There were a lot of different micro-trends to watch when it came to penny stocks last week. Whether it was stocks with high short interest, a low float, insider trading activity, or unusual activity, take your pick. We noticed an even more active search for penny stocks under $1.
The standard definition of the term includes stocks under $5. However, many traders will hunt for even cheaper stocks to buy. One of the biggest reasons for this is that the cheaper the price, the higher the volatility. Case in point, stocks under $1 that see a price change of 10 cents move a much more significant percentage than the similar move in stocks over $5, for example.
They obviously come with plenty more risks. But those able to handle wild swings may be looking to follow this trend into the week ahead. Look at a company like CNS Pharmaceuticals (NASDAQ: CNSP). Earlier this month, it was mentioned in the article Best Penny Stocks For April 2022? 4 Under $1 To Watch Now.
CNS had announced approval for a “potentially pivotal” global trial evaluating if treatment candidate for glioblastoma multiforme. Since then, the sub-$1 stock jumped significantly, with this week seeing highs of $6.41 during Monday’s premarket session.
In this article, we continue the list of penny stocks we started in last week’s update Penny Stocks To Buy? 4 Under $1 To Watch Before Next Week. We look at what’s going on with this next handful of cheap stocks and if there are any near-term potential catalysts to look for.
Penny Stocks Under $1 To Watch
NeuroBo Pharmaceuticals (NRBO)
Believe it or not, NeuroBo has increased considerably over the last month. Toward the end of March, shares of NRBO stock were sitting around $0.63. This week has already seen shares test $0.97 during Monday’s premarket session. This 50%+ move was accompanied by several critical milestones reached by the company.
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Notably, the company announced the submission of an Investigational New Drug application to the FDA for its Phase 2a trial of DA-1241. The candidate is NeuroBo’s platform to potentially treat nonalcoholic steatohepatitis. “Filing of the IND for DA-1241 marks the first significant milestone for NeuroBo since acquiring the rights to this very promising cardiometabolic asset which is targeted to address the underserved NASH market,” stated Joe Hooker, Interim President, and Chief Executive Officer of NeuroBo.
Something that could be a focus right now is NeuroBo’s late afternoon filing on Friday. In an 8-K, the company cited a previously reported warrant issuance to Dong-A ST Co., Ltd. On April 12, 2023, the company amended the warrants to “remove the provisions which limited Dong-A’s right to right to exercise any portion of its Warrants if Dong-A would beneficially own a number of shares of the Company’s common stock in excess of 4.99% (or, upon election by Dong-A prior to the issuance of any shares, 9.99%) of the shares of the Company’s common stock then outstanding.”
In particular, NeuroBo said that the terms of the Warrants “remain otherwise unchanged.” In light of the most recent developments, NRBO stock has continued trading higher in the stock market today.
Oncternal Therapeutics (ONCT)
Another one of the biotech penny stocks under $1 to watch at the start of the week is Oncternal Therapeutics. Shares have been making their way back toward the gap-fill area following a significant sell-off at the beginning of the month. Oncternal announced a “reprioritization” of its model. This included halting the clinical development of its zilovertamab.
Responding to the significant pivot, James Breitmeyer, M.D., Ph.D., Oncternal’s President, and CEO, explained, “The dramatic adoption of recently approved Bruton’s tyrosine kinase inhibitors made the continued development of zilovertamab with ibrutinib an unviable commercial opportunity. The decision was not based on any concerns about the safety or efficacy of zilovertamab. Going forward we will focus on reaching clinical proof of concept and data catalysts from the clinical trials of ONCT-808 in patients with resistant aggressive lymphoma, and ONCT-534 in patients with prostate cancer resistant to standard of care androgen receptor inhibitors.”
This week could be interesting for the company as it participates in the upcoming Oppenheimer Virtual Fireside Chat: Discussion of ROR1 CAR-T Cell Therapy in Hematological Malignancies and Solid Tumors. It’s a mouthful, but basically, the company’s leadership will participate in dialogue with industry opinion leaders. If ONCT stock is on your list, keep April 18th in mind, as the chat begins at 1:30 PM ET.
Inovio Pharmaceuticals (INO)
Last week Inovio was discussed in the update Top Penny Stocks To Buy Now? 10 To Watch Under $5. In it, Inovio was discussed in light of a presentation at the European Congress of Clinical Microbiology and Infectious Diseases. Since the event happened over the weekend (April 16th), Monday is the first day the market has a chance to react.
Inovio presented an abstract on its INO-4201 as an ebola booster. Inovio already reported positive Phase 1b data on the candidate as it is part of a growing list of potential treatments in the company’s pipeline. The company also plans to shed more light on its INO-3107 platform in treating HPV 6 and HPV 11-related Recurrent Respiratory Papillomatosis. Phase 1/2 trial results will be presented at the Annual Meeting of the American Broncho-Esophageal Association at the 2023 Combined Otolaryngology Spring Meetings in May.
But the presentation over the weekend grabbed interest in the stock market today, which the company discussed on Monday. Specifically, Dr. Angela Huttner, lead investigator for the company’s trial, explained the data further. “Preliminary data showed that INO-4201 was well tolerated and produced a strong immune response,” said Dr. Huttner. “This suggests that a booster dose of IN0-4201 has the potential to extend protection against Ebola and could be an important tool in future Ebola Virus Disease prevention.”
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List Of Penny Stocks
- NeuroBo Pharmaceuticals (NASDAQ: NRBO)
- Oncternal Therapeutics (NASDAQ: ONCT)
- Inovio Pharmaceuticals (NASDAQ: INO)
- Heliogen Inc. (NYSE: HLGN)
- Predictive Oncology Inc. (NASDAQ: POAI)
- mCloud Tech Corp. (NASDAQ: MCLD)
- VBL Therapeutics (NASDAQ: VBLT)
