Top Penny Stocks Today: Here’s Why NRXP Stock Is Moving
Penny stocks are one of the quickest ways to make money in the stock market. Whether you’re day trading, swing trading, or even investing, these cheap names can offer the potential for significant gains. On an almost daily basis, we see various companies attract the attention of retail traders for their dramatic moves in the stock market.
Today, we will discuss one of the top penny stocks trending right now: NRx Pharmaceuticals (NASDAQ: NRXP). We’ll discuss why it’s moving, what happened leading up to today, and find any additional details that you can use to decide whether or not NRXP stock is worth buying?
Top Penny Stocks Today: What To Know About NRx Pharmaceuticals (NASDAQ:NRXP)
As we’ve discussed in previous articles, biotech stocks remain a focus for high volatility traders. One of the biggest reasons for this is that a single headline can trigger a massive move in share price at a moment’s notice. Just look at another former penny stock, Biofrontera Inc. (NASDAQ: BFRI). Last week shares traded as low as $2.25. Starting things off this week, BFRI stock managed to reach premarket highs of over $11. What was behind this big move?
Read more: 5 Reddit Penny Stocks To Watch This Week
Following Biofrontera’s update on its next round of earnings (this week on Nov. 30), its shares were bullishly rated by analysts at Roth Capital. The firm not only has a Buy on BFRI stock but also gave a $20 price target. At the time the target was issued, the biotech penny stock was still trading below $5. This bullish outlook from analysts, in addition to speculative momentum leading up to earnings, has sparked a massive, multi-hundred percent move in BFRI stock.
Similarly, NRx Pharmaceuticals has followed this trend. As of last Tuesday (Nov. 23), NRXP stock was still trading below $5. So what has transpired to trigger such a massive move for this top penny stock?
What Does Hot Penny Stocks Today: What To Know About NRx Pharmaceuticals (NASDAQ:NRXP) Do?
NRx Pharmaceuticals is a drug development company. It specializes in Everything from mental health to COVID-19. As you might guess, the recent surge of interest in vaccine stocks thanks to the Omicron variant has put NRXP stock in focus. In particular, the company’s developing its BriLife vaccines well as its ZYESAMI platform for COVID patients.
ZYESAMI has already been granted Fast Track Designation by the FDA and is in a phase 3 trial funded by the US National Institutes of Health and the Biomedical Advancement Research and Development Authority and Medical Countermeasures program.
NRXP Stock News
Last week NRx noted new data on its BriLife platform and the effectiveness against the Delta variant. Management explained that early findings in phase 2 were “highly encouraging” and that the company expects to begin its Phase 2b/3 registration trial following phase 2 review this week.
In addition to this news, NRx announced another critical update this week. The company highlighted its ZYESAMI platform in this instance. NRx finished its analysis to obtain clinical evidence showing noticeable improvement following treatment with ZYESAMI in critical COVID patients.
Based on this new evidence, NRx requested Breakthrough Therapy Designation indication to “Treatment of COVID-19 Respiratory Failure in patients who progress despite treatment with remdesivir and other approved therapies.”
Furthermore, the “substantial improvement” in treatment from ZYESAMI was compared to other therapies, including remdesivir. Based on this, NRXP stock rallied higher during the premarket session on November 29. That marks a move of more than 160% since last Tuesday’s lows.
NRXP Stock Forecast
The recent momentum in the market for NRXP stock comes as a warm welcome for a company that has more or less underperformed this year. I say this because the overall trend has been bearish since the first quarter of the year. While there’ve been several one- and two-day breakout moves, NRXP hasn’t managed to reclaim its levels from earlier this year. Will this latest surge in trading action help give things a boost heading into the rest of the year?