Penny stocks are known for their volatility. But during volatile times in the stock market, there are plenty of reasons why cheap stocks stand out. When broader sectors fail to give direction or, worse, only trade lower, it can be hard to find ways to make money trading. However, the beauty of penny stocks is that you’re likely to find at least a handful making big moves daily. Today, we’ll look at some of the lowest-priced penny stocks under $1 that are gaining a lot of momentum during premarket trading.
Stock Market News & Early Highlights For Today
With earnings season underway, there’s plenty to consider. You’ve also got global headlines triggering moves in foreign-based companies to keep track of. This week Chinese stocks jumped thanks to rate cuts by China’s central bank. The rally wave was first seen in Hong Kong as traders applauded the move. Everything from tech to real estate stocks jumped.
Now US investors await the response in the stock market today. Will this lead to Chinese penny stocks making a move? So far, during premarket trading, there are a few names to watch that could have experienced some sympathy sentiment.
Penny Stocks Under $1
Marker Therapeutics (NASDAQ: MRKR)
Shares of Market Therapeutics surged during premarket trading on Thursday. This was thanks to late-breaking news on Wednesday regarding an FDA decision. The company received Orphan Drug Designation for its multi-antigen targeted T Cell therapy, MT-601. The drug candidate is being studied in treating patients with pancreatic cancer.
“The FDA’s orphan drug designation underscores MT-601’s potential as a treatment for pancreatic cancer, a cancer typically diagnosed at an incurable advanced stage with a total overall 5-year survival rate of 10%,” said Peter L. Hoang, President & CEO of Marker Therapeutics.
The company now expects to file an Investigational New Drug application for MT-601 later this year.
Baudax Bio Inc. (NASDAQ: BXRX)
BXRX stock was another one of the penny stocks under $1 making early moves in the stock market today. Shares surged to highs of over $0.25 without any apparent headlines. The recent focus has been on the company’s pipeline of treatments for neuromuscular blockade in surgical settings. BX-1000, BX-2000, and BX-3000 has placed particular attention on advancing these during 2022. Baudax is also developing ANJESO, an antiinflammatory for managing severe pain. Last month the company raised several million dollars with a portion of those proceeds dedicated to advancing the treatment.
Looking ahead, there’s a proxy statement shown in the company’s filings. Among the topics up for vote is a reverse stock split “by a ratio of any whole number between 1-for-8 and 1-for-35, at any time prior to June 30, 2022.”
Air Industries Group (NYSE: AIRI)
Air Industries was another one of the hot penny stocks surging on Thursday morning. Like MRKR, AIRI stock jumped thanks to late-breaking news on Wednesday. The company announced that its subsidiary, Air Industries Machining Corp., was awarded two separate Long-Term Agreements (LTAs). These contracts were for manufacturing flight-critical assemblies for the Blackhawk helicopter. The estimated value of the two LTAs will total approximately $18.2 million over their five-year terms according to the company.
Mr. Lou Melluzzo, CEO of Air Industries, stated in Thursday’s press, “We are gratified to have won these two agreements to manufacture products whose flawless operation is critical for flight safety. We are proud to say that both components have been manufactured by Air Industries for more than 20 years.”
Premarket Penny Stocks To Watch
These are just a handful of the penny stocks under $1 making early moves in the stock market today. Just like any other asset, risk can play a role. When it comes to cheaper penny stocks, the lower the price, the higher the volatility. So if you are watching stocks like these, keep that in mind heading into the second half of the trading week.
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