3 Biotech Penny Stocks to Watch in Mid-November 2021
Biotech penny stocks remain some of the most popular stocks of the past year and a half. While the pandemic highlighted the biotech industry at first, we are still seeing the effects of this over one year after it began. But, not all penny stocks in the biotech industry will have value. Rather, investors need to do the proper due diligence to find which companies could have momentum in the future.
On one hand, we have companies that produce compounds and medicines. These are the most classic examples of a pure-play biotech stock. On the other hand, we have companies that produce medical tech devices, wearables, diagnostic tests, and more. While these are also pure-play biotech stocks, they can have a different exposure to the market.
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With both, it’s important to consider whether it has approved products for sale alongside revenue and a sizable pipeline. This will help to identify whether or not it could have potential in either the short or long term. With so many biotech penny stocks out there, the choices are almost limitless. Considering that, let’s take a look at three to watch in November.
3 Biotech Penny Stocks For Your November List
- Asensus Surgical Inc. (NYSE: ASXC)
- Alzamend Neuro (NASDAQ: ALZN)
- Progenity Inc. (NASDAQ: PROG)
Asensus Surgical Inc. (NYSE: ASXC)
Asensus Surgical Inc. is a medical device robotics company that conducts research and develops and sells medical device robotics. Its devices are designed to improve minimally invasive surgery. The business aims to create a digital link between the surgeon and the patient. Its Senhance Surgical system is a robotic surgery technology that allows up to four arms to manipulate robotic tools and a camera during operation. In addition, it offers the SurgiBot System which is a robotically augmented single-port laparoscopic surgical platform.
On November 3rd, Asensus reported its operating and financial results for the third quarter of 2021. The company announced a record quarter for procedures performed using Senhance Surgical Systems. This quarter showed a 47% increase over the previous year. Now the company has initiated four new Senhance Surgical Programs collectively in Russia and Japan.
“We are very proud of our recent performance as we continued to make significant progress towards our strategic focus areas despite the meaningful challenges we faced during the quarter as a result of the most recent COVID spike which impacted all of our key geographies.”
President and CEO of Asensus Surgical, Anthony Fernando
In the past five days, shares of ASXC stock have shot up by over 24% and YTD by over 79%. These are solid gains and reflect the emphasis on the biotech industry and ASXC’s business model. Considering this, will it be on your penny stocks watchlist?
Alzamend Neuro Inc. (NASDAQ: ALZN)
Alzamend Neuro Inc. is another biotech penny stock that has been climbing in several recent trading sessions. In the past five days, shares of ALZN stock have shot up by over 35%. If you’re not familiar, this company creates products for treating psychiatric disorders and neurodegenerative diseases. Its preclinical trials include AL001 for treating Alzheimer’s and other related diseases. Additionally, Alzamend is developing AL002 which is for restoring the ability of a patient’s immunological systems to combat Alzheimer’s.
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In September, Alzamend received a positive Pre-IND response from the FDA for AL002. This is a written response to its meeting request related to its Type B Pre-Investigational New Drug application. Now the FDA has agreed after a proposal that Alzamend should conduct a Phase 1 / 2 study on AL002. The company plans to proceed with this study, which is likely the major reason for its recent gains.
“We appreciate the thorough and meaningful response from the FDA, which provides us with the information and clarity needed to submit the IND application to initiate a clinical trial for AL002. Preclinical work supports AL002 being associated with a positive anti-inflammatory response and a decrease in brain amyloid contents.”
The CEO of Alzamend, Stephan Jackman
Considering this, it will be interesting to see what the results of this trial are. Whether that makes ALZN stock worth adding to your list of penny stocks is up to you.
Progenity Inc. (NASDAQ: PROG)
Progenity Inc. is a biotech penny stock that has continued to climb in both value and popularity in the past month or so. During that time, shares of PROG stock have shot up by over 160% despite a YTD loss of over 30%. This major monthly gain is one of the reasons that so many investors are paying attention to PROG stock right now. If you’re not familiar, this company creates molecular testing products for the United States market. Progenity is involved in the commercialization and development of its products.
One of the main focuses from investors is Progenity’s Covid testing services. While Covid cases have been declining in the past few weeks, the demand for testing has remained high. As a result, many investors are looking for opportunities related to Covid testing. On the other hand, Progenity’s main product is Innatal, which is a prenatal screening test for women in early pregnancy to look for chromosome abnormalities. This is its flagship product, and remains one of the major sources of revenue for the company.
On the 3rd of November, Progenity announced the release date for its third quarter of 2021 financial results and a corporate update. These results and the update will be released on Wednesday, November 10th, 2021. This will take place after the market closes, and a conference call will follow shortly after.
Financial results and corporate updates can often have a large impact on all stocks. And ahead of results, we often see movements in either direction as anticipation looms. With higher than average volume in the past few weeks, it’s clear that PROG’s popularity is not going anywhere anytime soon. Keeping this in mind, will PROG stock be on your November watchlist?
Which Biotech Penny Stocks Are You Watching?
Finding the best biotech penny stocks to buy can be challenging. But, if investors pay close attention to the news, it can be easy to spot where potential momentum could be.
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As with all stocks, news is extremely important and can be a major driver of price. So, with that in mind, which biotech penny stocks are you watching right now?
