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Top Penny Stocks To Buy? 4 Biotech Stocks To Watch Now

You can’t argue that biotech stocks were hit hard during the 2022 stock market crash. But that doesn’t mean opportunity was utterly stifled. Depending on your outlook and investment style, volatility has become a considerable asset to some. You know what I’m talking about for anyone day trading penny stocks.

The daily swings and channel moves have opened ample opportunities to make money in the stock market. In this article, we look at some of the cheapest biotech stocks that have turned heads and identify any potential catalysts to note. A standard strategy some traders use is looking for any events in the future that could be a source of speculation. Anything from industry conferences to investor days and anything in between is an opportunity for companies to speak openly about their operations.

Biotech Penny Stocks To Watch

  1. Cardiff Oncology Inc. (NASDAQ: CRDF )
  2. MEI Pharma Inc. (NASDAQ: MEIP)
  3. Brickell Biotech Inc. (NASDAQ: BBI)
  4. Sesen Bio Inc. (NASDAQ: SESN)

Penny Stocks To Watch #1. Cardiff Oncology Inc. (NASDAQ: CRDF)

Earlier this year, Cardiff slumped on the back of data from its metastatic colorectal cancer program. In a recent quarterly update, Mark Erlander, Ph.D., chief executive officer of Cardiff Oncology, explained, “With a strong balance sheet and clinical data highlighting onvansertib’s potential to improve patient outcomes by combining synergistically with the standard-of-care, we believe we are well positioned for success…Phase 1b/2 data from our lead KRAS-mutated metastatic colorectal cancer (mCRC) program show clear improvements in treatment response and durability compared to historical controls. These results also clinically demonstrate onvansertib’s KRAS-agnostic mechanism of action, setting it apart from competing agents that target only the G12C variant.”

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Cardiff also held its Annual Meeting of Stockholders, where votes were made on several topics. The fling’s publications coincided with the move in the stock market today. The big question now is can it continue into the rest of the month?

top penny stocks to buy biotech stocks Cardiff Oncology CRDF stock chart

2. MEI Pharma Inc. (NASDAQ: MEIP)

One of the broader themes of this list of penny stocks is that many of these are trading below $1. One of the attractive things about cheap stocks at this price is heightened volatility. That can equate to quick, significant moves in the market in either bullish or bearish directions. When it comes to MEI Pharma, recent volatility has supported an uptrend.

One of the more recent catalysts helping this trend came earlier this month when MEI jointly announced trial data with Kyowa Kirin. These data were from an ongoing Phase 2 trial evaluating the company’s zandelisib for treating B-cell malignancies. Earlier this month, results were also highlighted at the American Society of Clinical Oncology Meeting.

What could be on the horizon for MEIP? The company also explained its plans for reporting updated data from the Phase 2 TIDAL study arm in follicular lymphoma intended for an upcoming scientific congress in the fourth calendar year quarter of 2022. On another side, you can also see daily volumes have ticked higher since the beginning of June as MEIP shares broke and so far held above the 50-day moving average.

top penny stocks to buy biotech stocks MEI Pharma MEIP stock chart

3. Brickell Biotech Inc. (NASDAQ: BBI)

Brickell Biotech develops treatment candidates for tackling autoimmune and inflammatory diseases. Its BBI-02 was the topic of discussion at the end of May, thanks to new info on a Phase 1 study. The treatment is in development for treating atopic dermatitis. Brickell dosed the first patient in this study, opening the door for new potential milestones to look for.

In particular, management alluded to evaluations throughout the year relating to this new study. Dr. Monica Luchi, Chief Medical Officer of Brickell, said in a May 19th update, “I am proud of Brickell’s efforts to quickly progress BBI-02 into the clinic following our acquisition of this program in the third quarter of last year. We look forward to building on the promising preclinical results generated to-date by evaluating the clinical safety, tolerability, PK, and PD of BBI-02 throughout this year.”

Meanwhile, there are additional data to look for in early 2023. With plenty of potential milestones ahead, it could be interesting to see if or how BBI stock manages a recovery move. It’s also worth noting the uptick in daily trading volume on Thursday and how it’s some of the highest in over a week.

top penny stocks to buy biotech stocks Brickell Biotech BBI stock chart

4. Sesen Bio Inc. (NASDAQ: SESN)

Like Brickell, Sesen has managed to climb higher during the end of Q2 2022. A portion of the leg higher came after the company’s latest strategic update.

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Dr. Thomas Cannell, president and chief executive officer of Sesen Bio, explained, “As we assess potential external strategic alternatives, we continue to seek to create value through the development of Vicineum for the treatment of non-muscle invasive bladder cancer. We plan to request a meeting with the FDA in the coming weeks to align on the remaining outstanding items related to an additional Phase 3 clinical trial.”

The company was also granted this FDA meeting to discuss items for the trial. What’s more, no further updates have been given and this might be a point of speculation. That’s because Sesen said the FDA meeting would happen “in mid” 2022. Also, later this month (June 22), Sesen hosts an annual stockholder meeting to discuss its proposed reverse stock split.

Considering multiple potential milestones in the near term, SESN stock could be on the watch list in June. If you’re looking at the chart, SESN also crossed above the 50-day moving average and tested the 200-day for the first time is months. Will this mark a firm return of bullishness to the stock?

top penny stocks to buy biotech stocks Sesen Bio Inc. SESN stock chart

Final Thoughts On Penny Stocks

Whether you’re looking for biotech penny stocks or another market trend, having your game plan outlined is essential. Valuable information found during the diligence process also comes in handy when vetting each company. How will future events impact certain penny stocks? Can recent news come back in favor later this year? The bottom line is to have a strategy in mind before diving into a trade. Today we looked at a few trending penny stocks with recent catalysts. If they’re on your watch list, let us know what you’re looking at for the road ahead.

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Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | news@pennystocks.com

Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | news@pennystocks.com

Read More: Top Penny Stocks To Buy? 4 Biotech Stocks To Watch Now

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