Penny Stocks To Watch #3: Miragen Therapeutics
Miragen Therapeutics Inc. (MGEN Stock Report) is on the move again on May 28th. If you recall, this was one of the penny stocks to watch earlier this year. At the start of January, MGEN stock traded around $0.50 and saw a strong rally to highs of over $2.20. That was a move that lasted about a month. But with parabolic rallies, what goes up quickly can come down just as quickly. After settling out finally at 52-week lows of $0.31, the penny stock began a steadier move higher. Since the start of the second quarter, MGEN stock has managed to climb 158% at Thursday’s $1.13 high.
Earlier this month the company reported its Q1 financials. Among key highlights, miRagen reported positive new data for its cobomarsen in ATLL patients in January. However COVID-19 directly impacted some of the clinical sites for its SOLAR trial. Cobomarsen is currently being evaluated for the potential treatment of patients with miR-155 elevated hematological malignancies. This includes Cutaneous T-Cell Lymphoma and Adult T-Cell Leukemia/Lymphoma (ATLL).
Next week could be an important one for miRagen. The comapny is set to present at the Jefferies 2020 virtual healthcare conference. William S. Marshall, Ph.D., President and Chief Executive Officer of miRagen, will be presenting on behalf of the company just as the market closes on June 2. Is this latest move a speculative bull trend based on that presentation? It’s important to keep in mind that May 21, Miragen held its 2020 Annual Meeting of Stockholders (see May 22 8K). Among approved amendments was amendments to the Company’s certificate of incorporation to “effect a reverse stock split of the Company’s Common Stock, at a ratio of between 1-for-3 and 1-for-20”.
