The stock market is getting smoked today, and many penny stocks haven’t been immune to this either. Shocking jobs figures reported during premarket hours added to growing concerns. On Friday, the November jobs report showed that just 210,000 jobs were added last month. This didn’t compare to estimates of over 500,000 that Wall Street had expected.
Meanwhile, the jobless rate fell to 4.2%, one of the best during the pandemic era. Now investors weigh comments from the Federal Reserve on its stance of easing bond-buying to help the economy. These latest concerns also weighed against an already fragile market.
Why The Stock Market Is Down Today
Thanks to the continued spread of the new Omicron variant, some of the market is getting a bit of PTSD from back in 2020. There are still insufficient data available. However, early reports suggest that this new variant isn’t as severe as previous versions seen during the last few years.
Against this backdrop, more questions have come about as to the hawkish comments from Fed Chair Powell. He has discussed removing the word “transitory” from the Federal Reserve’s discussion on inflation. One of the hardest-hit sectors in the stock market today was biotech. Look at the S&P Biotech ETF (NYSE: XBI), and you’ll see what I mean. Not only has this ETF slid for the last month, this week, but the XBI also reached new 2021 lows. How bearish is biotech right now?
If you use the ETF as a reference, only 6 out of the 22 trading days between November and December 3 have seen XBI close higher than it opened. But if you look at a few penny stocks, you might not think it’s time to pull the fire alarm quite yet. Today we’ll take a closer look at 3 making a completely different move in the stock market today.
Biotech Penny Stocks To Watch
CTI Biopharma Corp. (NASDAQ: CTIC)
You’ll hear people say, “The Trend Is Your Friend,” but in this case, going against the trend seems pretty friendly right now as far as CTI Biopharma is concerned. Shares of the biotech penny stock pulled a complete 180 on December 3. This came as a warm welcome from traders who’ve watched CTIC stock freefall the last few sessions.
Since the start of the week, shares dropped from over $2.80 to as low as $1.43 after CTI reported an extension for FDA review of its pacritinib in myelofibrosis patients with severe thrombocytopenia. The new Prescription Drug User Fee Act date was pushed to next February.
This year the FDA granted priority review for CTI’s New Drug Application with November 30 set as the original PDUFA date. This was taken as a bearish catalyst, and CTIC stock dropped heavily during the week. Now, heading into the second week of December, the market appears to be looking ahead.
If CTIC stock is on your list right now, December 6 will be an important date to keep in mind. This is when CTI presents at…