Why Are These Biotech Penny Stocks Making Big Moves Before The New Year?
During 2020, investors have shifted their focus toward penny stocks. This is of course due to the effects of the COVID pandemic. Throughout the year, we have seen meteoric rises in value amongst several leading biotech penny stocks. And with COVID still not yet under control, some investors believe that this momentum could continue.
Even as a vaccine rolls out around the world, we are still months away from seeing the end of COVID altogether. Because of this, there is still a long way to go for biotech companies as a whole. If and when COVID does come to an end, many of the leading biotech stocks to watch, have many other drugs or technologies in their pipelines. This is an important area for prospective investors to consider as it can help to determine the long term future of a biotech company. With all of this in mind, let’s take a look at five biotech penny stocks trending before 2021.
Biotech Penny Stocks to Watch
- Havn Life Sciences (HAVLF Stock Report)
- Evogene Ltd. (EVGN Stock Report)
- Evofem Biosciences Inc. (EVFM Stock Report)
- Ocugen Inc. (OCGN Stock Report)
- BioNano Genomics Inc. (BNGO Stock Report)
Biotech Penny Stocks To Watch #1: Havn Life Sciences
We’ve seen with industries like cannabis that biotech can take on different forms. Much like medical marijuana, another “modern approach” to medicine has begun emerging. That approach is through the use of psychedelics. Magic mushroom stocks are becoming a frequent topic of conversation among the scientific community. This year actually marked the first IPOs of magic mushroom focused stocks. While there are plenty of new things to be discovered, companies are jockeying for early footing.
Havn Life Sciences has already attracted some of the cannabis industry’s early trailblazers like Vic Neufeld. He led Aphria on its maiden voyage, which saw its market value explode between 2014 and 2019. Now on board Havn, he and a slew of other seasoned leaders look to tackle the psychedelic space.
December has been a big month for the company. In particular, much of the speculative anticipation surrounds the company’s upcoming retail product launch. Havn’s retail division, Havn Retail, is executing its business plan for nutraceutical products and has developed seven natural healthcare products that are set to launch in Q1 2021. This includes the launch of its e-commerce platform. What’s more is that Nesters Market retail chain, will list and promote the full range of Havn Life’s natural health supplements across its stores in British Columbia next quarter.
“Havn Life’s formulations are bioavailable and naturally-derived and are created with human optimization in mind. The products have been thoughtfully formulated with adaptogens and antioxidants to aid in overall brain health,” said Tim Moore, CEO of Havn Life, in a press release last week. So with early opportunities in retail, to start, Havn has already begun establishing some footing of its own as early as next quarter.
Biotech Penny Stocks to Watch #2: Evogene Ltd.
Evogene Ltd. is a biotech company working in the area of computational biology. The company states that it is focused on aiding several areas of the biology industry including both human health and the needs of agriculture. Its main platform known as Computational Predictive Biology, utilizes artificial intelligence to help produce new products that are at the cutting edge.
For quite some time, we have been discussing the work that Evogene is doing and its place as a penny stock to watch. On December 28th, shares of EVGN stock rocketed up by around 30% by midday. Technically at $5.75 per share, EVGN is no longer a penny stock. But seeing as it just crossed this threshold today, it’s still worth discussing. While there wasn’t any news sparking this gain on Monday the 28th, Evogene is currently working on several large deals.
This includes signing its first commercial agreement with Telcann, a licensed cannabis cultivator. The goal with this is to produce a large quantity of medical cannabis in order to produce new and groundbreaking products. Ofer Haviv, CEO of Evogene stated that “I am very pleased to see that within a very short time, Cannonic (its subsidiary) has created an impressive operation, which we expect will come into full fruition in 2022 with first sales of medical cannabis in Israel. I am confident that access to Evogene’s GeneRator AI engine will be a significant contributing factor in the success of Canonic to bring to market genetically unique cannabis products.
Biotech Penny Stocks to Watch #3: Evofem Biosciences Inc.
Evofem Biosciences Inc. is another biotech penny stock that pushed up in value substantially on Monday. During the trading day, shares were up by as much as 11% to $2.62. For some context, the company works as a commercial-stage biopharmaceutical company. Evofem is currently working on several substances to aid in the treatment of STIs, women’s reproductive health, and more. Its first product known as Phexxi, is a first of its kind product made for the prevention of pregnancy. Currently, it is also in a Phase 3 trial for its drug Evoguard, which could prevent certain STIs in women. On December 22nd, the company announced that it will be participating in the Medicaid National Drug Rebate Program.
With this, patients around the U.S. will have access to Phexxi if they so choose. Saundra Pelletier, CEO of the company, stated that “contraceptive choice should not be a luxury available to only some women. Every woman deserves the right to choose the method that is right for her individual health needs and unique circumstances.”
In the past month, shares of EVFM stock are up by over 20%. While it is more volatile than others, EVFM could remain a penny stock to watch.
Biotech Penny Stocks to Watch #4: Ocugen Inc.
Ocugen Inc. is yet another biotech penny stock that saw big gains on December 28th. By intraday, shares of OCGN stock were up by around 30% to $2.29 per share. One of the main reasons for this is that Ocugen is currently working on a covid vaccine. On Wednesday, December 23rd, Ocugen announced that it had established a vaccine scientific advisory board. The goal with this is to help improve threw efficacy of its Covid-19 vaccine Covaxin. While Ocugen is not primarily a company that produces vaccines, it saw a large need due to COVID and began work immediately.
Outside of Covaxin, Ocugen is working on several treatments for retinal diseases. This includes diseases that are caused by diabetic retinopathy, macular edema and more. In regard to Covaxin, Ocugen is working with Bharat Biotech to bring this vaccine to the U.S. OCGN will work on all aspects of development and commercialization with the country, which could boost both funding and revenue.
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In the past month alone, shares of OCGN stock have shot up by more than 600%. In the past six months, that number jumps up to over 900%. This is an astounding gain and something that investors should obviously be wary of.
Biotech Penny Stocks to Watch #5: BioNano Genomics Inc.
BioNano Genomics Inc. is yet another biotech penny stock pulling in big gains on Monday. As mentioned earlier, we see that there is a very high correlation between all biotech penny stocks. On Monday, shares of BNGO stock shot up by around 28% by midday to $0.90 per share. The company operates as a genome analysis company working on its product known as the Saphyr system. This system is utilized to test patients and provide diagnostic results for those with a large range of ailments.
This includes testing for autism, as well as other neurodevelopment diseases. While the Saphyr system is quite complicated, in short, it works by testing genetic material for certain compounds that could indicate illnesses. The Saphyr system can be adapted to any lab setting and can provide genetic testing for a wide range of complications.
The Saphyr system is a major breakthrough in the medical industry as it allows for a complete mapping of one’s genomic sequence. In its most recent third quarter, the company reported around $2.2 million in revenue. While this is a 30% decline year over year, it does make sense given the massive amount of research it is doing to make its products widely available. The company increased its research and development costs during the quarter, adding to a pretty hefty net loss.