July 6, 2021, 2:36 p.m. EDT

Top Biotech Penny Stocks to Buy This Week? 9 To Watch

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Jul 06, 2021 (Penny Stocks via COMTEX) -- 9 Biotech Penny Stocks That Should Be On Your Watchlist Right Now

Are you looking for the best biotech penny stocks to buy right now? Well, in 2021, there are quite a few options for your watchlist. The best way to begin is by narrowing down the list to a handful of companies that could have either short or long-term value. This is best identified by understanding both what compounds or medical devices it has in its pipeline as well as what its financial situation is.

It's not enough to simply find a biotech penny stock to watch simply because it is trending on Robinhood or on social media. However, creating a list of penny stocks based on the frequency they are mentioned online, can be a valuable strategy. But once this list is compiled, investors should move on to the research stage.

[Read More] Hot Penny Stocks to Buy on Robinhood Right Now? 7 Gainers to Watch

With hundreds of biotech stocks to choose from, it is difficult to land on only a few that could be profitable. With Covid cases increasing again, investors are focusing on companies that could benefit. And, the other effect of the pandemic is that it has increased attention on the biotech industry as a whole. So, considering all of these factors, here are nine biotech penny stocks that should be on your watchlist right now.

4 Biotech Penny Stocks to Watch Right Now

  1. Advaxis Inc. ( NASDAQ: ADXS )

  2. Second Sight Medical Products Inc. ( NASDAQ: EYES )

  3. SenesTech Inc. ( NASDAQ: SNES )

  4. Rigel Pharmaceuticals Inc. ( NASDAQ: RIGL )

Up by a solid 34%, or so at midday is ADXS stock. We've covered Advaxis Inc. plenty of times in the past few months due to its promising technology and large intraday movement and today is no different. While large gains among penny stocks can occur without any news, ADXS made a big announcement today.

During pre-market, shares of ADXS stock pushed up after an announcement that it has signed into a definitive merger agreement with Biosight Ltd. The combined entity will become Biosight Therapeutics and will work on advancing the current pipeline of products that Biosight holds. Additionally, the company will begin in a very advantageous cash position, holding around $50 million at the time the deal closed.

This is big news and could continue to play out in the coming weeks to months. Considering this, will ADXS stock be on your watchlist in July?

At just under $4.50 per share, EYES stock has climbed dramatically in the past few months. Since January, shares of EYES are up by over 150%, there's plenty of reason for that. Only a week or two ago, Second Sight announced the closing of a sizable public offering. The offering, worth around $57.5 million, includes 1.5 million shares at a price of $5 per share. It states that the proceeds will go toward continued development of its Orion device as well as general corporate purposes.

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In May, it stated that it received notice from the NIH for the release of its year there funding for its Early Feasibility Clinical Trial of a Visual Cortical Prosthesis. This is known as the Orion Trial and is funded by a $6.4 million grant over five years from the NIH.

The Orion device is an implanted cortical stimulation product that could effectively provide vision to those without it. This is a major breakthrough and could prove to be a large financial benefit to the company if all goes according to plan. With all of these things in mind, will EYES stock make your watchlist?

Another big gainer of the day is SNES stock, pushing up by around 15% by midday. While no company-specific news was announced today, we can look at some older announcements and what the company does as a whole. SenesTech is a producer of pest control products, such as rodent contraceptives and other rodent management devices. While it isn't a biotech company in the more traditional sense of the term, it does work in the animal health industry.

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