Penny Stocks With News Turning Heads In February 2023
Want to find the best penny stocks to buy now? You’ve got your work cut out for you, and this week was a clear example of how quickly sentiment can change. Thanks to bullishness from the January/February Fed meeting and less-than-spectacular earnings from some of the biggest companies in the stock market today, volatility is at a high.
That trend has echoed into an already speculative market segment: penny stocks. So is it worth trading cheap stocks in conditions like what we’re seeing this week? In short, yes, but it’s also worth saying that you can’t go into it unprepared. If you’re new to trading stocks like these, we’ve got a section below for you to check out before moving on to the next article.
Penny Stocks With News
If you’ve already gotten your feet wet in this world of low-priced equities, then I don’t have to tell you how exciting it can be, especially when there are catalysts at play. The first few weeks of the year have seen plenty, and they’ve come in a variety of topics. Some come from speculation on “what could happen next” or sympathy sentiment based on myriad topics. Others have come in the form of something more substantial, like news headlines or public filings. Today we look at penny stocks with news that has turned heads in the stock market this week.
Gracell Biotechnologies (GRCL)
Cell therapy company Gracell Biotechnology saw its share jump premarket on Friday. Its focus has been developing cancer treatments using its SMART CART technology and FasTCAR & TruUCAR platforms.
GRCL Stock News
The sentiment was muted most of the year until this week. Gracell announced that the FDA cleared an Investigational New Drug application for the company to proceed with a Phase 1b/2 clinical trial of GC012F. This is the company’s CAR-T treatment candidate for relapsed/refractory multiple myeloma.
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GeneDx Holdings Corp. (WGS)
Formerly known as Sema4, the company changed its name earlier this year to better convey its focus on genomic and clinical insights. Its exome and genome testing are further enhanced by its health information platform, Centrellis. The company raised over $100 million late last month and recently announced its closing earlier in the week.
WGS Stock News
WGS stock news was regarding its financing round with specifics about the use of funds and who invested in the round. Among the UOP, strategic investment opportunities were mentioned. Furthermore, the company’s recent filings revealed a significant purchase from the Icahn Schoool Of Medicine At Mount Sinai. The organization purchased over 28.5 million shares at the offering price of $0.35.
PaxMedica Inc. (PXMD)
One of the short-squeeze stocks that have been on the radar of retail traders lately is PaxMedica. According to data from Fintel, the short float percentage on PXMD stock sits at around 17.46%. The company has been in the process of presenting its anti-purinergic drug therapies platform for treating intractable neurologic symptoms. Over the last few weeks, the company was at the Virtual Investor Summit and Benchmark Company’s Discovery One-On-One Investor Conferences. But the focus this week is on something that has struck a bullish chord with the market.
PXMD Stock News
PaxMedica announced that it secured over $3 million in growth capital from Lind Partners. The conversion price of the funding is above where PXMD stock closed on Thursday and has raised some attention in the stock market today. Howard Weisman, Chief Executive Officer of PaxMedica, commented, “We believe that this funding will give us the flexibility to progress on the work we are doing for the development of the autism spectrum disorder (ASD) indication for PAX-101. We appreciate the Lind Group’s support for our work to find treatments for disorders with intractable neurologic symptoms such as ASD.”
Genetic Technologies (GENE)
This was an active week for GENE stock this week, thanks to notable headlines. Genetic Technologies formed a strategic alliance with QIAGEN, a molecular testing company. According to Genetic Technologies, “The alliance will establish and develop a ‘Centre of Excellence’ facility in Australia initially servicing Australia and New Zealand with potential for expansion, showcasing the Life Science and Diagnostics expertise of both organizations throughout the region. The partnership will further enhance GTG’s reputation as a regional leader in precision medicine in predicative and consumer genomics, utilizing QIAGEN technologies.”
But the last 24 hours have seen even more speculation arise due to more headlines.
GENE Stock News
There are a few headlines to consider in the stock market today. First, Genetic Technologies announced an upcoming launch of a risk test for breast and ovarian cancers. The new test platform addresses women over 30 years of age in the general population at higher risk of developing breast and/or ovarian cancer, not just from rare genetic mutations. It will be launched to its Business to Business and Consumer Initiated Testing channels in the US, with the test being showcased at the BRCA 2023 Symposium in May.
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In tandem with the news, GENE stock also announced a new round of funding via a $5 million registered direct offering. Of course, shares pulled back from the premarket highs following its risk test news.
But remain higher than the previous closing price as the purchase price of the shares that are part of the offering is still higher by a wide margin. Funds will go toward numerous initiatives, including supporting the commercialization of its GeneType Multi Risk test and funding research and development, among other earmarks.
List Of Penny Stocks To Watch
- Gracell Biotechnologies (NASDAQ: GRCL)
- GeneDx Holdings Corp. (NASDAQ: WGS)
- PaxMedica Inc. (NASDAQ: PXMD)
- Genetic Technologies (NASDAQ: GENE)