Today, many of the top trending stocks are part of two distinct categories. Big news out of the pharmaceutical sector has several microcap biotech stocks in the green. Last week, Sunshine Biopharma (NASDAQ:SBFM) saw shares skyrocket on the news of positive cancer treatment results. While the company’s growth was short lived, this week has brought more exciting news from biotech producers. According to Wall Street Reporter, “emerging technologies and healthcare research innovations are unleashing new exponential growth opportunities.”
This week brings the culmination of positive announcements from several pharmaceutical and biotech producers. The sectors struggled earlier this year as momentum caused by the Covid-19 vaccine race subsided. However, widespread momentum across both sectors has pushed many small companies into the green today. Some names have even soared above penny stock status, though it is unclear if they will stay there. Additionally, some biotech stocks are still climbing, demonstrating that type of growth that is impossible to ignore.
Let’s take a closer look at the companies reporting important advancements and what they may mean for investors.
Biotech Stocks Roundup
- Lixte Biotechnology (NASDAQ:LIXT) has surged by an impressive 196% today. The last time the drug company made headlines it was for shares rising without a clear catalyst. Today, it has one. Lixte has reported positive data regarding LB-100, its “lead clinical cancer compound.” This news caused LIXT stock to double in premarket trading today. And it hasn’t stopped since. It is likely to pass $200 per share before prices stabilize.
- PolarityTE (NASDAQ:PTE) is the day’s next biggest winner. It rose 40% in premarket trading and hasn’t stopped climbing since. As of this writing, it is up 107% for the day. The company, which specializes in regenerative tissue products, has received its fourth patent allowance. CEO Richard Hague claims that this type of progress will increase value for shareholders. The heavy trading volume that PTE stock has experienced today indicates that investors agree.
More Cancer Treatment Success
- Qualigen (NADSAQ:QLGN) is also rising today after reporting progress in its cancer treatment. The clinical stage biotech producer recently presented three posters at the American Association of Cancer Research conference. In the presentation, Qualigen reported progress on its QN-302 therapeutic program. According to Chairman and CEO Michael Poirier, the company’s findings “illustrate promising in vivo anti-proliferative activity against pancreatic cancer and metastatic prostate cancer.” As of this writing, shares are up 48% for the day, making it a clear winner among biotech stocks.
- Actinium Pharmaceuticals (NYSEMKT:ATNM) is the day’s next highest gainer. The stock has seen some volatility but is up 31% for the day at the time of writing. This morning, the target radiotherapies producer announced it had entered into a license and supply agreement with Swedish pharmaceutical producer Immedica Pharma AB. The agreement is for Antibody Radiation Conjugate Iomab-B. Today’s gains have pushed it out of the penny stock category to almost $7 per share.
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Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
