Typically, penny stocks are pure market wages for hardened gamblers. In fact, penny stocks are always risky — especially some of the best biotech stocks under $1 – and should oftentimes be avoided. And, as pointed out by the U.S. Securities and Exchange Commission (SEC), “Penny stocks may trade infrequently – which means that it may be difficult to sell penny stock shares once you have them. Because it may also be difficult to find quotations for penny stocks, they may be impossible to accurately price. Investors in penny stock should be prepared for the possibility that they may lose their whole investment.”
Granted, a few good ideas do pop up that may be worth throwing a few dollars at. But more often than not, penny stocks can lead to heavy losses. So, I always ask that you never risk more than you can afford to lose. That being said, I’ve uncovered some hot biotech penny stocks you may want to toss a few dollars at.
Atossa Therapeutics, Inc (ATOS)
At 75 cents, Atossa Therapeutics, Inc. (NASDAQ:ATOS) is rebounding from support of around 65 cents. From here, if it can break above the prior resistance around 83 cents, it could test $1. There are a few reasons the stock could move. This is definitely one of the best biotech stocks under $1 to consider.
One, the U.S. Food and Drug Administration (FDA) authorized the company’s “EVANGELINE study, a Phase 2 trial of (Z)-endoxifen and Exemestane + Goserelin as neoadjuvant treatment in premenopausal women with ER+/HER2- breast cancer. While there are several FDA-approved neoadjuvant therapies for ER-breast cancers, few exist for ER+ patients, which account for approximately 78% of breast cancers. We expect to enroll approximately 175 patients at up to 25 sites across the United States,” as noted in a company press release.
The company just recently dosed the first patient. Any positive outcome could send the ATOS screaming higher- we hope.
BioLine RX (BLRX)
Another one of the best biotech stocks under $1 is BioLine RX (NASDAQ:BLRX). Over the last few days, the stock exploded from a low of about 58 cents to 96 cents. From here, it could see further upside, especially with recent volume spikes. The company says it has enough cash on hand ($51.1 million) to fund operations through the first half of 2024.
Most exciting, the company just announced the U.S. FDA acceptance of its APHEXDA (motixafortide) new drug application (NDA). This is for stem cell mobilization for autologous transplantation in multiple myeloma patients. There’s a PDUFA target date of Sept. 9.
Even better, BLRX just announced a clinical trial collaboration with “Washington University School of Medicine to evaluate motixafortide as monotherapy and in combination with natalizumab for CD34+ hematopoietic stem cell mobilization for gene therapies in sickle cell disease,” as noted in a release. The company anticipates clinical trial initiation in 2023.
Corvus Pharmaceuticals (CRVS)
Or, take a look at $46.3 million Corvus Pharmaceuticals (NASDAQ:CRVS), which is seeing big signs of life. Over the last few days, the stock popped from about 60 cents to $1 and could see higher highs. All after the company posted interim data demonstrating the potential of CPI-818, the company’s ITK inhibitor, for the treatment of T cell lymphoma (TCL).
“T cell lymphoma is a challenging disease to treat and there is a significant need for new approaches given the limited efficacy of current therapeutic options,” said John Reneau, MD, Ph.D., from The Ohio State University Comprehensive Cancer Center, and an investigator for the Phase 1/1b clinical trial of CPI-818 for TCL. “CPI-818 has a novel mechanism of action that includes the stimulation of normal T cells to infiltrate and destroy tumors. Our recent work indicates that the peripheral blood absolute lymphocyte count is a biomarker that may predict patients most likely to benefit from CPI-818.”
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Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, Ian Cooper did not have (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.