Top Penny Stocks Today: Here’s Why Sunshine Biopharma Stock Is Moving
Traders love finding the top penny stocks to buy as early as possible. That’s especially true if the stocks are making big moves. In the stock market today, you have plenty to choose from. The first step is knowing how to find the best penny stocks to buy. You can look for news catalysts, chart set-ups, follow social sentiment, or even search for SEC filings to give you some trade ideas. Once you’ve got your list, the next step is to understand why certain penny stocks are moving.
Why is the stock moving the way it is? How much attention has the company received before the jump? Is this a continuation of a broader uptrend/downtrend, or is this a unique situation? These are just a few of the many questions you can ask yourself when making a list of penny stocks making big moves early.
Best Penny Stocks To Buy Now
Now that you’ve got the basis for finding names to add to your list, it’s time to determine the potential. It’s one thing to see some of these explosive stocks rising aggressively. It’s another thing to profit from it, and let’s face it, stocks don’t go up 100% of the time. Today we look at one of the most active penny stocks during premarket trading on Tuesday: Sunshine Biopharma Inc. (NASDAQ: SBFM). It’s up nearly 200% overnight and has already broken to some of the highest levels since February. So what’s going on with SBFM stock today, and is there still potential for traders after the opening bell?
What To Know About Sunshine Biopharma Inc. (NASDAQ: SBFM)
Sunshine Biopharma is a pharmaceutical company developing oncology and antiviral drugs. Earlier this year, the company moved from the OTC exchange to the Nasdaq via a 1.88 million unit offering conducted at $4.25 per share. The wild part of this story is that after news of the offering and its price, SBFM stock plummeted over 70%, even falling below the actual offering price. About a month later, Sunshine made another offering, this time for $8 million, priced at $2.22 per unit. So with all of this cash, what comes next for the company?
Sunshine is developing a broad pipeline of treatment candidates. It has a treatment for COVID-19 in development using its lead compound SBFM-PL4. There are collaborations with Universities like the University of Georgia, College of Pharmacy to advance the platform. Furthermore, Sunshine has a program in place with the University of Arizona for assessing the efficacy of 3 PLpro inhibitors in mice.
In addition to the COVID platform, Sunshine is also developing anti-cancer compounds like Adva-27a. It’s developing the candidate in its potential to destroy multidrug-resistant cancer cells, including pancreatic, small-cell lung, breast, and uterine sarcoma.
SBFM Stock News
SBFM stock news is why shares are skyrocketing on Tuesday. Sunshine announced that two of its mRNA molecules were effective in destroying cancer cells grown in culture. In particular, tests were conducted on breast, ovarian adenocarcinoma, and pancreatic cancer cells. As a result of the positive data, Sunshine said it now expects to file a patent application soon.
“We are delighted by these findings in connection with our ongoing mRNA-as-therapeutic-agents research…The potential use of mRNA to treat cancer opens the door to many possibilities for patients including convenience, reduced toxicity and enhanced efficacy.”Dr. Steve Slilaty, CEO of Sunshine Biopharma.
What’s also added more fuel to the fire is SBFM stock’s share structure. Even with the recent capital raises, it’s still considered a low float penny stock. If you’re unfamiliar, a low float indicates fewer shares available to trade in public hands. The lower the float, the higher the volatility in situations where there’s more robust trading activity.