is the leverage it gives to smaller accounts. There aren’t many other places to purchase hundreds, thousands, or even millions of shares for a few hundred dollars. Meanwhile, there aren’t many places where you can see a few hundred dollars turn into a few thousand in a short period. It only takes a move of a few pennies in share price to see upsized returns.

But those returns don’t come without their share of risk. Just as these cheap stocks under $1 can jump quickly, they can fall just as fast. Therefore, it’s important to understand how to trade volatile stocks. These types of penny stocks aren’t for the timid or inexperienced. However, if you know how to navigate wild swings and learn how to trade correctly, penny stocks can be right for you.

In this article, we look closely at a handful of stocks under $1 that traders are watching. We’ll see what might be behind the move and search for any upcoming potential catalysts that may be worth noting. Then you can decide whether they’re right to add to your watch list.

Cheap Penny Stocks To Buy For Under $1

  1. Rigel Pharmaceuticals Inc. (NASDAQ: RIGL)
  2. NYMOX Pharma Corp. (NASDAQ: NYMX)
  3. COMSovereign Holding (NASDAQ: COMS)
  4. Faraday Future Intelligence (NASDAQ: FFIE)

Biotech Penny Stocks Under $1

Rigel Pharmaceuticals Inc. (NASDAQ: RIGL)

penny stocks to buy under 1 dollar Rigel Pharmaceuticals RIGL stock chart

Shares of Rigel Pharmaceuticals caught a nice move in the stock market last week. It was the second-highest volume day of the year and the highest volume day regarding buy-side volume. The last time the biotech penny stock saw such an extreme level of market activity was back in June amid a massive sell-off in the penny stock.

This month, however, Rigel’s latest update has been a cause for excitement. It announced that the FDA approved its REZLIDHIA treatment for adult patients with refractory acute myeloid leukemia with a susceptible IDH1 mutation. “REZLIDHIA is a novel, non-intensive monotherapy treatment in the relapsed/refractory AML setting demonstrating a CR+CRh rate of 35% in patients with over 90% of those responders in complete remission. The 25.9 months median duration of CR+CRh is a clinically meaningful improvement for AML patients and appears to be longer than currently available treatment options,” said Jorge E. Cortes, M.D., Director, Georgia Cancer Center, Cecil F. Whitaker Jr., GRA Eminent Scholar Chair in Cancer, and Phase 2 trial investigator.

Earlier this year, Rigel and Forma Therapeutics entered a global license agreement for REZLIDHIA. Rigel is responsible for launching and commercializing the platform in the US, intending to work with partners to develop REZLIDHIA outside the US.

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The news came with an upbeat sentiment from analysts as well. Citigroup upgraded Rigel to a Buy. It also lifted its $1.50 price target to $2.

NYMOX Pharma Corp. (NASDAQ: NYMX)

penny stocks to buy under 1 dollar NYMOX Pharma NYMX stock chart

Like Rigel, NYMOX has also experienced a nice uptick in trading action this month. During the past few months, the company has been corresponding with the FDA to get feedback on NYMOX’s fexapotide, trademarked as NYMOZARFEX, in treating men suffering from an enlarged prostate gland. The FDA specified the additional information required for resubmitting NYMOX’s New Drug Application and explained that it is preparing the requested documentation for resubmitting requested data and further interactions with the FDA for additional guidance.

This week NYMOX announced a new marketing submission for NYMOZARFEX for treating enlarged prostate or BPH. The Marketing Authorization Application (MAA) was submitted to the Danish authorities. In response to the milestone, Paul Averback, MD, CEO of Nymox, said, “We are extremely pleased to make this announcement today. We thank our team members and many very important collaborators for their efforts and perseverance involved in the ongoing process. This product is a major innovation, and there is a great need for men to have access to this technology, which is unique.”

Thanks to this milestone, hopes are high that NYMOX can progress to the next step.

Tech Penny Stocks Under $1

COMSovereign Holding (NASDAQ: COMS)

penny stocks to buy under 1 dollar COMSovereign COMS stock chart

COMS stock has been on our list of cheap penny stocks to watch for weeks. It recently appeared in an article discussing penny stocks under 10 cents. When you talk about volatility, that niche has some of the highest. Even the slightest move of a penny can equate to a significant move in the market.

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Last month was an active one for COMSovereign headlines. One of the most notable was a CEO update. Chief Executive David Knight outlined a 3-pillar strategy that he hopes will turn things around for the company. “From a top-line prospective, our wireless connectivity and tethered aerial platform businesses represent our primary sources of revenue. These products are built around unique, proprietary differentiating technologies, and deliver unmatched capabilities to their respective clients. In the wireless business, we are actively fulfilling customer orders through existing inventory, and at Drone Aviation, we continue to make progress against its $8.4 million subcontract award,” he said.

COMS stock was recently granted an extension by the NASDAQ exchange for continued listing. Since it sits below $1, it doesn’t meet the minimum bid requirement of the exchange. However, with this extension, COMSovereign now has some runway to regain its footing. A recent proxy statement filed with the SEC shows a proposal for a reverse stock split of COMS stock. At the upcoming January 18, 2023, shareholder meeting, there will be a vote on a proposed split in the range of 1:75 to 1:225.

Faraday Future Intelligence (NASDAQ: FFIE)

penny stocks to buy under 1 dollar Faraday Future FFIE stock chart

Shares of Faraday Future have remained in focus recently. The EV company has been working through the paces of launching its flagship FF91 Futurist EV for months. However, numerous hurdles have stood in the way, setting a bearish tone over the last few months. However, after inking a new financing agreement for $350 million, the company has begun retooling for progress based on the latest updates.

In particular, Faraday named a new Global CEO after cutting ties with former Chief Carsten Breitfeld. FFIE Chairman of the Board of Directors Adam He explained that the new CEO, Xuefeng (XF) Chen, “is a top talent in the global automotive industry and possesses both a global perspective and extensive hands-on experience across the global automotive industrial chain. His years of experience at Ford and Jaguar Land Rover will pave a solid foundation for his leadership of Faraday Future’s global team. The Company’s top priority right now is to deliver the FF 91 Futurist to our users with high quality and minimal cost, and to successfully realize the US-China dual home market strategy with the ultimate goal to maximize Faraday Future stockholder interest.”

In addition to some of the fundamental changes in the company, traders are looking at other data. This data includes a short interest of roughly 20%. Retail traders have recently focused on short-squeeze stocks in addition to cheap stocks to buy. Given this, FFIE stock has been one to watch in early December.


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