While most penny stocks and blue chips are having a rough day, there are always some big gainers to look at. With penny stocks, we often see steep rises even when overall markets are down. And this is because most penny stocks to watch, do not follow the normal rules of the stock market.
The entire list of penny stocks tends to trade either on industry-wide or company-specific speculation. This means that they can be fervent investment tools even in the time of market corrections. And while the current stock and cryptocurrency market bearish turn is disheartening, this is a natural part of investing.
You didn’t think that stocks could continue to rise at the rate they have been forever right? Well, except for the past year, stocks tend to rise slowly and fall on occasion. This is the natural ebb and flow of the market.
But, given that most stocks were propped up on massive speculation and economic stimulus, we are seeing the result of this right now. So fear not, this is likely only a short-term correction. However, with uncertainty regarding inflation and general confusion about where the market is headed, it’s difficult to say for sure when markets will turn around.[Read More] 3 Hot Penny Stocks To Buy With Analysts Expecting Up To 383%
However, a day like today where almost every blue-chip is down and the Dow sinking by roughly 550 points, could signal we are nearing a turnaround point. Right now we are seeing major bullish sentiment with biotech penny stocks among others.
This has been a trend for the past year or so. For these reasons, now is an opportunity to buy the dip. And with that in mind, here are three biotech penny stocks pushing up during today’s correction.3 Biotech Penny Stocks to Watch Today Advaxis Inc. (NASDAQ: ADXS)
Advaxis Inc. is a clinical-stage biotechnology company that we’ve covered many times over the past few weeks. Again on May 19th, shares of ADXS stock are skyrocketing.
While no company-specific news came out, we can look at some events that occurred with the company in the past few weeks. But before this, let’s go further into what the company does. Advaxis is a producer of Lm-based antigen delivery products designed to be used in immunotherapy indications. This includes those used for the stimulation of T cell immunity and others.
Last month, ADXS announced a $20 million registered direct offering priced at the market. These funds should help to push the research and development of its product pipeline including its ADXS-HOT program as well as for general corporate purposes.
And, only a few weeks ago, it announced that it received the second milestone payment under the licensing agreement for its ADXS-HER2 program. This is a compound in development for the treatment of osteosarcoma.
“This funding milestone for OS Therapies brings OST-HER2, originally ADXS-HER2, one step closer to the clinic. We are confident in the potential of OST-HER2, which has been approved for the adjuvant treatment of osteosarcoma in canines, and are proud to have played a role in the development of this important new candidate for osteosarcoma patients.”Kenneth Berlin, CEO of Advaxis
Considering all of this, will ADXS be on your list of penny stocks to buy?Agenus Inc. (NASDAQ: AGEN)
Similar to ADXS, we’ve covered Agenus Inc. many times over the past month alone. And today, shares are soaring after it announced a major deal yesterday. For some context, let’s talk about what Agenus Inc. does.
Agenus is a clinical-stage oncology company working on discovering and developing novel cancer therapies. These therapies utilize the body’s immune system to fight a large range of cancers. Additionally, it produces adoptive cell therapies through its AgenTus Therapeutics subsidiary, as well as proprietary cancer vaccine platforms.[Read More] Which Penny Stocks Are The Most Resilient During a Bear Market?
Yesterday, Agenus announced an exclusive global licensing agreement with Bristol Myers Squibb (NYSE: BMY) for Agenus’ AGEN1777. This compound blocks TIGIT as well as a second undisclosed target. Within the agreement, Agenus will receive $200 million upfront, as well as $1.36 billion in milestone payments along the way.
“We are pleased to partner with Bristol Myers Squibb to develop and commercialize AGEN1777. Their stellar record of success in this area has been an important determinant for our decision to enter into this transaction.
Through such transactions, we are able to balance between advancing our portfolio with highly qualified collaborators, while retaining our other innovations for speedy development and commercialization by Agenus.”Gar Armen, PhD., CEO of Agenus
Now, partnerships and licensing deals in the biotech industry are common. However, they always provide a pathway for companies to grow their market offerings. And, with this major funding, Agenus could work on other aspects of its compound pipeline. So, whether this makes AGEN stock worth watching or not is up to you.Acasti Pharma Inc. (NASDAQ: ACST)
While Acasti didn’t release any news today, the company did post an interesting announcement earlier in the week. On May 17th, Acasti stated that it will be presenting a plan of compliance to the NASDAQ Panel; indicating how it will ensure that its price will remain above $1.
Acasti is a biopharmaceutical company focused on producing novel prescription drugs utilizing OM3 fatty acids derived from krill oil. These fatty acids have shown high clinical efficacy and safety in lowering triglycerides of patients suffering from hypertriglyceridemia.
Its flagship compound, CaPre, is an OM3 phospholipid therapeutic designed to treat those with severe forms of HTG. Last week, big news struck when Acasti announced the acquisition of Grace Therapeutics Inc. in an all-stock transaction. This results in a deal worth around $64 million and has the goal of pursuing Grace’s assets through Phase 3 development. This includes Grace’s GTX-104, GTX-102, and GTX-101 compounds.
“We believe that Grace’s assets represent a transformative opportunity for Acasti, as their novel drug delivery technologies used to develop new therapies could improve upon existing compounds with known safety profiles and provide an attractive path to drug development and commercialization.”Jan D’ Alvise, CEO of Acasti
This is exciting news and shows that Acasti is working hard to become a top player in the biotech industry. Considering this, will ACST be on your list of penny stocks to watch?Biotech Penny Stocks Continue to Take Flight As the Market Trends Down
While there’s no one reason for the bullish sentiment with biotech penny stocks right now, investors aren’t complaining. But, we have to think of the larger picture and whether these companies will remain on top in the coming future.[Read More] 7 Penny Stocks to Watch With Crypto News Sparking a Market Dip
Additionally, investors need to understand that it’s important to consider their investing style to make a concrete list of penny stocks to buy. With this in mind, are these biotech penny stocks worth buying?