Current & Former Biotech Penny Stocks To Watch This Week
Is the stock market going to crash? What are the best penny stocks to buy right now? Will July bring new highs in the stock market in 2021? These are just a few of the many questions being asked as we embark on the second half of the year. With firm trends in place, there’s definitely a lot of moving parts to account for. Not only is this the first week of Q3, but it’s also the first week of the second half of the year. With that, we’ve seen the first round of earnings suggest economic strength in the post-pandemic recovery. We’ve also gained some additional insight from the Fed regarding its stance on inflation – which remains “transitory” and not a major concern (for now).
We’ve also seen the meme stock mayhem continue pushing shares of companies like AMC Entertainment (NYSE: AMC), GameStop (NYSE: GME), and plenty of others in different directions. This new type of activist investing has given retail traders a voice. Now we not only see top Wall Street analysts giving their 2 cents on the state of the markets, but YouTubers are also becoming mainstay contributors to financial media outlets.
The week ahead may be short, but there is plenty to keep track of. Today we’ll look at one of the more volatile parts of the market, biotech. You can see things like phase data or even rumors of patents spark big moves in certain stocks. This list of penny stocks (and former penny stocks) will focus on companies with recent or upcoming events that could be good to keep in mind as “H2” kicks off on July 6th.
Current & Former Penny Stocks To Watch
- GT Biopharma Inc. (NASDAQ: GTBP)
- Ocugen Inc. (NASDAQ: OCGN)
- Odonate Therapeutics Inc. (NASDAQ: ODT)
- Antares Pharma Inc. (NASDAQ: ATRS)
- ObsEva (NASDAQ: OBSV)
- Palatin Technologies Inc. (NYSE: PTN)
- Seelos Therapeutics Inc. (NASDAQ: SEEL)
Former Penny Stocks To Watch #1: GT Biopharma Inc. (NASDAQ: GTBP)
GT Biopharma has been one of the biotech penny stocks we’ve discussed many times in the past. In fact, among many of the big movers this year, GTBP stock stacks up against many of the cohorts of the group. Less than 6 months ago, shares were trading below $5, and recently the former penny stock reached highs of $19.73 in June. What’s been a driving force behind the momentum?
There’ve been a few key events that have helped spark attention from the market. The foremost has been the company’s progress with its immunotherapy treatment pipeline. The company’s lead treatment candidate, GTB-3550, is undergoing clinical trials in a Phase 1/2 study in patients with acute myeloid leukemia (AML) and higher-risk myelodysplastic syndrome (HR MDS). Late last month, the company presented interim data on GTB-3550 at the Raymond James Human Health Innovation Conference.
Anthony Cataldo, GT Biopharma Chairman and Chief Executive Officer, explained, “We have seen significant reductions in CD33+ cancer cells in four of the last seven patients (57%) treated with doses of GTB-3550 ranging from 25mcg/kg/day to 150mcg/kg/day. This early sign of CD33+ target-specific cancer cell killing is very encouraging as we begin to focus on transitioning to the expanded efficacy part of the current GTB-3550 clinical trial.”
Recent Developments To Watch With GTBP Stock
Along with GTB-3550, the company has several other treatment candidates in its pipeline to target breast, lung, gastric, colorectal, and ovarian cancer indications. These indications include ones that express HER2 (GTB-6550), PD-L1 (GTB-4550), and B7H3 (GTB-5550). Last week Anthony Cataldo presented as a VIP speaker at Sir Anthony Ritossa’s Global Family Office Investment Summit in Monaco. Given that analysts have already given a bullish stance on the company, details from last week’s presentation could be of interest heading into the new month. What’s more, some of the analysts covering the company have already begun boosting targets.
B. Riley, for instance, discussed how NK cell therapy combined with GT’s TriKE showed “synergy” in preclinical prostate cancer. Below, the image shows GT Biopharma’s GTB-5550 TriKE combined with Fate Therapeutics’ FT538 iNK cells.
The combination showed significant results compared to 3 other models on a 72-hour timeline. B. Riley lifted its $21 to $26 at the end of June.
2. Ocugen Inc. (NASDAQ: OCGN)
Ocugen is another former penny stock that has gained in popularity over the last few months. Initially, the company was the center of attention thanks to its pipeline treatments for wet-AMD last year. However, the larger spark came when Ocugen pivoted into the coronavirus arena. Its co-development deal in December with Bharat Biotech ignited more excitement in the stock.
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Fast-forward a few months, and now OCGN stock is in the same conversations as Pfizer (NYSE: PFE), Moderna (NASDAQ: MRNA), and Johnson & Johnson (NYSE: JNJ). In particular, OCGN stock could be on the radar this week after a late-breaking development just before the holiday weekend.
Recent Developments To Watch With OCGN Stock
On July 2nd, Ocugen reported new evidence from Bharat Biotech. The company shared positive results of its Phase 3 study of COVAXIN™; a whole virion inactivated COVID-19 vaccine candidate. According to the company, it demonstrated a vaccine efficacy in mild, moderate, and severe COVID-19 disease of 77.8% with efficacy against severe COVID-19 disease alone of 93.4%.
“With the Delta variant becoming a dominant strain of COVID-19 in the United States, we believe that the Phase 3 efficacy results reported by Bharat Biotech demonstrate that COVAXIN™ has the potential to become an important option to expand protection against this emerging variant. Combining these data with the only Delta-variant results from a controlled Phase 3 clinical trial, evidence continues to support a favorable benefit-risk profile for COVAXIN™.”Dr. Bruce Forrest, Acting Chief Medical Officer and a member of the vaccine scientific advisory board of Ocugen.
