If you’re looking for penny stocks under $1, your options may be limited. That is if you’re looking for these penny stocks on Robinhood. Many of the “cheap stocks” tend to trade Over The Counter, in general. So if you’re using a broker like Webull or Robinhood, you might be out of luck in looking for OTC stocks to buy.
However, that doesn’t mean all penny stocks under $1 aren’t tradable. In fact, there are plenty of lower-priced names that trade on the NASDAQ and NYSE. It just takes some time to narrow down a list of penny stocks to watch.
Heading into this week, there are a number of potential things to consider. We’ve still got a high chance of more coronavirus vaccine stocks making headlines. There is also a lot more attention to biotech penny stocks in general. Last week’s big news of Gilead acquiring Immunomedics sparked plenty of attention on companies involved with oncology and immune-related diseases.Trading Penny Stocks Under $1 On Robinhood
Needless to say, if you’re looking for penny stocks under $1 on Robinhood, you’ve got plenty to choose from. Understand, however, that the lower the price, the higher the volatility in many cases.
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So if you’re new to trading penny stocks, keep this in mind. For instance, if you’re looking at buying a stock trading around $4 and it increases or decreases $0.04, it’s only a 1% change in value. However, if you’re buying a $0.40 penny stock that swings 4 cents, now you’re talking about a 10% change. This is what I mean by higher volatility. Furthermore, even if you find some penny stocks under 20 cents, for example, just because they’re cheaper doesn’t necessarily mean you’ll make money quicker.
Look into things like the share structure of the stock. See how large the float is as well as the outstanding share count. As a rule of thumb, the lower the float of a stock, the quicker it moves in price. So, if you’ve got a 40 cent stock with a huge float, it may not move as quickly as the $4 stock with a small float. All things to consider when trading penny stocks. With this in mind, are these penny stocks under 1 dollar on Robinhood a buy or sell this week?Penny Stocks Under 1 Dollar On Robinhood: Onconova Therapeutics
Onconova Therapeutics Inc. (ONTX Stock Report) has been one of the penny stocks to watch since August. Late last month, ONTX stock dropped hard after announcing a miss in its recent Phase 3 trial. In fact, Richard C. Woodman, M.D., Chief Medical Officer of Onconova said in a press release, “We plan to take learnings from genomic analyses of the INSPIRE trial to inform the future development of rigosertib.”
“We also look forward to the continued expansion of the investigator-initiated study program with oral rigosertib beyond the ongoing Phase 1/2a study in KRAS+ lung adenocarcinoma into additional solid tumors. Our novel CDK4/6 + ARK5 inhibitor, ON 123300, could also represent a meaningful advance over existing products.”
The company’s main focus is on cancer fighting treatments. Obviously, missing endpoints in such a late stage study can be a huge blow for any company. What’s important to note is how the company reacts and what management gives for the future outlook. Is it a total loss or are there still potential opportunities ahead? The company’s just coming off of a circuit of investor conference presentations and Friday’s volume was some of the highest the penny stock’s seen in weeks. Heading into Monday’s session we’ll watch to see if September 18th’s post-market momentum continues.Penny Stocks Under 1 Dollar On Robinhood:Penny Stocks Under 1 Dollar On Robinhood: Acasti Pharma
Another one of the beaten-down penny stocks catching some momentum recently is Acasti Pharma (ACST Stock Report). This was actually one of the top penny stocks to watch earlier this year. Starting in late March, ACST stock managed to move up more than 200% through the 3rd week of August. However, similar to Onconova, Acasti also gapped down hard at the end of last month. It too reported less than palatable Phase 3 results.
Specifically in its Phase 3 TRILOGY 2 study, the company evaluated the efficacy, safety and tolerability of CaPre in patients with severe hypertriglyceridemia. CaPre is the company’s mega-3 phospholipid-based treatment. What’s more is that after the results, Acasti said it wouldn’t plan to conduct additional clinical trials for CaPre and won’t seek U.S. FDA approval for the drug.
“Taking into consideration all of the analyses from TRILOGY once completed, we will seek to maximize the value of the CaPre® asset by continuing to explore a range of options available to us.”Jan D’Alvise, Chief Executive Officer of Acasti
Something to note as a recent development is the appointment of a new CFO to the company’s leadership team. One of the things that the new CFO, Brian D. Ford said was that he’s looking forward to bringing his expertise to Acasti. Specifically, he said that his experience in evaluating strategic opportunities as well as M&A transactions will provide valuable insights to carve out a path forward for the company. Last week ACST stock finished out on a high note, trading more than 15.9 million shares on Friday and reaching highs of $0.225 after-hours.Penny Stocks Under $1 On Robinhood: Hexo Corp.
If there’s been one marijuana penny stock continuing to attract Robinhood traders, it’s been Hexo Corp. (HEXO Stock Report). It’s one of the few pot penny stocks under $1 right now and the last week has seen an uptrend in the market. The biggest question now is can it continue? This week we’ve got earnings coming from Aurora Cannabis (ACB Stock Report) for instance.
If you look back at the last time Aurora reported earnings, it surprised analysts and that ACB stock move helped boost the broader sector. Heading into this week, there are concerns over what the latest round of earnings will relay to the market as far as sentiment is concerned. So keep this in mind if you’ve got some marijuana penny stocks on your list right now.
Last week was a solid week for HEXO stock. The penny stock enjoyed a full week of higher highs and a move up of 13%. For the most part, trading volumes were also noticeably higher compared to its previous week. Like Acasti, Hexo also announced a new CFO. The company hired Trent MacDonald to take the role of Chief Financial Officer.
While there hasn’t been much other news from Hexo, the company continues pursuing its focus on expanding its brand. Last month Hexo completed a C$34.5 million financing. The company said it plans to use the net proceeds from the program for general corporate purposes including working capital, debt repayment, and capital expenditures. It also officially launched a new vape brand across Canada. Heading into the week, I think Aurora Cannabis earnings will be a key focus for pot stock investors. This could have its own impact on companies like Hexo, too.