The definition of the term “penny stocks” includes shares of companies trading for under $5. While that is the generally accepted interpretation, most retail traders look for stocks trading for pennies, literally. In a stock market environment like the one we’re seeing right now, volatility is king, which means traders not averse to high risk have focused on some of the cheapest penny stocks to capitalize on.

Generally speaking, the lower the price, the higher the likelihood that stocks will have heightened volatility. So when talking about stocks under $1, for example, a price change of just ten cents can equate to a percentage change of 10% or more. Of course, this goes for both up and downtrends; all the same, it’s what attracts traders to these stocks who have high hopes for exponential or quick gains.

In light of the week ahead, there will be no shortage of unpredictability. The two-day FOMC meeting begins on Tuesday, and we’ll get a formal rate hike decision on Wednesday, along with the Fed meeting’s outcome. Thanks to the higher speculation this week, plenty of catalysts could sway stocks in one direction or another.

One of the benefits of cheap stocks, for the most part, is they tend to move independently of broad market trends. That means even when the stock market is down or indecisive like it is today, you’re likely to find at least a few hot penny stocks to watch. This article looks at 3 penny stocks under $1 making early moves in the stock market today. Whether they’re worth the risk is up to you, but as they say, knowing is half the battle.

best penny stocks under $1

Penny Stocks Under $1 To Watch

Asensus Surgical Inc. (ASXC)

We’ve discussed this sub-$1 stock over the last few months. Despite being so “cheap,” shares of ASXC stock are up significantly, year-to-date. Asensus began 2023 trading around $0.35. This week, shares of the medical device company popped back above $0.60.

This week the company announced that it secured an FDA 510(k) clearance for its Senhance Surgical system in pediatric indications. “We are excited to bring the benefits of surgical robotic technology to the underserved pediatric patient population in the United States. Given the small size of the patients, pediatric surgery seeks to use the least invasive instruments and scopes, while maintaining a high level of precision and stability. The Senhance System is uniquely qualified to meet these needs of pediatric surgeons,” said Anthony Fernando, Asensus Surgical President, and CEO.

With this latest update, ASXC stock has traded higher.

Allarity Therapeutics (ALLR)

Another one of the biotechnology penny stocks to watch this week is Allarity Therapeutics. The company’s shares have slowly dipped lower over the last few months and reached fresh 52-week lows last week. Things have heated up in a big way this week, however, as the personalized cancer care company announced a new milestone.

Allarity dosed its first patient in a Phase 1b trial. This will evaluate patients being treated with a combination of stenoparib and dovitinib to treat advanced solid tumors, including ovarian cancer. The company holds exclusive, global commercial rights to both dovitinib and stenoparib, with this trial initiation marking the shift in Allarity’s clinical activities toward developing combination therapeutics.

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“Having investigated novel combinations of anticancer agents, including a PARP inhibitor and an anti-angiogenic therapeutic, we have seen improved efficacy. Combining a PARP inhibitor with a pan-tyrosine kinase (PTK) inhibitor, we are also anticipating efficacy in homologous recombination proficient tumors,” stated Kathleen N. Moore, MD, MS, Associate Director of Clinical Research, Director of the Oklahoma TSET/Sarah Cannon Phase I Drug Development Unit, Professor of the Section of Gynecologic Oncology at the Stephenson Cancer Center, and the Principal Investigator for Allarity’s Phase 1b study.

This is the first significant piece of news that the company has released since it adjourned its 2023 Annual Meeting in January and is the highest single-day of trading volumes the penny stock has seen since it went public.

Invo Bio Science (INVO)

Like Allarity, Invo Bio has seen its most significant day of trading volumes in years. Despite being under $1, shares of INVO stock have traded higher over the last few months as the company continues executing on recent milestones. This week that trend continued in a significant way thanks to a new acquisition agreement.

Invo Bio announced a binding agreement to acquire Wisconsin Fertility Institute. According to the company, the Institute offers procedures that generated roughly $5.5 million in revenue and a net income of $1.9 million for the trailing 12 months ending last September. Steve Shum, CEO of INVO, explained, “We believe that the acquisition of profitable IVF clinics complements our overall growth strategy and is strategically significant to accelerating the success of our mission. The Wisconsin Fertility Institute immediately adds scale and positive cash flow to our operations and we expect to drive incremental growth at the clinic with the synergistic introduction of our INVOcell solution.”\

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The company’s flagship product is INVOcell®. The medical device allows fertilization and early embryo development to take place in vivo within the woman’s body. Invo also cites the treatment solution as the “world’s first intravaginal culture technique for the incubation of oocytes and sperm during fertilization and early embryo development.”

List Of Penny Stocks Under $1


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