If you’re looking for some hot penny stocks today, you might be well-suited by looking at biotech stocks. Many of these are heading higher thanks to a focus on COVID treatments as well as traditional things like pain management and immunotherapy. We’ve also got some medical device and testing names making moves in the stock market today.
After the massive move that electric vehicle stocks made this week has given way to more attention on penny stocks in general. The main reason for this is that so many of these massive moves came from companies that actually were trading as penny stocks earlier this month. While that trend is still very evident right now, so are other sectors. Compared to things like the S&P, the biotech and healthcare sectors are holdings up relatively well on Wednesday. Both the IBB and XLV ETFs tracking biotech and healthcare, respectively, are positive on the day. Meanwhile, the SPY is red during the morning session.
Thanks to news earlier this month from the likes of Moderna and Pfizer, investors have grown optimistic about the future of the market. The potential that a proven vaccine might have for the economy and the market is what traders are counting on. This has also translated to a bullish market trend overall.Biotech Penny Stocks To Watch:
- Acasti Pharma Inc. (ACST Stock Report)
- Boqi International Medical Inc. (BIMI Stock Report)
- Check-Cap Ltd. (CHEK Stock Report)
- Cocrystal Pharma Inc. (COCP Stock Report)
- Amyris Inc. (AMRS Stock Report)
Acasti Pharma Inc. shares surged on Wednesday continuing an uptrend that began during the second week of November. Earlier this year the company engaged Oppenheimer & Co to undertake a strategic review of the company. The purpose for this is to explore strategic alternatives to drive shareholder value. This includes potential mergers, acquisitions, or other initiatives that involve Acasti and/or CaPre, its omega 3 product.
Since the quarterly report a few weeks ago, ACST stock has been on the move. Since November 9th, ACST stock has climbed over 70%. What’s more, is that analysts from B. Riley and Aegis follow Acasti and carry a Neutral/Hold rating respectively. B.Riley also has a price target of $0.50; 100% higher than the current trading level.
In its fiscal 2021 Q2 earnings results, the company saw significant growth, year-over-year in earnings per share. In particular, Acasti posted a loss per share of 6 cents compared to a loss per share of 25 cents during Q2 of its prior fiscal year. Heading into the remained of the month and year for that matter, traders are interested to see which direction Acasti will head. With a strategic review going on, will the company emerge stronger in the end or is this just a speculation-fueled move?Biotech Penny Stocks To Watch #2: Boqi International Medical Inc.
Boqi International Medical Inc. is another one of the biotech penny stocks that’ve treaded water for the last few weeks with a slight bias to the upside. Wednesday, however, was one of the bigger moves BIMI stock has seen in the last month. While there weren’t any headlines to go along with the move, it was an extension of a recent 3-day uptrend.
Earlier this month, the company reported its Q3 earnings results. In it, CEO Tiewei Song explained,”We have made good progress in line with our new business, especially the online-to-offline strategy. We opened our first retail pharmacy store in Chongqing at the end of June 2020, then gradually opened five more stores in the latter part of the third quarter. We are also developing our online healthcare platform.”
- What Are The Best Penny Stocks To Buy Now? 2 With 46%-284% Targets
- 3 Robinhood Penny Stocks To Buy Under $2.50; Worth The Risk?
Boqi also said that it plans to connect the platform with pharmacies, hospitals, and other medical institutions to further strengthen its online and offline healthcare services. The company recently signed an MOU with Chongqing Cogmer Biology Technology. The companies plan to move forward on four stages of work. This includes completing all relevant assessment and audit of Cogmer Biology. The biotech company is mainly engaged in the sales of medical equipment and in vitro diagnostic reagents. Right now, Cogmer Biology has 100+ cooperative manufacturers, 200+ distribution partners, and 500+ direct customers.Biotech Penny Stocks To Watch #3: Check-Cap Ltd.
Check-Cap Ltd. has been on our list of penny stocks to watch for a few weeks now. In relation to biotech, the company is more on the “tech” side of that conversation. The company recently submitted an Investigational Device Exemption application to the FDA for the pivotal study of C-Scan. This is the company’s screening test to detect polyps before they may transform into colorectal cancer.
The clinical-stage medical diagnostics company also reported earnings last week. Check-Cap saw a boost in earnings per share. During the quarter, Check-Cap reported an EPS loss of 9 cents, which compared to last year’s Q3 loss per share of 42 cents was significant.
“The IDE submission constitutes a major milestone towards the initiation of our U.S. pivotal study,” said Alex Ovadia , chief executive officer of Check-Cap. “We plan to provide a further investor update on the timelines for the initiation of the U.S. pivotal study, expected in 2021, following guidance from the FDA.”
As we wait for more details on this, analysts remain bullish. HC Wainwright recently maintained its Buy rating on the stock and adjusted its price target to $1.50. Since the start of the month, CHEK stock has climbed roughly 30% so far.Biotech Penny Stocks To Watch #4: Cocrystal Pharma Inc.
Cocrystal Pharma Inc. is one of the companies we talked about earlier this week. The company produces targeted treatments for antiviral purposes. This includes treatments for influenza, hepatitis C, gastroenteritis, and even COVID-19. While analysts like HC Wainwright and Noble Financial appear bullish on the company, Noble in particular, recently slapped a $5 target on the penny stock.
What’s more is that Cocrystal has turned heads following its latest round of earnings. It wasn’t necessarily for the overall results but mroe for what the company had discussed for future progress.
“Over the course of the last quarter, we continued to make progress on multiple fronts. We are pleased with the promising new data we recently announced for our wholly-owned influenza A development program and continue to work towards finalizing the Phase 1 study protocol in preparation to initiate the Phase 1 study in 2021,” commented Dr. Gary Wilcox, Chairman and Chief Executive Officer of Cocrystal.
What’s more, is that the company has a cash stockpile of $31.8 million at the end of the quarter. Cocrystal said that this provides funding for the expansion of its COVID-19 and influenza A programs. With new COVID cases by the day, COCP stock has continued as one of the penny stocks to watch. Since the start of the week, the penny stock has climbed over 130% so far. COCP stock also filled a gap that was created back in August after the penny stock dropped. Will it be able to sustain these previous levels moving forward?Biotech Penny Stocks To Watch #5: Amyris Inc.
Similar to some of the other biotech penny stocks on this list, Amyris Inc. has been on the rise for the last few weeks. Since the 6th, AMRS stock has climbed from lows of $1.88 to highs this week of $2.99. Much of this move stemmed initially from the company’s earnings and business update for the third quarter as well as new analyst coverage this week.
While Amyris missed estimates, John Melo, CEO explained several key highlights the company has met. “The third quarter of 2020 was another strong quarter for our company. Our ability to deliver record Product Revenue in these difficult and uncertain times is a testament to the resiliency of our team, the growing trend of consumers’ commitment to sustainable brands, our products, and the robustness of our business model,” Melo explained. “We expect the combination of a strong fourth quarter along with the successful completion of strategic transactions to set us up for a profitable 2021.”
This week, Jefferies and Cowen initiated coverage on Amyris. Both carry Buy and Market Perform ratings respectively. Furthermore, while Jefferies put a $3.50 target on the penny stock, Cowen has a $5 target heading into the rest of Q4. Next week, Amyris presents at the HealthCONx Conference on Thursday so that will be something else to keep in mind if AMRS is on your list of penny stocks to watch.