Are These Biotech Penny Stocks On Your Radar This Week?
When it comes to finding penny stocks to buy, speculation can fuel momentum. One of the top sectors that play off of this speculation well is biotech. Right now, biotech stocks are some of the hottest in the market. This isn’t just because of novel COVID-19 treatment candidates. It’s also because most of these companies are focused on novel treatments for myriad diseases. Whether it’s cancer, pain management, or even mental health, you’re sure to find companies working for a cure.
One of the things that traders sometimes forget about is to look for corporate events down the road. I’m not talking about years from now. I’m talking about months or weeks. Some of the simplest things like industry or investor conferences can act as catalysts. The idea that hundreds or thousands of investors & peers are exposed to important data can become a big driver of momentum.
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In the stock market today, we’ve seen countless conferences include presentations on trial data, interim information, and key updates on pipeline treatments. The interesting part is that sometimes information is already published, you just need to know where to find it. A lot of these conferences will offer an overview of what information will be presented.
Biotech Stocks To Watch:
- Evogene Ltd. (EVGN Stock Report)
- Curis Inc. (CRIS Stock Report)
- Cellectar Biosciences Inc. (CLRB Stock Report)
- Oncolytics Biotech Inc. (ONCY Stock Report)
- Lipocine Inc. (LPCN Stock Report)
However, in most cases, the masses will end up just waiting until these conference presentations to obtain the information. So, if you’re looking for biotech stocks to watch this week, it’s good to know what’s going to be presented and when. Here are 5 biotech penny stocks that have either made recent updates or plan to in the coming days.
Biotech Penny Stocks To Watch #1: Evogene Ltd.
Evogene Ltd. is one of the biotech penny stocks we’ve discussed for some time now. The focus of this company is on several different segments of the biotech sector. Evogene has a few different operating businesses including Biomica, Lavie Bio, Ag Plenus, and Canonic. However, the most recent catalyst came last week with initiated coverage from Cantor Fitzgerald. The firm started Evogene at “Overweight” and issued a price target of $9.
A fair amount of momentum had been building after the company’s last earnings update in November. Though it saw EPS decline year over year, management’s commentary was the spotlight. First, it’s Biomica recently was highlighted for positive pre-clinical, in-vivo results, for its leading product candidate, live bacterial product BMC128. Results demonstrated that treatment with BMC128, both prior to and in combination with ICI, significantly improved anti-tumor activity in mice.
The company’s Canonic was highlighted for receiving approval from the Israeli Medical Cannabis Agency for the propagation of medical cannabis seedlings. This, in turn, allows the company to move forward with the execution of its commercialization plan. What will be interesting to watch is how EVGN reacts to the outcome of the MORE Act final vote.
Biotech Penny Stocks To Watch #2: Curis Inc.
Last week we discussed Curis in light of its upcoming key opinion leader event this coming Tuesday. The company is set to discuss progress to date for its CA-4948. The presentation also includes data presented at the recent American Society of Hematology (ASH) Annual Meeting.
This data is from Phase 1 study info in patients with non-Hodgkin lymphoma. There will also be new clinical data discussed from its Phase 1 study in patients with acute myeloid leukemia and myelodysplastic syndromes. These data relating to the ASH meeting will be presented on Monday.
Aside from the December 8th date, traders may also want to keep the recent trading activity in mind. The last month has been big for CRIS stock with the last 30 days seeing a climb of more than 70%. The initial move sparked after the company announced that 3 abstracts for CA-4948 were accepted for the ASH meeting. It’s also worth noting that Curis has a collaboration in place with the National Cancer Institute for developing CA-4948 as an anti-cancer agent.
Biotech Penny Stocks To Watch #3: Cellectar Biosciences Inc.
Cellectar Biosciences has a full week before its next milestone date to consider. Regardless, it might be a point of focus heading into the week. That’s due to the fact that the company has a poster presentation at the upcoming International Symposium on Pediatric Neuro-Oncology annual meeting. This takes place next weekend so data may or may not be revealed ahead of the presentation date.
A few other things to note is that since we’re in the final weeks of Q4, developments expected “in the fourth quarter” may play a role. For example, the company held an FDA Type B guidance meeting to define a registrational pathway for its adult hematology oncology indications. It plans initiation of a pivotal study for its lead indication this quarter.
“We continue to make good progress towards the fourth quarter initiation of the CLR 131 pivotal study in our lead heme-oncology indication. Our recent FDA guidance meeting was most encouraging and we look forward to providing greater details in the near-term,” said James Caruso, president and CEO of Cellectar, in its Q3 business update.
Biotech Penny Stocks To Watch #4: Oncolytics Biotech Inc.
Oncolytics Biotech has a bit of a more near-term milestone to keep in mind. This week the company published 3 abstracts for electronic poster presentations set for the San Antonio Breast Cancer Symposium being held Tuesday through Friday. Specifically, Oncolytics presents on Wednesday morning.
Not only has ONCY stock climbed significantly this quarter already, but the last few weeks have also seen a significant uptick in trading activity. A few things to take note of are the company’s clinical trials right now. Specifically, the company’s AWARE-1’s first two cohorts. The recent data presented at another industry conference showed that 70% of patients saw an increase in CelTIL, a measure of tumor-associated cellularity and tumor-infiltrating lymphocytes that is associated with favorable clinical response. This was in patients with HR+/HER2- breast cancer.
While Oncolytics completed enrollment of AWARE-1’s first 2 cohorts, it expects to present more data from the study by year-end. Will this coincide with the company’s upcoming poster presentations at the Symposium this week?
Biotech Penny Stocks To Watch #5: Lipocine Inc.
Lipocine has been a love/hate penny stock to watch this year. It also stemmed from the headfakes that were created because of COVID-19. The uncertainty surrounding the company’s TLANDO New Drug Application caused some selling during late-summer. This is the company’s testosterone drug. The company provided additional information on TLANDO’s regulatory status earlier this quarter. In particular, the FDA told Lipocine that it’s working towards taking action on the TLANDO New Drug Application “on or about the week of November 30, 2020.”
As you may have seen, November 30th has come and went. However, in an update last week, Lipocine provided a long-awaited update and some clarity. This is what will have the company in the spotlight early this week. It could also create a high risk scenario for traders watching this stock. Lipocine said that the FDA informed the company that it is continuing to work towards taking action on the TLANDO New Drug Application “during the week of December 7, 2020.” Again, the company wasn’t able to assure that the FDA will act in that time frame.
Some back story to this and why it could be higher risk has everything to do with what happened last year. The FDA rejected the company’s TLANDO. The FDA explained that the trial didn’t meet several endpoints for “maximal testosterone concentrations.” Will that be the case again just over 1 year later or will this finally be a turning point for TLANDO?