What Are The Best Penny Stocks To Buy Now? 3 Biotech Stocks To Watch

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3 Biotech Penny Stocks to Watch in 2020

Biotech penny stocks have become some of the most popular choices for all types of investors. Both institutional and retail investors have been working to seek gains in the biotech industry. Since the beginning of the year, investors have turned their focus toward biotech stocks due to the Covid pandemic. With Covid on the rise once again, many biotech penny stocks have seen big bull runs in the past month. As always, there is no such thing as a guarantee with any investment. With that being said, biotech penny stocks have shown a great deal of bullish momentum in the past six months.

Although not all biotech stocks deal with Covid-related issues, they all seem to have a high correlation with one another. This means that if top biotech stocks see gains due to one reason or another, those gains often can trickle down to the rest of the biotech industry. In the biotech industry, investors often have been focusing on companies that are working on a Covid vaccine. While this can be a good strategy, there are plenty of other biotech stocks that are involved in the fight against Covid.

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Additionally, many biotech companies are working to advance existing drugs that could be utilized in combination with new ones to fight Covid. As stated before, not all biotech companies are working on Covid right now. But, with most biotech stocks correlating with one another, there are potential gains that could be had around the biotech industry. With this in mind, here are three biotech penny stocks that have seen strong moves higher this week. Will that continue?

Biotech Penny Stocks to Watch: Abeona Therapeutics Inc.

Abeona Therapeutics Inc. (ABEO Stock Report) is a clinical-stage biopharmaceutical company working on the development of several drugs. Currently, its pipeline includes drugs that are in use for cell therapy regarding serious diseases. The company is working on several drugs that utilize AAV-based gene therapies. These drugs are in use to address unmet medical needs for those that suffer from rare diseases such as Sanfilippo Syndrome and more. In addition, the company is working on an AIM capsid that could improve tropism profiles for those who need it. Recently, the company announced its third-quarter financial results.

Michael Amoroso, COO of Abeona stated that “Abeona remains committed to pursuing the development of our portfolio of advanced and early-stage programs toward providing our novel gene and cell therapies to patients who currently have no approved treatment options.”

Last month, the company entered into a licensing agreement with Taysha Gene Therapies to help build the potential of utilizing AAV-based gene therapies for certain ailments. The company stated that it received a $3 million upfront payment and could earn almost $57 million if it achieves all of the sales and regulatory goals. In terms of its financial results, the company ended the quarter with around $104 million in cash. With expenses only coming out to $4.4 million, it looks like the company is in a strong cash position. With all of this in mind, investors can decide if Abeona Therapeutics is the right biotech penny stock for them.

biotech penny stocks to watch right now Abeona Therapeutics Inc. (ABEO stock chart)

Biotech Penny Stocks to Watch: Coty Inc.

Coty Inc. (COTY Stock Report) is one of the penny stocks we’ve discussed for a while now. Coty has become one of the largest beauty companies in the world as well as being the largest fragrance company. While it is not a biotech company in the traditional sense, the company does have a high correlation with the biotech sector. Recently, Coty Inc. announced its first-quarter fiscal results on November 6th. Upon announcing this, shares of COTY stock shot up by around 22%. In the results, the company showed that it had greatly improved sales across its e-commerce platforms.

In addition, the company posted a fixed cost savings of almost $80 million in the first quarter alone. For its adjusted earnings, COTY stock posted $0.11 in EPS. This number is up by over 57% from the same quarter of the previous year. While revenue did decline by a small margin, the company still posted $1.69 billion for the quarter.

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This number also beat expectations by more than $500 million. The majority of this decline is due to the effects of the Covid pandemic on all retail sales. But, with growth occurring over the previous year, it looks like Coty Inc. is hard at work trying to turn things around. For this reason, investors should continue to keep a close eye on COTY stock.

biotech penny stocks to watch right now Coty Inc. (COTY stock chart)

Biotech Penny Stocks to Watch: Trevena Inc.

Trevena Inc. (TRVN Stock Report) is another one of the penny stocks we’ve discussed frequently. Its flagship product, OLINVYK is approved for use in the U.S. in those suffering from acute pain. In addition, the company has several drugs in its pipeline to treat everything from lung injuries due to Covid all the way to acute migraine treatments. Also of note is the company’s newly identified TRV045 drug which could offer an alternative to opioids for those with CNS diseases. Recently, the company announced some updates regarding its third quarter 2020 results. In the update, the company stated that it plans to post earnings that would top the past two quarters.

Year to date, shares of TRVN stock are up by more than 220%. This is quite substantial, but not something that is surprising amongst biotech penny stocks. While the company has no marketed products available right now, it does have quite a few in its pipeline. As stated earlier, its Olinvyk drug was approved by the FDA back in August of this year.

After receiving this approval, the company received a milestone payment of $3 million from one of its Chinese partners. While production in the U.S. is not scaled yet, in China, manufacturing and commercialization is underway. Next week the company participates in Guggenheim Healthcare Talks as well as the Stifel Virtual Healthcare Conference. Some things to keep in mind if TRVN is on your list of penny stocks right now.

biotech penny stocks to watch right now Trevena Inc. (TRVN stock chart)

The post What Are The Best Penny Stocks To Buy Now? 3 Biotech Stocks To Watch appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.

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