The definition of penny stocks typically includes small companies and cheap stocks trading for less than $5 per share. But if you’ve been trading for more than a month, you already know that it is just the tip of the iceberg regarding these low-priced stocks.

In most cases, especially right now, day traders and even some investors are looking to take advantage of the volatility & valuations in some of the cheapest stocks in the market. These are ones trading for pennies on the dollar.

The interesting part is that stocks under $1 aren’t just no-name companies either. There are multiple brand name companies that you’d recognize that have share prices under 99 cents per share. Thanks to the 2022 stock market crash, increased pressure, a need for more funding to weather the economic storm, and other headwinds have contributed to the downturn in plenty of notable companies.

Former retail trader favorites from last year, like Blue Apron (NYSE: APRN) and SmileDirectClub (NASDAQ: SDC), are trading well below the $1 threshold. Both companies have become synonymous with online advertising and direct-to-consumer retail sales campaigns. Today we look at a few more penny stocks under $1 to watch this week.

They’ve started showing signs of bullishness but whether that lasts or not is obviously to be seen. We’ll look for any recent catalysts and upcoming events worth noting if they’re on your watch list right now.

Penny Stocks Under $1

  1. Boxed Inc. (NYSE: BOXD)
  2. Virios Therapeutics (NASDAQ: VIRI)
  3. Athenex Inc. (NASDAQ: ATNX)

Boxed Inc. (NYSE: BOXD)

penny stocks to buy under $1 Boxed Inc BOXD stock chart

It doesn’t take long to see how crazy a year it was for Boxed Inc. Worse-than-expected earnings and selling pressure in the overall market contributed to an implosion of BOXD stock. That’s bad for anyone in it from 2022, but what about those looking at it now? Obviously, the choice is yours; however, some are looking for more information on the company due to an uptick in unusual volume. So let’s see what’s happening.

Boxed specializes in eCommerce retail and eCommerce enablement. It provides bulk pantry products to businesses and household consumers without needing a warehouse store subscription. That model doesn’t seem to have worked well overall, and this week’s news may have come as a warm welcome by some that’ve watched Boxed over the last six months.

The company announced that it would begin exploring strategic alternatives. As we’ve seen many times, this “search for strategic alternatives” can present a highly speculative situation in the market. Until the company confirms anything, traders and investors must guess what a potential outcome might look like.

So as imaginations begin running wild, BOXD stock has attracted some of this speculative momentum. In its Thursday update, the company retained advisors to assist with the process. Potential outcomes include a possible sale of the company as a whole.

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Virios Therapeutics (NASDAQ: VIRI)

penny stocks to buy under $1 Virios Therapeutics VIRI stock chart

Like Boxed, Virios ran into a brick wall of sorts last year. Late in the third quarter, shares plummeted from over $8 to under $1. The main culprit: Virios’ lead candidate missed its primary endpoint in a clinical study. Specifically, a Phase 2b study of its IMC-1 candidate didn’t show “statistically significant” results compared to placebo in treating fibromyalgia patients. Soon after, it announced a public offering at a steep discount to the market, and the rest is history.

So why is VIRI stock gaining any attention in the stock market today? Virios announced that it scheduled an FDA meeting in March to discuss its IMC-1 Phase 3 program. Management plans on discussing its overview to support the submission of a new drug application for IMC-1 and will give a program update by the end of April after the FDA’s feedback.

Heading into the rest of the year’s first quarter, this meeting could be something to keep track of. According to Virios, analysis of a recent FORTRESS Phase 2b study showed that new fibro patients treated with IMC-1 “demonstrated statistically significant reductions in FM-related pain, fatigue, anxiety, and depressive symptoms.”

The company also said that newly treated patients “exhibited a lower discontinuation rate due to adverse events as compared with “new” patients receiving] placebo.”

Athenex Inc. (NASDAQ: ATNX)

penny stocks to buy under $1 Athenex ATNX stock chart

Athenex shares have been in the spotlight over the last several weeks. The biotechnology company initially caught a substantial momentum boost on December 20th after announcing positive trial results. Quantum Leap Healthcare Collaborative and Athenex reported the results of the I-SPY2 trial for oral paclitaxel combined with PD-1 and carboplatin in breast cancer patients.

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The regimen was associated with less neuropathy and didn’t show signs of an increase in febrile neutropenia. Quantum Leap will present the data at upcoming meetings next quarter based on the results. Fast-forward to this week, share prices have settled around the $0.20 area as more headlines come out to start the year.

This time, Athenex reported an MHRA decision on oral paclitaxel. The UK regulator rejected the platform for metastatic breast cancer. But management commentary appears to have eased concerns as shares of ATNX stock continue climbing after the announcement.

“While we are disappointed by the MHRA decision, we are encouraged that we have satisfactorily addressed any major concerns related to the clinical efficacy and safety of Oral Paclitaxel. We believe the iSPY 2 study is an important data set that further characterizes the safety profile of Oral Paclitaxel, and we plan to amend our metastatic breast cancer NDA with the iSPY 2 safety data this quarter,” said Dr. Johnson Lau, Chief Executive Officer of Athenex.

Dr. Lau also explained that to maximize the platform’s value, Athenex expects to tap the FDA again and pursue avenues to enhance the development of oral paclitaxel in breast cancer. As more attention focuses on its treatment progress, ATNX stock has become one of the penny stocks under $1 to watch this week.

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