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Penny Stocks to Buy Now? 7 Under $1 To Watch This Week

Penny stocks to watch under $1 this week.

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Another big week of earnings is upon us. But for anyone trading penny stocks, the focus is elsewhere. Certainly, mega-cap tech stocks can sway sentiment in the broader market, which may influence certain sector stocks. However, when it comes to the cheapest names in the stock market today, the overall market sentiment comes secondary to the speculation in the sub-$5 niche.

The standard definition of penny stocks places a spotlight on stocks under $5, and in this article, we look at a sub-set that has been gaining a lot more attention recently. Due to the sell-off that has ensued in some of the most notable names in the public market, retail traders have become familiar with stocks trading for pennies, literally. Take Bed Bath & Beyond (NASDAQ: BBBY), for example. It was once one of the most popular stocks among retail traders, and some notable investors were attached to the name earlier this year.

BBBY stock exploded to highs of over $7 but has since imploded and now trades below $0.30. The recent bankruptcy news has ignited even more attention on the stock. But even with the stock price crumbling, traders are still watching for quick spikes daily. Why?

Since the stock trades for so little, even a few pennies can equate to significant percentage changes. This list of penny stocks continues our list from the update 3 Top Penny Stocks Under $1 To Watch Before Next Week. We look at any recent updates, upcoming events, and anything else worth watching. Then you can decide if any are worth adding to your penny stocks to watch list.

Penny Stocks Under $1

Bionano Genomics Inc. (BNGO)

Shares of Bionano Genomics hit fresh 52-week lows last week amid a flurry of selling pressure. Bionano announced a presentation of optical genome mapping (OGM) utility across cancer genomics research applications at the Association for Cancer Research annual meeting. Even with the reaction in the market, management appeared excited to bring the new data to light.

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“The data that will be shared at the conference point to the continued expansion of OGM into clinical research applications for hematological malignancies and solid tumors and highlight our ongoing progress toward our goal of making OGM an essential tool in the arsenal of cancer researchers,” explained Erik Holmlin, president and chief executive officer of Bionano.

This week, BNGO stock recovered after the company reported preliminary Q1 2023 results. In particular, the company’s installed base of Saphyr® systems reached 259, with an increase of 19 systems from Q4 2022 and an increase of 47% from the installed base of 176 Saphyr® systems in Q1 2022. Furthermore, the preliminary number of nanochannel array flowcells sold in Q1 2023 is expected to be 5,226, an increase of 62% over Q1 2022. The company has withdrawn its applications for Category I CPT codes for OGM, citing its evaluation of customer-driven reimbursement strategies. Bionano Genomics’ CEO Erik Holmlin stated that the company’s Q1 2023 results continued the momentum it had gained over the previous ten consecutive quarters.

Since the new hit, BNGO stock has popped more than 10% so far this week.

Tempo Automation Holdings (TMPO)

Electronics manufacturer Tempo Automation set the pace for traders in the stock market today. TMPO stock saw its highest sing-day trading volumes of the year without any immediate news catalysts. However, a deeper dive into some other areas of info, including its SEC filings, revealed a potential spark for the fuse today.

Tempo filed an 8K that reported, of all things, a new independent registered public accounting firm. The company said that on April 18, 2023, its Committee approved the appointment of WithumSmith+Brown PC as the new firm for the fiscal year ending December 31, 2023. It also dismissed BDO USA, LLP. Immediately following the new details, TMPO stock shares surged to roughly $1 as the market opened. Last week it closed out at $0.70.

This move comes as Tempo is in the middle of a pending acquisition. Last month the company announced plans to acquire Optimum Design Associates. Benefits of the deal would include access to Optimum’s engineering team and opportunities to cross-sell to an expanded customer base. CEO Joy Weiss explained the event as one that will be a “significant step” in transforming the speed and quality of the company’s electronics prototyping.

Credit Suisse Group (CS)

Since the Silicon Valley collapse earlier this year, bank stocks have steadied a bit. But that still leaves plenty of financial companies trading well below the $5 level. Credit Suisse Group currently sits below $1 as it works with other institutions and governments to tread water.

The bank reported $68.5 billion in net asset outflows in Q1. The latest market chatter has focused on UBS Group, which is considering retaining the Credit Suisse Private Banking unit in India. The company also tapped JPMorgan to “explore possible IPO” of Credit Suisse’s domestic business.

With more calm returning to the financial sector (for now), CS stock has climbed higher to start the week. On Friday, the company’s shares closed out just shy of $0.90 and currently sit roughly 2% higher.

Penny Stocks To Buy Now? 5 With Big News Today

Aclarion Inc. (ACON)

We have this as an Honorable Mention today as the stock has exploded during the time it has taken to write this update. Aclarion shares finished last week at $0.74. At the time of this update, ACON stock sits above $2. So why is this sub-$1 stock seeing so much explosive action in the stock market today?

ACON stock news is one of the main catalysts to reference. Aclarion, a healthcare tech company, used algorithms to help doctors find the location of chronic low back pain. This week, Aclarion announced the publication of two-year outcomes in a clinical trial.

The publication demonstrated “improved surgical outcomes for discogenic low back pain (DLBP) surgeries at chemically painful lumbar discs identified by Nociscan. The data show that Nociscan, a biomarker, and augmented intelligence algorithm-based technology, provides valuable new information that can help physicians successfully treat DLBP, resulting in improved surgical outcomes for patients. The company is moving forward with additional clinical trials and will host a company symposium at SPINEWEEK 2023, which runs from May 1-5. This will give onlookers something to keep in mind heading into May.

List Of Penny Stocks Under $1

  1. Bionano Genomics Inc. (NASDAQ: BNGO)
  2. Tempo Automation Holdings (NASDAQ: TMPO)
  3. Credit Suisse Group (NYSE: CS)
  4. Aclarion Inc. (NASDAQ: ACON)
  5. VirnetX HoldingCorp. (NYSE: VHC)
  6. Aeglea Biotherapeutics (NASDAQ: AGLE)
  7. Astra Space Inc. (NASDAQ: ASTR)

By J. Samuel

As a trader and expert finance writer, I enjoy finding new and emerging trends that may have been overlooked by the average masses. If there's one thing that a trader or investor wants to know, it's how to use valuable data to their advantage. My expertise is in uncovering this data and compiling it into actionable information. As a professional finance writer, I've contributed to many of the top finance platforms and pride myself on researching factual, publicly available information and using that in all of my articles.

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