Are These On Your List Of Penny Stocks To Buy Right Now?
The week has started mixed for broader markets but has that impacted all penny stocks today? In short, no and this has been the case forever. One of the attractions to these cheap stocks is that they tend to move on their own accord versus with the broader market trend. But let’s take a look at a few things going on that’ve caused the latest market flux. The idea here is the search for certain stocks that may be able to benefit from whatever has driven the S&P, for instance, lower to start the week.
COVID-19 remains a key focus right now. Markets pulled back Monday morning due to more lockdown measures and additional coronavirus cases spiking over the weekend. While markets have surged on the back of strong vaccine news, the inevitability that remains from rising cases is hard to ignore.
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A number of states reported strong growth in case numbers over the weekend. California, New Jersey, North Carolina, Virginia, and West Virginia all recorded big figures. Another catalyst bringing in headwinds on Monday was with regard to uncertainty over the future of U.S. and Chinese relations.
Penny Stocks & Recent Market Headlines
Reports surfaced that the U.S. is looking to impose sanctions on at least a few handfuls of Chinese officials. This is relating to their roles in disqualifying certain Hong Kong opposition leaders last month. But there are some positive highlights to take note of that could shift focus to epicenter stocks this week. A group of U.S. senators is expected to push forward some legislation for a $900 billion stimulus package.
This obviously comes during a time where we saw some not so great employment figures. Non-farm payrolls from Friday’s report showed a bleaker outlook than expected on the state of the jobs climate in the U.S. Needless to say, there’s a lot to account for early this week and likely plenty of things to take a look at in the meantime. Are any of the following on your list of penny stocks to buy right now?
Penny Stocks To Buy [or avoid]: Zomedica Corp.
When it comes to identifying certain penny stocks to watch, I’m sure some try to find names that aren’t so exposed to broader trends. In this case, Zomedica Corp. (ZOM Stock Report) may meet that definition. The company itself has been on our radar for weeks. What’s more, is that Zomedica deals with veterinary health creating diagnostic products for dogs and cats.
Since the beginning of November, ZOM stock has mounted a strong rebound moving from around $0.06 to highs of over $0.20 last week. Heading into this week, the company came out with a bigger update to kick things off on Monday morning. Zomedica reported that, with the hiring of Debra Rock to lead its Marketing Department, its internal commercial leadership team is complete.
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This was the last piece of the puzzle for the company just before its upcoming TRUFORMA commercialization. TRUFORMA is Zomedica’s diagnostic platform for use at the point-of-care. With commercial sales expected to begin by the end of Q1 next year, this comes as a timely update for the company. For those watching ZOM stock from a technical perspective, it has run into resistance around $0.21 as we saw last week. But will that remain the case in light of the latest surge in momentum on Monday?
Penny Stocks To Buy [or avoid]: Agile Therapeutics Inc.
In line with the same thought process behind Zomedica, Agile Therapeutics Inc. (AGRX Stock Report) is focused on products that aren’t designed to cure the latest virus. In fact, the company has focused entirely on commercializing a product called Twirla®. This is the company’s transdermal system, a non-daily, non-invasive contraceptive patch. We’ve continued watching AGRX since back in late-October, 2019. While much more progress has been made, AGRX stock may be in a stronger focus this week and for good reason.
Agile announced the much-awaited U.S. commercial launch of Twirla® (levonorgestrel and ethinyl estradiol). It is now available in the US by prescription for women. Al Altomari , Chairman and Chief Executive Officer of Agile said, “Family planning experts believe the most successful contraception for a woman is one of her choosing that fits her lifestyle, and we believe Twirla will be a valuable addition to the category’s available options. We are committed to seeking ways to make Twirla affordable and accessible for women.”
On the back of this news, AGRX stock has started the week strong. Premarket trading saw the penny stock hit highs of over $3.15. Similar to ZOM, AGRX stock has shown to run into some resistance at higher levels. In this case, around $3.25 if you look back in October and August. This may be a level to keep in mind if AGRX is on your list of penny stocks today.
Penny Stocks To Buy [or avoid]: Matinas Biopharma Holdings Inc.
Matinas Biopharma Holdings Inc. (MTNB Stock Report), on the other hand, has gained ground in light of recent COVID headlines. In fact, this week, the company reported that it’s working with the National Institute of Allergy and Infectious Diseases (NIAID) to test oral formulations of remdesivir in preclinical models. Obviously, we know that this drug is owned by Gilead Sciences (GILD Stock Report) and has been brought to light as a potential treatment against coronavirus.
Matinas said that it plans to us the NIAID’s suite of preclinical services to carry out antiviral testing with selected formulations. Gilead will, in turn, provide remdesivir and work with Matinas to evaluate the data generated from the planned series of preclinical studies. Matinas’ LNC (lipid nanocrystal) platform will be used to develop one or more formulations of remdesivir in this case.
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There’s obviously a big focus on COVID-19 right now. This news has helped give MTNB stock a boost early on this week. Most recently, we saw the penny stock test levels it hasn’t seen since March.
Penny Stocks To Buy [or avoid]: Oncternal Therapeutics Inc.
Oncternal Therapeutics Inc. (ONCT Stock Report) is another biotech name to know on Monday. It didn’t develop a novel coronavirus vaccine. However, it has announced some positive interim data from a Phase 1/2 trial of its lymphoma treatment, Cirmtuzumab and Ibrutinib. The company presented this data at the American Society of Hematology meeting on Monday morning.
“The interim data from the combination of cirmtuzumab and ibrutinib are quite promising in relapsed/refractory (r/r) MCL, with an impressive 87% best ORR that has improved over time. The time to response, depth and durability of responses make cirmtuzumab a compelling candidate for further development.”
Hun Ju Lee , M.D., Associate Professor of Medicine in the Department of Lymphoma & Myeloma at the University of Texas MD Anderson Cancer Center, investigator on the CIRLL clinical trial
The combination of cirmtuzumab and ibrutinib was well tolerated in this trial. This may also be a bit reminiscent of last month. ONCT stock rallied from around $1.50 to highs of $6.28 just after reporting its Q3 earnings. The company also gave a business update. In it Oncternal pointed out the upcoming ASH presentation. It also cited that there would be a clinical data update for patients with HER2-negative breast cancer in the ongoing Phase 1b study in the first half of 2021.