Penny Stocks To Watch #1: Odonate Therapeutics Inc. (NASDAQ: ODT)
Now, getting to the current penny stocks to watch, Odonate Therapeutics could be another name to keep in mind. The company isn’t the most vocal when it comes to headlines. But that hasn’t stopped traders from focusing on core developments being made by the company. In particular, things are up in the air when it comes to the future of the company. This has remained a source of speculation in the market, contributing to several volatility spikes along the way.
Earlier this year, the company announced the discontinuation of the development of its tesetaxel treatment and its intent to wind down tesetaxel-related operations. Teseteaxel is a type of chemotherapy agent in the “taxanes” class of drugs. These are used in cancer treatment, including those in breast cancer. The company said its clinical data package for tesetaxel is “unlikely to support” FDA approval. But that hasn’t put a complete stop to trading activity in the market.
Recent Developments To Watch With ODT Stock
Whether it has an impact or not, events last week could be something to keep in mind. Friday shares began trading higher after a new filing came out. A 13G filing showed Ikarian Capital has a 5.2% stake in the company. In many cases, when larger firms build sizeable positions in biotech companies, the market takes notice. But again, whether this “event” is a lasting one for ODT stock in July is yet to be seen.
2. Antares Pharma Inc. (NASDAQ: ATRS)
Since the 2020 sell-off early last year, ATRS stock has been on the recovery path. In fact, since last March, shares of Antares Pharma have bounced from lows of $1.60 to highs of over $5 earlier this year. Closing out the week last week, the penny stock sat around $4.50, which continued its 4-day uptrend.
Not only did the company present at the Raymond James Human Health Innovations Conference, but it also filed an Investigational New Drug Application with the FDA for its early-stage study of ATRS-1902. This is the company’s candidate for treating acute adrenal insufficiency, known as adrenal crisis.
Recent Developments To Watch With ATRS Stock
Other updates could also be a point of interest heading into this week. Namely, the company’s update on June 28th that its partner Idorsia Ltd initiated a Phase 3 registration study to evaluate the efficacy and safety of self-administered subcutaneous selatogrel, Idorsia’s P2Y12 receptor antagonist, in suspected acute myocardial infarction utilizing Antares’ Quickshot® auto-injector. Last December, the FDA designated Idorsia’s investigation of selatogrel for this treatment as a “fast-track” development program. What’s more, Idorsia will be responsible for the global commercialization of the product, pending regulatory approvals, and Antares will be entitled to receive royalties on net sales of the commercial product should it reach that stage.
3. ObsEva (NASDAQ: OBSV)
Shares of ObsEva stock have remained relatively flat for the last several months. But this week could be an important one for the company. ObsEva focuses on therapies to improve women’s reproductive health. What’s so important about this week for the company?
Upcoming Developments To Watch With OBSV Stock
This week the company presents clinical data from its PROLONG Phase 2a proof-of-concept study of ebopiprant. This is ObsEva’s oral prostaglandin F2alpha (PGF2α) antagonist for treating spontaneous preterm labor. Data will be presented at the Society for Reproductive Investigation 68th Annual Meeting, held virtually and in Boston on July 7th and July 8th. Both presentations will happen after the market closes on both days, so it could be something to keep in mind if OBSV stock is on your watch list right now.
4. Palatin Technologies Inc. (NYSE: PTN)
Similar to Odonate, Palatin Technologies may be in the spotlight thanks to recent filings coming to light. The company recently announced that it completed an End-of-Phase 2 meeting with the FDA. This was for its PL9643 treatment of dry eye disease (DED). Carl Spana, Ph.D., President and Chief Executive Officer of Palatin, explained that “We now have clarity on the registrational path required to demonstrate the safety and efficacy of PL9643, having reached agreement with FDA on all key elements of PL9643’s pivotal phase 3 program for DED.”
Recent Developments To Watch With PTN Stock
Besides this latest news, a barrage of Form 4s have flooded the filings of PTN stock. Several of the company’s officers and directors purchased shares of stock between average prices of $0.60 and $0.62 at the end of June and the beginning of July. Obviously, when insiders are purchasing shares, it can be looked highly upon by the investing public. In this case, considering the current price is right around the levels insiders bought, this could be something to keep in mind in the week ahead.
5. Seelos Therapeutics Inc. (NASDAQ: SEEL)
Finally, Seelos Therapeutics continues to remain a focus for traders. This comes just a few months after SEEL stock reached highs of $6.60. Since then, shares of the penny stock have plummeted to the current levels they’re trading at right now. But that doesn’t seem to have deterred analysts from getting in on the action.
Seelos has become one of the psychedelic penny stocks to watch this year. At one point, it was the largest holding of the Horizon’s Psychedelic Stock ETF (NEO: PSYK). While the penny stock remains in the top 5 holdings, it has been dethroned by Cybin Inc. (OTC: CLXPF), which holds the top spot right now. Needless to say, recent developments could put a slightly brighter spotlight on the company in July.
Recent Developments To Watch With SEEL Stock
Last week, Guggenheim analyst Yatin Suneja initiated coverage on Seelos Therapeutics. The analyst gave a Buy rating and announced a price target of $8. The company was also recently added to the Russell 2000®, Russell 3000®, and Russell Microcap® Indexes.
Biotech Penny Stocks To Watch This Week
No matter if we’re talking about current or former penny stocks, the focus is the same. Recent and upcoming events could play a part for some or all of these companies in the month ahead. Key pipeline developments, new insider ownership, institutional interest, and more are some of the highlights to keep track of. Heading into the new month, quarter, and half of 2021, it is going to be important to understand potential catalysts at play.