4 Biotech Penny Stocks To Watch Right Now
Penny stocks remain red hot this week as markets turn up the heat on bullish momentum. Aside from speculation on what government measures will be taken in 2021, traders are also digesting several big vaccine updates. Last week we got news from Pfizer (PFE Stock Report) and BioNtech (BNTX Stock Report). Their coronavirus vaccine returned a 90% efficacy.
This sent the market reeling. Days later, Moderna (MRNA Stock Report) blew away those figures and reported a 94.5% efficacy. In a tit for tat exchange, Pfizer came out today with its “final results”. These showed a 95% efficacy in its COVID vaccine candidate. With these major headlines, of course, we saw a surge in epicenter stocks, tech, and even energy stocks this week.
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While there was a pullback toward the end of the Wednesday session, it looks like small cap stocks, specifically biotech stocks weren’t as phased. New came out of New York City that revealed its Mayor Bill de Blasio ordered public school buildings will be closed as of November 19th. The problem with that news was that it sucked some of the optimism out of the market at the end of the day. The S&P and Dow both tumbled from their highs with both closing just shy of their low of the day. Is this it for the bull rally?
Broader markets will figure that out one way or another. When it comes to small cap stocks, specifically penny stocks, many tend to move detached from the overall market move. Right now, it just so happens that several biotech stocks have begun turning some heads even as the overall market trend was bearish on Wednesday.
Biotech Penny Stocks To Watch: GT Biopharma Inc.
GT Biopharma Inc. (GTBP Stock Report) has seen some of its highest trading volumes of the month during the first few days of the week. In fact, GTBP stock hasn’t seen more than 500,000 shares traded since the end of October. What’s going on with the company right now is something that traders are taking note of, clearly. During the past few days in particular, the company made back-to-back announcements on new leadership. GT appointed a new Vice-Chairman of its Board of Directors, former Abraxis CEO Bruce J. Wendel. The company also announced a new Chief Financial Officer, Michael Handelman former CFO of Ionvance Biotherapeutics & Clickstream.
It would appear the company is making more strides to build its leadership team ahead of December. Why December? If you haven’t kept up on GT’s developments this year, GTB-3550 is getting a lot of attention. This is the company’s lead treatment candidate for acute myeloid leukemia. Interim data from its Phase I/II trial was chosen for presentation at the upcoming ASH Conference at the start of December. What we also know is a bit of preliminary information.
“Though no objective responses were seen at the initial low dose cohorts tested, these early data suggest proof of principle that the drug has immune activity in humans. Subsequent patients given higher dose levels will determine if NK cell proliferation translates into clinical efficacy.”Online ASH Meeting Program
In light of these latest milestones, GTBP stock has seen an uptick in trading momentum this month. Will that continue heading into December?
Biotech Penny Stocks To Watch: Sesen Bio Inc.
In addition to this, the company announced its Q3 financial results for the period ending on September 30th. In the results, the company had $42 million in free cash with $11.2 million in revenue during the quarter. Additionally, R&D expenditures only came in at $10.2 million. Although the company did report a net loss of $0.19 per share, investors have to account for the effects of Covid on all companies.
With Vicineum going forward with FDA guidelines, it looks like Sesen Bio could be on track to see regulatory approvals go into place within the next year or so. Although it does remain quite volatile, investors could consider it to be a Covid penny stock to watch.
Biotech Penny Stocks To Watch: Palatin Technologies Inc.
Palatin Technologies Inc. (PTN Stock Report) is considered to be a biotech penny stock to watch. Based out of the U.S., the company has been working on finding receptor-specific treatments for various diseases. This includes its lead drug, Vyleesi, which is used in the fight against Premenopause. With several other drugs in its pipeline, Palatin Technologies Inc. has brought on a lot of attention in the past few months.
On November 17th, Palatin Technologies reported its Q1 2021 results. In the results, the company stated that it ended the quarter with more than $86 million in cash. In addition, the company announced that its net loss had decreased from the previous year’s first quarter by around $600,000.
For Q1, the company reported that expenses came out to $3.7 million. This shows that the company has more than enough free cash to support near term projects. Carl Spana, CEO of Palatin stated that “we have made significant progress and improvement on Vyleesi commercial activities, specifically around insurance reimbursement and expanded coverage. This put us in the proper position as we initiated a targeted marketing digital campaign to raise condition and treatment awareness.” On November 18th, shares of the biotech penny stock shot up by around 8% by EOD. As a biotech company, it looks like Palatin Technologies Inc. continues to have a high correlation with COVID penny stocks.
Biotech Penny Stocks To Watch: Evofem Biosciences Inc.
Just a few months after insider selling tore a huge hole into the bull market for Evofem Biosciences (EVFM Stock Report), insider buying could have been a catalyst for some bullish momentum this week. For those who may remember, Evofem was gaining ground in July and August after plummeting in May after pricing an upsized public offering. The trend became bullish as the company neared its Phexxi launch date.
This is the company’s pregnancy prevention, prescription gel for women. Just 2 days after the company’s Phexxi launch date, we saw a FORM 4 was filed showing CEO Saundra Pelletier dumping 122,500 shares into the market. The sale date on the FORM for coincided exactly with the date Phexxi was set to launch. Since then, EVFM hasn’t been able to recover.
Will that change after the latest round of FORM 4s? This week we see a few new insider trading events reported in the company’s filings. This time, both were insider buys at average prices of $2.20 and $2.17 made by the company’s general counsel Alexander Fitzpatrick and CFO, Justin File. What’s more, is this week the company presented at the Stifel Healthcare Conference. Given the latest, will EVFM stock be able to turn things around before the end of the year as far as its stock is concerned?
Pursuant to an agreement between Midam Ventures LLC and GT Biopharma (GTBP), GT Biopharma is required to pay $200,000 per month for 4 months of services, $400,000 of which has already been paid for 2 months of services (first and last month) for a period from September 22, 2020 to January 22, 2021. We may buy or sell additional shares of GT Biopharma (GTBP) in the open market at any time, including before, during or after the Website and Information, to provide public dissemination of favorable Information about GT Biopharma (GTBP).