The Ukraine-Russia crisis continues heating up, which has profoundly impacted everything, including penny stocks. Today more updates on Russia and Ukraine surfaced, citing a “pro-Russian” attack on a border village. Meanwhile, Russian-controlled media outlet RIA said that Ukrainian forces were to blame as they had shelled territory held by pro-Russian separatists.
Public statements made on Twitter by Ukrainian President Volodymyr Zelenskyy echoed the concerning events. “The shelling of a kindergarten in Stanytsia Luhanska by pro-Russian forces is a big provocation,” he said.
Adding to the speculation of a hotter conflict was the change in travel plans for U.S. Secretary of State Antony Blinken. He announced a last-minute adjustment on Thursday following the reports. With the stock market down today, traders are again on the hunt for ways to make money trading. The exciting part about penny stocks, specifically, is that even in a stock market crash, you’re sure to find at least a handful of names making new highs. Today we look at three that can be bought for under $5 right now.
Penny Stocks To Buy
- Citius Pharmaceuticals Inc. (NASDAQ: CTXR)
- Ra Medical Systems Inc. (NYSE: RMED)
- Outlook Therapeutics (NASDAQ: OTLK)
Citius Pharmaceuticals Inc. (NASDAQ: CTXR)
Something interesting that you might notice from this list of penny stocks is that all are in the biotech field. To my point above, these four are outperforming the overall biotech sector today. Leading ETFs, including the Nasdaq and S&P Biotech ETFs, are trading significantly lower today. In addition, broader ETFs like the Russell 2000 Small-Cap ETF are also red on Thursday. Nevertheless, Citius Pharmaceuticals and other names on this list are trading higher and for different reasons.
The initial move for the company came after it reported its first-quarter 2022 earnings earlier this month. Citius not only recorded a better EPS figure compared to its previous year’s, but it also gave insight into the plans for the coming related to FDA submissions and current phase trials.
Not only does it plan on submitting a Biologics License Application to the FDA later this year for its I/ONTAK (E7777), there are also plans for releasing pivotal Phase 3 trial data on the platform during the first half of 2022. I/ONTAK (E7777) is Citius’ treatment candidate for cutaneous T-cell lymphoma. The company’s other platform, Mino-Lok, is in phase 3 trials for treating patients with catheter-related bloodstream infections. This trial is expected to come to completion this year.
You’ve also got a very recent FDA-related headline to factor in. The company’s Investigational New Drug Application for a Phase 2b study of its Halo-Lido platform was approved. This trial will study the potential impacts of the platform in patients with hemorrhoids beginning during the first half of the year. Amid this string of news headlines, CTXR stock has climbed from around $1.50 to highs of over $1.80 this week.
Ra Medical Systems Inc. (NYSE: RMED)
Shares of Ra Medical are also following suit with CTXR. The biotech company’s stock continued its steady climb higher on Thursday. Ra Medical has been attempting to regain losses from earlier this month thanks to a financing-fueled sell-off. It announced a $12 million offering at a steep discount to the market when the details were released.
Ra has been developing platforms for treating certain vascular diseases. Its DABRA excimer laser was cleared by the FDA for patients with symptomatic infrainguinal lower extremity vascular disease. Late last week, Ra Medical was granted a US Patent titled “Small Flexible Liquid Core Catheter for Laser Ablation in Body Lumens and Methods for Use.”
This is the 10th US patent issued to the company. In response to the news, Will McGuire, Ra Medical Systems CEO, explained, “We believe this patent expands our strong intellectual property portfolio, which will be beneficial when we return the DABRA excimer laser system to full commercialization.”
Though the movement for RMED stock hasn’t been as robust from a price standpoint, it’s significant from a percentage change angle. On February 4th, the penny stock hit a low of $0.325 and this week reached highs of $0.435, which is a roughly 33% move so far.
Outlook Therapeutics (NASDAQ: OTLK)
February 17th marked the 3rd day that Outlook Therapeutics made higher highs for the week. The company specializes in retinal treatment development. It has worked on advancing and officially launching its ONS-5010/ LYTENAVA™. This is an ophthalmic formulation of bevacizumab, better known by a trade name, Avastin from Genentech. Instead of Avastin’s indication for cancer, Outlook’s formulation is indicated for use in retinal disease.
In its recent quarterly update for Q1 2022, the company commented on bevacizumab’s roadmap. Specifically, management said it remains on track to submit a new U.S. FDA Biologics License Application for the first ophthalmic formulation of bevacizumab. Furthermore, Outlook is expecting approval of the BLA in Q1, 2023.
In anticipation of a potential FDA marketing approval this year for ONS-5010, the company has also ramped up efforts for planning its commercial launch, including establishing partnerships. FUJIFILM Diosynth Biotechnologies and Aji Biopharma Services are among the names on the list for Outlook.
In addition to this current focus, there are other things that the market seems to have followed closely. Outlook has received agreement from the FDA on 3 Special Protocol Assessments (SPA) for three more registration clinical trials. They cover protocols for planned trials evaluating ONS-5010 in branch retinal vein occlusion and two trials evaluating the treatment in diabetic macular edema. These are expected to begin registration if the wet AMD indication gains FDA approval.
Hot Penny Stocks To Watch
Whether you’re looking for the next round of penny stocks to buy or ones to add to your monthly watch list, broad trends can’t be ignored. Even if they aren’t directly impacting certain stocks, understanding where strengths and weaknesses are in the market can help you make an educated decision on where to focus your time. When it comes to penny stocks, volatility is critical for some, and several biotech names are gaining attention right now.
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