5 Top Penny Stocks To Buy Under $5 Right Now

Penny stocks are a great way to make money in the market during times of uncertainty. Depending on who you ask, there is also “never” a bad time to trade these cheap stocks. Thanks to the latest bout of stock market volatility, there’s no shortage of daily excitement.

As the stock market crash continues into January, traders looking to take advantage of rising stocks are likely looking to individual stocks to achieve their goal. Today we are looking at a handful of penny stocks which can be purchased for less than $5. Whether the risk is worth it or not is something I leave up to you to decide.

Penny Stocks To Buy Under $5

Inspira Technologies (NASDAQ:IINN)

Shares of Inspira surged early in the morning on big news from the company. A component of its ART and ECLS systems was on the FDA Class I 510(k) exemption list. This component is designed to reduce potential complications with specific venous movement when changing a patient’s posture during transport or in bed. With the objective of safer mobilization, the component should come to the aid of medical teams.

Inspira specializes in respiratory care. ART was designed as a less expensive means of respiratory support for patients with deteriorating respiratory health. It uses a hemoprotective float approach to regulate saturation levels to potentially minimize the need for mechanical ventilation.

Yoshitsu Co Ltd. (NASDAQ: TKLF)

Yoshitsu Co. The Japanese beauty and health products company has turned green after weeks of selling pressure. The recent IPO of TKLF stock was one of the worst this year. The shares were priced at $4, but on the day of its IPO, TKLF opened above $40. Since then, selling pressure has taken the penny stock back below $3 per share.

While global reopening efforts are still progressing, retail stocks have been gaining traction recently. Yoshitsu has earmarked funds from its IPO to open new physical stores that it directly owns. Plans were also discussed to add franchise stores.

Although little news has come in lately, traders seem to have focused on the penny stock’s stock structure. With an offering of 6 million shares, this put TKLF in the crosshairs of retail traders looking for low float penny stocks.

Provention Bio Inc. (NASDAQ: PRVB)

Penny stocks to buy under $5 Action Provention Bio PRVB

It’s no secret that a wide range of stocks were beaten in January. But as discussed in this article, it made the market environment more attractive for day traders. In turn, short-term moves are attractive right now. Provention Bio is a clear example of this. The penny stock has been in freefall for most of the month, but as February approaches, stocks have edged higher.

This was due, in part, to news of a new drug submission for a biologics license. Provention has announced plans to submit a Biologics License Application for its drug candidate teplizumab for the treatment of type 1 diabetes.

“We are very pleased and excited to be working on the resubmission of teplizumab BLA, taking into consideration the comments from the FDA, which brings us one step closer to our goal of providing teplizumab to people and their families who are at risk of developing a end-stage, insulin-dependent type 1 diabetes.

Ashleigh Palmer, co-founder and CEO of Provention Bio

Now the clock is starting to tick. Despite early optimism in the stock market today, the FDA has 30 days from the new submission to determine if it is acceptable for review. From there, according to the company, FDA guidelines are to complete its review within six months of the resubmission date.

Enservco Corp. (NYSE: ENSV)

penny stocks to buy less than $5 worth of Enservco ENSV stock

To complete this list of penny stocks is one of the cheaper names, Enservco Corp. Like most in this article, ENSV stock was depressed in January. However, by the end of the week, stocks are back with well above average volume. No news has come out of the company for months. However, with the earnings season underway, the energy service provider has returned to center stage.

Enservco provides wellsite services to the domestic onshore oil and gas industries. Not only have energy prices soared, but Enservco is also emerging from a record 3rd quarter. Revenue increased 72% with gains across all service offerings, and adjusted EBITDA jumped 10% year-over-year. In particular, operations in Texas delivered revenue growth of more than 120% year over year.

Following these results, this could be one of the reasons why the market is looking for more year-end earnings growth. Responding to this progress during the third quarter earnings call, Executive Chairman Rich Murphy explained:

“All of these trends bode well for our business, and we expect the tailwinds we are experiencing to continue into 2022 and beyond and help us generate further revenue increases and bring us back to the profit profile we have been experiencing. were enjoying before the downturn… Our fourth and first quarters constitute our heating season, which is historically when we generate a high percentage of our revenue and profitability.”

In light of this, ENSV might be one of the penny stocks to watch right now.

Mind Medicine Inc. (NASDAQ: MNMD)

best penny stocks to watch mindmed MNMD stock

This month has been much busier for Mind Medicine. The psychedelic company has gained momentum with its latest update. MindMed announced that the FDA has cleared its Investigational New Drug Application. This allows it to proceed with a planned phase trial of its MM-120 in the treatment of generalized anxiety disorder.

MindMed is currently working with study investigators and clinical sites to begin enrollment.

“This trial, the first commercial study of LSD in over 40 years, builds on productive discussions with the FDA and provides an opportunity to explore improvements in anxiety symptoms after a single administration of MM-120. Additionally, the results of this trial will guide dose selection and development strategy for our pivotal Phase 3 clinical trials, and deepen our scientific understanding of the clinical effects of MM-120 and its underlying mechanisms of action. underlyings,” said Robert Barrow, Chief Executive Officer and Director of MindMed.

As the markets attempt to rally, MNMD stock managed to rebound to the $1 level in early morning trading on Friday.

Penny Stocks to Buy Now

Different market conditions can mean a red or green light to buy stocks, depending on your criteria. In light of the latest volatility, penny stocks seem to have become a bigger attraction for retail traders. If this sounds like you, make sure you have a strategy in mind and a simple approach to every trade. Setting your entry and profit targets is critical, especially with stocks moving so sporadically at the moment.


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