Are Biotech Penny Stocks On Your List This Month?
Is it time to revisit biotech penny stocks? The last few sessions saw a pullback in the overall sector. Both the Nasdaq and S&P Biotech ETFs (IBB & XBI) retreated recently. However, biotech has begun heating up toward the end of the September 13th session and into September 14th. You’ve also a mix of headlines, and bullish sentiment acted as early catalysts, and retail traders are now hunting for the best penny stocks to buy in this arena.
Today we’ll take a look at some of the cheapest biotech stocks to watch right now. They’ve started gaining momentum and turned heads, at least among retail traders. Furthermore, some analysts firms have grown increasingly bullish in support of a few names on this list which could be why some are starting to take a closer look right now. Some have also been bolstered by insider buying activity, which has also helped boost stock market sentiment.
Penny Stocks To Buy [or avoid]
EyeGate Pharmaceuticals (NASDAQ:EYEG)
When it comes to EyeGate, there are a few different things at play right now. This includes bullish analysts and recent updates. First, earlier this month, HC Wainwright analyst Yi Chen reiterated a Buy on the stock and currently has an $11 price target, 507% higher than the current EYEG stock price.
This came shortly after EyeGate announced the completion of target enrollment in its Phase 2 proof-of-concept study. Its purpose is to evaluate the company’s PP-001 treatment for ocular surface inflammation. Regarding the timing of another possible catalyst related to this study, Q4 is when topline data are expected. There are also plans for submitting an Investigational New Drug filing next quarter for the treatment candidate.
Momentum has recently picked up in the stock, thanks to other recent events. This includes a presentation at HC Wainwright’s Global Investor Conference on Monday. All things considered, EYEG stock has seen an uptick since the opening bell on Monday and continued this trend during the early half of the week.
Enviric Biosciences (NASDAQ:ENVB)
One of the companies we’ve recently highlighted is Enviric Biosciences. Last week we discussed the company and its treatment platform. The company also recently started to spread its wings a bit more, adding to its “new age” medical platform. What I mean by this is that Enviric is taking a step into neuroscience through the acquisition of MagicMed Industries. In fact, the stockholder meeting set for today, September 14th, is a clear point of focus for those with ENVB stock on their watch list right now.
If you’ve followed this story, you may recall an update from the CEO last month. In it, David Jonson explained that he believes that the company is “well-positioned to emerge as a next-generation neuroscience platform. We expect the pending…