Are there still biotech penny stocks to watch?
Absolutely!
But there’s been a noticeable shift in the markets recently. It’s more important than ever to adapt and cut your losses.
There are still a ton of opportunities but we haven’t seen the 1,000% gainers like we have in the past. And scanners are a bit quieter these days…
But I still found 10 hot biotechs to watch. On today’s list are a few stocks from last week. Plus, some new ones moving on news. And I’m watching some beautiful charts for breakouts.
Now, let’s get to the top biotech penny stocks list. I’ll show you what’s on my radar and why…
Top Biotech Penny Stocks to Watch
These are the top stocks on my watchlist. ‘Watch’ is the key word here. There’s no guarantee that there’ll be a trading opportunity. Remember, these stocks move FAST.
Before we get to my list of stocks to watch, here are a few of my top resources for penny stocks…
- If you’re new to penny stocks, start here with this FREE online guide.
- Ready to learn how to build your own stock watchlist? This post is for you.
- Discover how I find all the stocks on my watchlists here.
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Now, let’s get to the top biotech penny stocks to watch this week…
Biotech Penny Stocks #1: Enzolytics Inc. (OTCPK: ENZC)
On Monday, ENZC announced the discovery of 11 conserved target sites on the coronavirus. The company also filed a patent to protect its discovery and its vaccine and antibody claims.
The stock has a lot of overhead resistance from its first run-up in early February. But I’ll watch for it to retest the high of 95 cents.
Biotech Penny Stocks #2: Celsion Corporation (NASDAQ: CLSN)
CLSN’s ovarian cancer drug is in Phase 2 development. On Monday, the company announced it received fast track designation from the FDA.
The stock gapped up and traded over 300 million in volume. It ended red on the day but traded sideways throughout the day. I’ll watch for it to find support and a potential bounce to the upside.
Biotech Penny Stocks #3: NovaBay Pharmaceuticals, Inc. (NYSE: NBY)
On Monday afternoon, NBY released this tweet.
The stock went from the $1.20s to $1.60s. In after-hours, it made a high of $1.72 before fading off.
I’ll watch the stock for continued upside. It’s a former runner but has a history of failed spikes. Aim for singles if you trade this stock.
Biotech Penny Stocks #4: AngioSoma, Inc. (OTCPK: SOAN)
There’s no recent news on this company. But it has a nice supernova chart. I’ll watch for a news catalyst and a technical breakout over $0.052.
Biotech Penny Stocks #5: BioVaxys Technology Corp. (OTCPK: LMNGF)
LMNGF is developing vaccines for COVID-19 and various cancers.
On Monday, the company announced it appointed a new scientific advisory board member. I’ll watch for a breakout over the 62-cent high, ideally with a catalyst and volume.
Biotech Penny Stocks #6: PharmaCyte Biotech, Inc. (OTCQB: PMCB)
On Monday, PMCB had a huge breakout over $0.028. The stock was up 50% at market close. There’s no recent news about the stock.
I’ll watch for continued upside. But I’ll aim for singles since there’s no catalyst.
Biotech Penny Stocks #7: Cerecor Inc. (NASDAQ: CERC)
CERC was on my watchlist last week after it had a multi-day breakout over $4.09. I was watching for continued upside. It made a new multi-day high of $4.49.
The stock’s consolidating. I’ll watch for a breakout over $4.50. A breakout would also be new 52-week highs for the stock.
Biotech Penny Stocks #8: Cannabics Pharmaceuticals Inc. (OTCQB: CNBX)
CNBX was also on my watchlist last week. It was moving on positive drug test results in mice.
The stock’s holding up so I’ll watch for a breakout over the 60-cent high.
Biotech Penny Stocks #9: Corvus Pharmaceuticals, Inc. (NASDAQ: CRVS)
On February 18, CRVS reported that co-founder Richard Miller purchased $350K worth of stock at $3.50 per share.
On Monday the stock had a big green day with high volume. It could be a pump or it could be a late reaction to the news. I’ll watch for a breakout over $4.75. The stock is trading in a channel for months. A breakout could be a big move. Again, ideally, with a news catalyst and high volume.
Biotech Penny Stocks #10: Onconova Therapeutics, Inc. (NASDAQ: ONTX)
ONTX is another stock from last week’s watchlist. I was watching for a breakout over $1.39. And it happened the day my watchlist went out.
(Disclaimer: Past performance is not indicative of future returns.)
Since the big breakout on February 17, the stock’s been consolidating. I’ll watch for another breakout over $1.93 with a catalyst and high volume.
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I’ll say it again … The stocks on my watchlist aren’t an automatic buy. Remember to do your own due diligence and research. If you’re trading without a trading plan, you’re gambling. Don’t be a degenerate gambler — trade smart!
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Conclusion
Biotech penny stocks are stocks of small, developmental companies. These companies are usually desperate for cash. They need it to continue developing products and for testing and trials. Trade them with caution…
They’re known to be extremely volatile. They can have huge price swings. One minute they’re flying high on positive news — the next they’re down due to bad trial results, side effects, or stock dilution.
If you’re prepared to take advantage of the price swings, these stocks can offer great trading opportunities…
In my Trading Challenge chat room, my students and I talk about the hottest penny stocks. And many top traders who got their start in the Challenge are now chat moderators who answer questions and help out new students.
If you want to join a community of top traders, apply for my Trading Challenge. I don’t accept everyone. I only want the most dedicated students who are willing to put in the time and effort it takes to become my next top student. Could it be you?
What do you think of these biotech penny stocks to watch? Let me know in the comments … I love to hear from you!
The post Top Biotech Penny Stocks to Watch — February 24, 2021 appeared first on Timothy Sykes.