Best Penny Stocks To Buy Now? These 4 Are Turning Heads

Do These Biotech Penny Stocks Have Market Potential Right Now?

Recently biotech penny stocks have been performing well in the market. The ongoing pandemic brought a lot of new attention to these stocks. Plenty of corporations started working on creating COVID-related vaccines or treatments. Developments were made, and we saw healthcare penny stock prices rise for the companies that made progress. This has most notably happened with companies like Pfizer and Moderna, to name a few larger-cap names. The biotech sector is very important right now in light of this.

But pandemic related biotech stocks are not the only ones that exist in the market. So why are many other biotech penny stocks increasing in price? Well, the first reason is similar to what was mentioned above.

The pandemic brought more attention to the sector as a whole. This made investors start looking at other types of biotech penny stocks. There is a large variety of treatments for a wide array of diseases. So it can often feel like there is an endless amount of biotech stocks to watch.

You may be wondering, what should I look for when investing in biotech penny stocks? These stocks are inherently volatile. This can often make it hard to decide which biotech penny stocks are the best for you. Let’s take a look at four of these stocks. I’ll leave it up to you to decide whether they’re best to buy or sell as March continues.

Top Biotech Penny Stocks To Buy [Or Sell] Before Friday
  1. Diffusion Pharmaceuticals Inc. (NASDAQ: DFFN)
  2. Check-Cap Ltd. (NASDAQ: CHEK)
  3. InspireMD Inc. (NYSE: NSPR)
  4. Novan Inc. (NASDAQ: NOVN)
Diffusion Pharmaceuticals Inc.

One biotech penny stock you may have heard about is Diffusion Pharmaceuticals Inc. Diffusion Pharmaceuticals has been studying trans sodium crocetinate (TSC) to treat COVID-19 related Acute Respiratory Distress Syndrome and organ failure. ARDS is often recognized in coronavirus patients because of the lack of oxygen to the lungs caused by the virus. The trials are for evaluating the tolerability of TSC when given every 6 hours for up to 15 days. It completed its dosing and reported its topline results last month. The results showed that no dose-limiting toxicities or serious events occurred.

[Read More] 3 Penny Stocks With News Grabbing Attention From Analysts Right Now

This is good news. Much of the attention this week has centered around Diffusion’s latest earnings report. Diffusion had $18.5 million in cash and cash equivalents as of December 31st, 2020. The biotech company also gained an additional $36.7 million in aggregate gross proceeds as of this past Tuesday, which came from a common stock offering in February, as well as the cash exercise of outstanding warrants.

President and CEO of Diffusion, Robert Cobuzzi, said, “The momentum we gained exiting 2020 has continued into 2021. We have completed the study of TSC in hospitalized COVID-19 patients, designed a series of three clinical trials to be conducted during 2021 to evaluate the effects of TSC on oxygenation, and secured the company’s financial position by completing our $34.5 million equity raise.”

best penny stocks to buy now Diffusion Pharmaceuticals Inc. DFFN stock chartCheck-Cap Ltd.

The next biotech penny stock to buy or sell has seen considerable gains in 2021. Check-Cap is a biotech company that is currently developing C-Scan. C-Scan is the first and only “patient-friendly preparation free screening test to detect polyps before they may transform into colorectal cancer.” Since the start of the year, CHEK stock has been one worth watching. Shares have climbed from around $0.40 on December 31st to highs of over $4.40 this month. Even after pulling back over the past few days, CHEK is still trading over 460% higher than it began the year.

This week, Check-Cap made another significant advancement. The company announced that it received FDA IDE approval for the pivotal study of C-Scan. This will allow the company to begin this pivotal study for people at average risk of CRC and are poor candidates for a colonoscopy with an incomplete optical colonoscopy. The CEO of the corporation, Alex Ovadia, stated, “The IDE approval is a significant milestone for Check-Cap. Now with IDE in hand, we aim to enter the last phase of demonstrating the clinical potential of C-Scan in the U.S., with the ultimate goal of commercialization in this important market.”

It’s also worth mentioning that analysts at H.C. Wainwright lifted their price target on CHEK stock. The firm increased its $1.50 target to $4. H.C. currently maintains a Buy on the penny stock.

best penny stocks to buy now Check-Cap Ltd CHEK stock chartInspireMD Inc.

Now let’s discuss InspireMD Inc., which has seen huge improvement in the last six months. InspireMD is a biotech company developing and working to commercialize its MicroNet stent platform technology. This is designed to treat vascular and coronary diseases through its CGuard carotid embolic prevention system for use in carotid artery applications. Its MGuard Prime embolic system is also used in patients with acute coronary syndromes.

This month attention has focused on the company after it released its fourth-quarter and full-year financial results. While its revenues decreased, its cash position greatly improved after an $11.5 million public offering in mid-2020 and the recent underwritten public offering in February. Since the results were released, this biotech penny stock has gone from $0.76 to over $0.80 a share this week.

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Traders may be focusing on the company’s clinical trial for its CGuard Carotid Stent System in the U.S. Back in February, InspireMD engaged Hart Clinical Consultants. They are a Contract Research Organization and will conduct the trial. This is the first U.S.-based study of CGuard and could demonstrate its potential to prevent stroke caused by carotid artery disease. Now the market awaits any further updates on this.

best penny stocks to buy now InspireMD NSPR stock chartNovan Inc.

The final biotech penny stock to watch, Novan Inc., provides nitric oxide-based therapies to treat dermatological and oncovirus-mediated diseases. On February 25th, we received the latest update from Novan in financial results and a corporate update. The company stated that its B-SIMPLE4 pivotal Phase 3 trial evaluating SB206 as a treatment for molluscum contagiosum progress in topline efficacy results would target before the second quarter of 2021. It has completed enrollment for this now.

The company then presented at the H.C. Wainwright Global Life Sciences Conference. The rise up for NOVN stock started when the new year began. Yet NOVN stock’s most significant gain was from February 2nd to February 12th. In that period, this biotech penny stock went from $1.16 a share to highs of $2.59.

While there was a pullback along with the general market, NOVN stock has remained in its overall uptrend since the start of 2021. In fact, over the last few weeks, shares have climbed by roughly 20%.

best penny stocks to buy now Novan Inc NOVN stock chart
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