There’s only one week left until we turn the page on June and the second quarter. With GDP numbers and more CPI data expected to show the progress in curbing inflation, the market’s risk appetite seems to change daily. But one of the more static trends in the stock market today is the volatility in penny stocks. This article looks at 4 penny stocks to watch right now that some traders are wondering if they’re a “Buy” or not before next month.
Penny Stocks To Buy Now
If you’re looking for penny stocks to buy now, you have plenty of choices. The determining aspect to consider is your timing. Are you looking for penny stocks to buy and hold for a few days or weeks? On the other hand, are you looking for cheap stocks to buy and sell today within the same trading session? Your stock market strategy is almost like a game of chess, as a different combination of moves can yield myriad results. Ultimately, your goal is to make money trading penny stocks, and a good place to begin is with a watch list.
List of Penny Stocks To Watch
- Benitec Biopharma Inc. (NASDAQ:BNTC)
- Invitae Corp. (NYSE:NVTA)
- Clovis Oncology Inc. (NASDAQ:CLVS)
- Alaunos Therapeutics Inc. (NASDAQ:TCRT)
Benitec Biopharma Inc. (NASDAQ: BNTC)
Yesterday we talked about some low-float penny stocks and the potential that traders see in them. If you missed the article, check out 4 Low Float Penny Stocks To Watch This Week. The idea is that the lower the float, the fewer the number of shares trading publicly in retail hands. When above-average trading activity comes into the picture, the moves that these stocks make tend to be exponentially more significant compared to other stocks.
In this case, BNTC stock is one with a lower float. Most financial outlets will show this figure at below 15 million. Furthermore, recent attention on micro-cap biotech stocks has been picking up thanks to big moves in more prominent health-related names. The sympathy momentum in the stock market today has built up strongly in Benitec, with volume at above-average levels.
What To Watch With BNTC Stock
Last quarter, Benitec made a submission to the Central Ethics Committee in Frace to begin a clinical development program this year. Specifically, it’s for Benitec’s BB-301 in treating patients with Oculopharyngeal Muscular Dystrophy. While no new updates have come out related to the status of this submission, speculation may play a role right now as the market anticipates a potential outcome.
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Invitae Corp. (NYSE: NVTA)
Trading volumes for Invitae Corp have been increasing consistently over the last few months. Unfortunately for longs, that has equated to more selling than buying. However, NVTA stock has seen a strong turnaround at the end of June. In the stock market today, trading action continues at an above-average rate as the genetics company turned heads once again.
What To Watch With NVTA Stock
Although Invitae hasn’t released much news recently, the latest milestones during the second quarter seem to have resonated. In particular, Invitae launched an expanded pharmacogenomics (PGx) panel and specialized metal health panel late last month. Playing off of recent moves in Congress, the Right Drug Dose Now Act could help increase awareness and access to PGx.
“Ninety-nine percent of patients have genetic variants that can impact medication response, making pharmacogenomics a foundational element for any precision medicine program,” says Kristine Ashcraft, medical affairs director, pharmacogenomics at Invitae, in a May update. “At Invitae, we pride ourselves on ease-of-use, so we offer both genetic testing and clinical decision support to enable clinicians to easily benefit from genetic insights when making prescription choices at the point of care.”
Clovis Oncology Inc. (NASDAQ: CLVS)
Another one of the biotechnology penny stocks to watch is Clovis Oncology. Like Invitae, Clovis was under pressure for most of the second quarter. After reaching over $3 in early April, selling took the penny stock down to lows of $0.58 in June. Regardless of the past performance, CLVS stock has surged for the better part of the last two weeks, thanks to critical updates from the company.
What To Watch With CLVS Stock
Thanks to Phase 1 data from an ongoing clinical study, CLVS is on the list of penny stocks to watch in June. Its FAP-2286 targeted radiotherapy candidate demonstrated favorable response and treatment details.
“These LuMIERE data from the first two dose cohorts demonstrated a manageable safety profile, with some preliminary evidence of activity, both of which are encouraging as we seek to better understand the potential of FAP-2286 as a treatment and imaging agent across a wide range of malignancies.”
Jonathan McConathy, M.D., Ph.D., Associate Professor and Director of the Division of Molecular Imaging and Therapeutics in the University of Alabama at Birmingham Department of Radiology in the Marnix E. Heersink School of Medicine.
Additional data is planned for presentation at another nuclear medical meeting. The company also anticipates initiating a Phase 2 expansion cohort in multiple tumor types later in 2022.
Alaunos Therapeutics Inc. (NASDAQ: TCRT)
This list of penny stocks has plenty of biotech names to keep track of. Alaunos is another one of the under-discussed names making new Q2 highs this week. Shares managed to bounce back significantly from April’s 52-week lows thanks to more progress from the company’s oncology treatment pipeline developments.
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What To Watch With TCRT Stock
Earlier this month, Alaunos presented a trials-in-progress poster for its TCR-T library Phase 1/2 trial at the American Society of Clinical Oncology Meeting. The poster summarized the trial’s design, dosing regimen, and follow-up strategy.
TCR-T is Alaunos’ therapy based on a proprietary, non-viral Sleeping Beauty gene transfer technology. The library includes KRAS, TP53, and EGFR, and the company has clinical and strategic collaborations with the University of Texas MD Anderson Cancer Center and the National Cancer Institute.
The company also presented at the Jefferies Healthcare Conference on June 10th, which seems to have become a point of focus throughout the month.
Penny Stocks To Buy Now
The exciting part about biotech stocks is that most will have current and future catalysts to keep track of. Unlike other industries, these health-focused companies are constantly in or working toward phase trials and studies. Meanwhile, each phase has several steps along the way, and each step is another opportunity for companies to deliver preliminary data. Obviously, good data bodes well, and bad data can deliver a crushing blow to the market. Risk is high, so research is key. Heading into July, these could be a few of the penny stocks to watch.
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