top biotech penny stocks to watch right now

5 Biotech Penny Stocks To Watch Today

Amid optimism around the President’s recovery and a pending stimulus plan, penny stocks are flying this morning. What has added more fuel to the fire is even bigger sector news. Earlier this week, sympathy momentum started building. What did it stem from? Bristol-Myers Squibb (BMY Stock Report) agreed to acquire MyoKardia (MYOK Stock Report) and its experimental heart drug for $13.1 billion in cash. Considering that MYOK closed at $139.60 on October 2nd, this deal announced on the 5th resulted in a gap up to $224 a share.

We’ve discussed sympathy momentum in the past. This is when shares of other companies within a certain sector rally in sympathy with other companies. In light of the latest billion-dollar acquisition, biotech penny stocks are on the menu to start the week. We also can’t forget the case in favor of coronavirus penny stocks today.

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In the news cycle, all weekend was the health of U.S. President Donald Trump. It was revealed that he was being treated with a cocktail of medications to help fight his COVID symptoms. Shares of Gilead (GILD Stock Report) and Regeneron (REGN Stock Report) both soared during premarket hours. The momentum trickled down to other immunotherapy and coronavirus penny stocks today.

With so much excitement in biotech right now, it makes sense that traders are circling the waters. In light of this, here’s a list of penny stocks to watch at the start of the week.

Biotech Penny Stocks To Watch: GT Biopharma Inc.

GT Biopharma Inc. (GTBP Stock Report) is one of the small-cap penny stocks to watch in October. The company began turning heads after its clinical trial update late last month. GT focuses on immuno-oncology treatments with a current target on acute myeloid leukemia (AML). Its lead candidate GTB-3550 utilizes the company’s novel TriKE™ platform. The company’s tri-specific natural killer engagers or TriKE™ is a combination protein that bridges an immune cell and a tumor cell to drive tumor cell killing power exponentially.

Late in September, the company announced that it completed the treatment of its first patient enrolled at Dose Level 3 in its GTB-3550 TriKE Phase I/II clinical trial. As we’ve seen, pre-clinical and clinical-stage biotechs have excited traders this year especially in light of positive trial data.

In GT Biopharma’s case, results were favorable in this first patient dose. There was a decrease in AML blast levels from 18% to 12% in the bone marrow. There was also an improvement in marrow cellularity and improving platelet and red blood cell numbers. From here, the company said it plans to re-treat the patient with an additional round of GTB-3550 therapy at the 25mcg/kg/day dose.

What’s more, is that  TriKE™ has been evaluated in other indications. These include ovarian, breast, prostate, pancreatic ductal adenocarcinoma, and lung cancer models. According to GT, it demonstrated a significant reduction in tumor burden in animal models. It also boosted overall survival in animal models of solid tumor cancers. GTBP stock is up over 7% so far this week.

biotech penny stocks to watch GT Biopharma Inc. (GTBP stock chart)

Biotech Penny Stocks To Watch: Amarin Corp.

Another one of the biotech stocks we’ve followed for a while is Amarin Corp. (AMRN Stock Report). Shares dropped from over $7 to under $5 in early September following a ruling in its VASCEPA ANDA patent litigation. As you might presume, the outcome wasn’t favorable and AMRN stock dropped. However, the company’s most recent developments could shed some positive light on the company this month.

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The company reported that it will present new data at European Atherosclerosis Society (EAS) Congress 2020. The company said that these add to the growing body of knowledge on the potential mechanisms of action of VASCEPA® (icosapent ethyl).

“The full VASCEPA story continues to unfold as we learn more about how eicosapentaenoic acid acts on a cellular level,” said Craig Granowitz, M.D., Ph.D., Amarin’s senior vice president and chief medical officer. The company presented over the weekend and will also present later today. VASCEPA is a prescription medicine used to reduce the risk of heart attack, stroke and certain types of heart issues.

At the end of September, analysts at JPMorgan resumed coverage on Amarin with a Neutral rating. This came shortly after SVB Leerink maintained its Outperform rating and adjusted its price target to $9.

biotech penny stocks to watch Amarin Corp. (AMRN stock chart)

Biotech Penny Stocks To Watch: Axovant Gene Therapies Ltd.

Axovant Gene Therapies Ltd. (AXGT Stock Report)  is another one of the biotech stocks to watch recently. In fact, it’s been on the watch list since mid-September after Axovant announced a key update regarding a partnership with Viralgen. The company said it will have access to manufacturing resources for its AAV-based gene therapy programs. This includes AXO-AAV-GM1 for GM1 gangliosidosis and AXO-AAV-GM2 for GM2 gangliosidosis.

Since then, AXGT stock has climbed nearly 100% and momentum continues this week. Axovant announced that it will participate in several industry conferences this month. These include the upcoming Chardan Genetic Medicines Conference on Tuesday. Next week Axovant attends the ARM Cell and Gene Meeting on the Mesa followed by the AXO-Lenti-PD Parkinson’s Disease R&D Day at the end of the month. Keep in mind that momentum built in September as the company had presented at 4 major investor and industry conferences as well.

While shares started out in penny stock territory Monday, AXGT has quickly climbed out of the range. With its upcoming presentations, will this momentum carry through the rest of October?

biotech penny stocks to watch Axovant Gene Therapies Ltd. (AXGT stock chart)

Biotech Penny Stocks To Watch: Evogene Ltd.

Evogene Ltd. (EVGN Stock Report) has been on our list of penny stocks to watch since the start of September. At the time, EVGN stock was trading around $2.10 and has since rallied by more than 100% so far. Late last week we began to focus on it fro ma technical perspective.

Obviously, when you talk about certain penny stocks that don’t just jump and fall in a day, there are fundamental and longer-term technical things to monitor. One of these is what happens when the inevitable consolidation period comes? This generally happens when profit taking comes into play. EVGN stock price experienced this consolidation, however, it came back to a previous price level that was resistance in late September.

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The company is a computational biology company. Evogene’s working on the development and discovery of new compounds for use in everything from health to agriculture and more. Evogene’s subsidiary, Biomica, reported an update during the second week of September. The company announced positive pre-clinical results in a study of its live bacterial product, BMC128. It’s designed to treat the immune system with anti-tumor properties.

biotech penny stocks to watch Evogene Ltd. (EVGN stock chart)

Biotech Penny Stocks To Watch: Trevena Inc.

Trevena Inc. (TRVN Stock Report), much like EVGN, has been one of the top biotech penny stocks to watch this year. When it first came to our attention, TRVN stock was still under 50 cents. The company’s OLINVYK treatment has been a key point of focus. But it also has other pipeline treatments.

Back in June, the company started collaborating with Imperial College London to evaluate the treatment potential of TRV027. The goal was to see if it was a viable option for treating acute lung injury in COVID patients.

Fast-forward to more recent and the OLINVYK treatment is gaining more ground. It was featured in a few publications and compared the safety between Trevena’s treatment and IV morphine.

This week things are off and running again after another update. Trevena announced 3 OLINVYK presentations at the American Society of Anesthesiologists that started earlier this month and ends this week.

“Throughout its clinical development, OLINVYK has demonstrated a consistently favorable side effect profile,” said Mark Demitrack , M.D., Senior Vice President and Chief Medical Officer of Trevena, Inc. “I am pleased that we are still gaining valuable clinical insights into its differentiated profile as we continue to examine the robust Phase 3 data, which is clearly of great interest to clinicians looking for alternative treatment options for the treatment of acute pain.”

biotech penny stocks to watch Trevena Inc. (TRVN stock chart)
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