The stock market today is seeing a mix of trading with several penny stocks benefiting. Taking over headlines once again, oil, COVID-19, and the economy are key drivers to both sell-offs and breakouts. But which one prevails by the end of the month?
With a number of new states implementing “re-opening” initiatives, it’s basically the United States’ own “guinea pig” approach to see if these measures will be successful. However, progress in the healthcare world stutter-stepped earlier this week after Gilead’s (GILD Stock Report) Remdesivir didn’t report the results many had hoped for.
The treatment failed in its first clinical trial, according to media reports, citing draft documents published “accidentally” by the World Health Organization. But according to the company, it believed that the WHO inappropriately characterized the study itself.
Some saw this as a bad thing. But coronavirus vaccine companies piggy-backed off of this news as the fight continues to find a proven antivirus. Meanwhile, as some states open, others are extending stay at home orders.
Michigan’s Governor Whitmer put March 15th as the new date and implemented a “mask rule”. Other states including NY have also done something similar. Needless to say, we’ve seen plenty of small-cap stocks extend gains on Friday. Many have soared this month becoming top penny stocks to watch in April 2020.Top Penny Stocks To Watch Today: Algernon Pharmaceuticals
Algernon Pharmaceuticals (AGNPF Stock Report) (AGN) has climbed over 120% since the beginning of April. While it is, in fact working toward a treatment for COVID-19 infected patients, it hasn’t been speculative hype driving momentum. I say this because several companies that may be remotely aligned with a “potential” coronavirus or immune vaccine have received some of the benefit of this trend without actually announcing anything. But in the case of Algernon, the company has been communicating a number of COVID initiatives this month.
Earlier this month the company received positive feedback from the U.S. FDA. It was regarding its plans to reformulate its repurposed drug NP-120 (Ifenprodil) into a new intravenous product.NP-120 (Ifenprodil) is the company’s repurposed treatment for respiratory diseases. Additionally, Algernon submitted a Clinical Trial Application to Health Canada for an NP-120 (Ifenprodil) COVID-19 Phase 2b/3 multinational clinical trial. But again, these were only a few key updates from April.
on Thursday, Algernon announced that it received approval from the Ministry of Food and Drug Safety in South Korea, as well as ethics approval, for an investigator-led, Phase 2 COVID-19 clinical study of its re-purposed drug NP-120 (Ifenprodil).
“This first human trial of Ifenprodil in COVID-19 patients is a major step forward with our new acute lung injury clinical research program. Positive Phase 2 data would be an important milestone as we continue to investigate Ifenprodil’s therapeutic potential as a treatment for COVID-19…”Top Penny Stocks To Watch Today: Taronis Technologies Inc.
This month, another one of the top penny stocks to watch has been Taronis Technologies Inc. (TRNX Stock Report). While the chart may appear a bit flat, keep in mind that TRNX stock was trading under $0.17 at the start of the month. As of this week, the penny stock climbed to highs of $0.3576 on Friday. This month saw more news on raising capital than anything. But in a press release from April 16, the company could have revealed some action plans for its future.
In an update with a headline simply suggesting no immediate plan for a reverse split, its CEO’s comments said a bit more. “As a nationally listed Company, our listing status may exceed the value of our current business model. We have been solicited for a variety of potential strategic alternatives, and we will entertain all potential options to maximize shareholder value,” commented Scott Mahoney, CEO of Taronis.
While the company’s main focus is on a patented plasma arc technology useful in fuel generation. It’s also applicable for the decontamination of wastewater. But what did the CEO say that could be a telling “plan”? The point made about “strategic alternatives” is historically associated with companies looking to either expand or change a business model. Nothing new has come about regarding this (yet) but it could be a reason behind that recent attention that TRNX stock has received. If this is one of the names on your list of penny stocks, keep this in mind. Speculation could be an active factor right now.Top Penny Stocks To Watch Today: Capricor Therapeutics
Another one of the biotech penny stocks to watch this week is Capricor Therapeutics (CAPR Stock Report). It’s one we’ve watched since the beginning of the month after Capricor announced the initiation of compassionate use programs for severe COVID-19 patients using its CAP-1002. Since then, the company has moved forward with a conference call that included Key Opinion Leaders to discuss CAP-1002.
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In an April 13th update, Linda Marbán, Ph.D., chief executive officer of Capricor Therapeutics, said, “We plan to announce final 12-month data from our HOPE-2 study by the middle of the second quarter as all patient visits have now been completed. Based on the positive results we saw at 6 months, we are hopeful that the data will remain strong at 12 months after active patients will have received up to four doses of CAP-1002 over the course of one year.”
Since the start of April, CAPR stock has managed to run as much as 122%. Friday saw shares reach new monthly highs of $2.64. Considering the penny stock was trading below $1.20 at the beginning of April, this triple digit move has come in short order. Will this momentum continue through the rest of the month or is CAPR stock set for a pullback? Give a comment below.Top Penny Stocks To Watch Today: Vaxart Inc.
Vaxart Inc. (VXRT Stock Report) came within less than $0.30 of its previously set April high on Friday. Earlier this month the penny stock hit highs of $3.45. The move came after the company announced positive pre-clinical results for its COVID-19 vaccine candidates. In January 2020, Vaxart initiated a program to develop a COVID-19 vaccine based on its VAASTTM oral vaccines platform.
“These early pre-clinical results are in line with those for our oral influenza vaccine which was protective in a clinical Phase 2 efficacy study,” said Sean Tucker , Ph.D., chief scientific officer of Vaxart . “Additional data will inform us on which candidate we will move forward into clinical trials. We are particularly interested in vaccine candidates that can generate mucosal immune responses in addition to serum antibody responses. That is a key feature of our oral vaccines and potentially significant for protection against SARS CoV-2, the virus that causes COVID-19.”
The World Health Organization on Thursday said that six novel coronavirus (COVID-19) vaccines are currently seeing clinical trials. This brought to light some of the previous remarks made by the Organization earlier this month.
The WHO said that another 77 coronavirus vaccines were in preclinical stages, including those of former penny stock Novavax, Inc. (NVAX Stock Report), Vaxart Inc., and Universities of Tokyo, Pittsburg, and Hong Kong. The additional exposure likely helped bring attention back to VXRT stock at the end of the week. Month to date, the penny stock is up nearly 80% in April.