Are you looking for the best penny stocks to buy after the stock market dropped today? Believe it or not there are plenty of cheap stocks to watch that are heading higher amid this big drop in major indexes. One of the major appeals of penny stocks is their ability to experience explosive gains even in the face of broader market headwinds. Take, for instance, the stock market today. The S&P 500, Dow and Nasdaq all dropped heavily just one day after the FOMC meeting and Fed rate hike decision.
However, there were more than just a handful of stocks under $5 climbing higher. Take, for instance, Safe & Green Holdings Corp. (NASDAQ: SGBX). While markets plummeted and the Magnificent 7 stocks dropped, SGBX stock reached fresh 52-week highs. It also saw some of the highest daily trading volumes of the year, with more than 8 million shares traded by the closing bell. Why did this cheap stock rally?
News of its partnership with CORNERSTONE Charitable Foundation and plans to build a schoolhouse in Ghana sparked attention. Paul Galvin commented, “Being involved in a project that promises such significant transformation for Ghanaian children, both now and in the future, is a profound honor. To support CORNERSTONE’s mission to bring impactful change to West Africa is a privilege and a responsibility…Moreover, WellCity, our healthcare and wellness subsidiary, stands ready to address the critical healthcare challenges in some of Africa’s most under-resourced regions.”
Finding Penny Stocks To Buy
Whether it’s news, industry events, market catalysts, or something else, understanding what’s behind these big moves helps when finding the best penny stocks to buy. In this article we look at a few more cheap stocks to watch before next week.
- Solowin Holdings (NASDAQ: SWIN)
- FLJ Group Limited (NASDAQ: FLJ)
- Avalo Therapeutics Inc. (NASDAQ: AVTX)
Solowin Holdings (SWIN)
Solowin is a Chinese securities brokerage based in Hong Kong. It is also a new issuer that made its Nasdaq debut earlier this month. Like most IPOs this year, the penny stock exploded on its IPO day then eventually sold off during the weeks to follow. The last three sessions have seen SWIN stock rebound as the market digests the last few weeks of trading.
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No further updates have come from the company since closing its public offering. However, the excitement surrounding certain international stocks has helped keep attention on certain companies. It may also help that only 2 million shares accompanied the public offering, which puts SWIN stock on the list of low-float penny stocks to watch. Nevertheless, volatility is evident, and that can also mean risk is at heightened levels. If SWIN stock is on your list, keep that in mind.
FLJ Group Limited (FLJ)
Penny stocks under $1 have also become a popular topic of discussion and FLJ Group is one gaining attention lately. It’s a far cry from where it was trading at the start of the year. However, it’s also seeing some of the most notable market activity recently in comparison. The tech company offers an apartment rental platform in China. Other than the interest on Chinese penny stocks recently, its price and latest headlines have also helped to prompt interest in the stock market.
This week FLJ announced results of its Annual general meeting. Specifically, the company said the shareholders approved changes regarding the authorized share capital of the Company. It has been changed to $1,000,000 divided into 10,000,000,000,000 shares, of which 8,500,000,000,000 are designated as Class A Ordinary Shares, 1,000,000,000,000 are designated as Class B Ordinary Shares, and 500,000,000,000 are designated as Preferred Shares.
With these new changes, the market seems to have taken bullishly to the move.
Avalo Therapeutics Inc. (AVTX)
Avalo Therapeutics has been focused on rebuilding itself in the market. Shares of the biotech penny stock tested fresh 52-week lows earlier this month below 10 cents per share. Since then, AVTX stock has recovered by more than 30%, partly thanks to headlines related to several of its treatment candidates.
In a deal with AUG Therapeutics, Avalo is selling its rights, title, and interest in assets related to AVTX-801, AVTX-802, and AVTX-803 for $150,000. The terms also include the potential for a milestone payment of up to $15 million apiece, totaling up to $45 million if the first FDA approval is for an indication other than a Rare Pediatric Disease.
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“In AUG’s hands, these programs could advance to provide reliable treatments for patients in need. This divestiture also reaffirms Avalo’s unwavering commitment to executing our strategic focus on our immunology assets, which we believe hold the greatest value and potential for our shareholders,” stated Dr. Garry A. Neil, MD, Chief Executive Officer, and Chairman of the Board at Avalo Therapeutics.
