While the market is performing poorly at this point, there may still be certain gems that investors could still look into and one of the categories of stocks that may be worth navigating at this point are those that are trading under $1 a share.
There are a large number of stocks that trade at those levels at this point in time and this article is going to give you a glimpse into four of those which may be worth tracking.
#1 INFI Stock Gains 35%
Infinity Pharmaceuticals Inc (NASDAQ:INFI) – The first one that investors could consider tracking is the Infinity Pharmaceuticals Inc stock. It has been in the middle of a solid recovery in the past week and has managed to deliver gains of as much as 35% after having gone through a tough period.
Despite this, it should not be forgotten that the stock is still down by a whopping 65% so far this year. It is a clinical-stage biotech company involved in the development of eganelisib. It is an oral therapeutic that is meant for addressing a basic mechanism of immune suppression that is found in cancer patients. In this context, it could also be a good idea for investors to consider taking a look at the company’s financial result for the first fiscal quarter of 2022, which was announced on May 4.
The company reported that it had cash and cash equivalents to the tune of $67.1 million and that reflected a decline from the $80.7 million of cash and cash equivalents at the end of December 31, 2021. Research and development expenses also went up to $9 million. In the previous quarter, it had been $8.2 million. Net loss for the quarter came in at $12.4 million and that was higher than the net loss of $11.6 million in the previous quarter.
#2 CYCN Soars 31% In a Week
Cyclerion Therapeutics Inc (NASDAQ:CYCN) – The next sub $1 a share stock that could be added to the watch lists at this point owing to recent gains is the Cyclerion TherapeuticsInc stock. In the past week, the stock has been in the middle of a fairly strong recovery and has managed to rally by as much as 31% amidst heavy interest. Considering the fact that the Cyclerion Therapeutics stock is still down by 80% it will be interesting to see how far this recovery can go.
At this point in time, it should be noted that the company was in fact in the news earlier on in the week when it made an announcement with regards to its participation at the United Mitochondrial Disease Foundation (UMDF) Mitochondrial Medicine 2022 Symposium.
The event had started on June 8 and would be continuing up until June 11 in Phoenix, Arizona. Presence at such events can often help a company in putting forward the nature of its work far more easily. The Director of Clinical Research at Cyclerion is going to make the presentation. It may be a good move to keep an eye on the stock and watch for the price action in the coming days.
#3 IGC Stock is the Top Performer
India Globalization Capital Inc (NYSEAMERICAN:IGC) – This is one sub $1 stock that could well be on the radar of many investors already considering the fact that it had emerged as one of the biggest gainers on Wednesday and managed to clock gains of as much as 94% amidst heavy interest.
As it happens, the stock was actually in focus yesterday after the company made a major new announcement with regards to the receipt of a new patent. The patent which was issued by the United States Patent and Trademark Office is titled “Method and Composition for Treating Seizure Disorders.”
The issuance of a new patent can always bring about a certain degree of optimism among investors and it seems that is what happened in relation to the India Globalization Capital stock on Wednesday. It is now going to be interesting to see if the stock can manage to hold on to its momentum over the course of the coming trading sessions and continue to add to its gains or not.
#4 KRBP Moves Up 48%
Kiromic BioPharma (NASDAQ:KRBP) – The last one to make the list is the Kiromic BioPharma stock which has seen considerable action over the course of the past week and has managed to clock gains of as much as 48% during the period.
The company was actually in the news earlier this week on June 7 when it made an announcement with regards to the fact that it had gone into a sponsorship research agreement. The agreement was reached with James W Welsh, who is also the Principal Investigator at the University of Texas MD Anderson Cancer Center. That is a significant development for any company that is involved in the field of oncology and hence, the rally in the stock was not a surprise.
