Jan 22, 2021 (Penny Stocks via COMTEX) -- 4 Penny Stocks to Watch on Today
Despite the market starting low in the morning, by midday, many penny stocks were up on January 22nd. There are a lot of factors influencing the stock market today. With lower-priced stocks, volatility continues playing a big role. With so many different investing styles out there, this can be a major benefit to some but pose a big risk to others.
Right now, we are seeing heightened popularity across several industries. This includes tech, biotech, and energy penny stocks . With the pandemic still in full swing, we have to consider how these industries could be affected. For biotech penny stocks , the effect is quite obvious, but it differs depending on if the company is involved in vaccine treatments or not.
For other industries, we have to consider how the pandemic will impact things like revenue & continuing operations in both the short and long term. With this considered, here are four penny stocks that saw strong momentum on Friday. Will that continue into the end of January?
Penny Stocks to Watch
MMTec Inc. ( NASDAQ: MTC )
AzurRX Biopharma Inc. ( NASDAQ: AZRX )
Oragenics Inc. ( NYSEAMERICAN: OGEN )
Synthetic Biologics Inc. ( NYSEAMERICAN: SYN )
One of the bigger gainers of the day was MTC stock. By the afternoon on Friday, MTC stock had shot up by almost 28% to $2.43 per share. In the past month, shares are up by almost 50%, and since September, by around 200%. This rise reflects the company's placement in the online tech services and solutions market.
MMTec provides internet-based tech products for Chinese financial firms. This includes its platforms known as ETN Counter Business System, PTN Private Mutual Fund Investment Management System, Personal Mobile Transaction Client System, and others. Based in Beijing, MMTec aims to be the leading digital solutions provider to the Chinese finance market.
While no news came out on Friday that sparked this gain, we can look at MMTec's business model to try and find an explanation. A few months ago, the company announced an exciting report for its half-year 2020 financial results. In the report, the company stated that revenue increased by roughly 85%, with the cost of revenue decreasing by over 80%.
Additionally, the company managed to lower its operational losses by around 30% to $1.04 million for the six month period ending on June 30th. The company stated that it believes Chinese investors will continue to demand services for investing in U.S.-based assets. This could be especially true considering the election of Biden and the potential for U.S.-China tensions to ease.
If you thought MTC's daily gain was large, on Friday, shares of AZRX shot up by roughly 63% to over $2 per share. As a biotech company, AzurRX Biopharma works on several drugs for its pipeline, including treatment for certain symptoms of Covid-19. This seems to be one of the major reasons for the recent bullish interest in AZRX stock. In January, the company announced that it had signed a licensing agreement with First Wave Bio to use its proprietary formulation of niclosamide. The goal is to begin utilizing this treatment to fight Covid-19 related gastrointestinal issues. While the hype around covid-related biotech companies is high, there is some merit to this bullish interest.
What's more, the company has other pipeline treatments gaining traction. On Friday, the company announced that it began dosing its first patients in the Phase IIb study of MS1819, a treatment for cystic fibrosis. The company states that it expects topline data from the study to be released within the first quarter of this year. AzurRX is a company with a lot of projects that are currently in the works. Because of this, it has seen a great deal of heightened popularity in the past few months. Will it be on your list of penny stocks to watch heading into February?
While OGEN stock only posted a 10% gain so far on January 22nd, this is still a relatively large jump in value. We've covered Oragenics Inc. several times in the past few months for its relation to Covid-19. The company is working heavily right now on its Terra CoV-2 Vaccine candidate. This could combat covid similarly to other existing vaccines. Also, the company is using this technology to find potential uses outside of Covid. In March of last year, Oragenics acquired a non-exclusive license from the NIG for its Terra CoV-2 spike protein.
Only a few weeks ago, the company announced that it had entered into a material transfer agreement. The agreement made with Adjuvance Technologies Inc. will utilize the adjuvant known as TQL1055 in Oragenic's Terra CoV-2 vaccine.
Alan Joslyn, CEO of Oragenics, stated that "the execution of this material transfer agreement is an important step in the ongoing development of our Terra CoV-2 vaccine. Following our Type B Pre-IND meeting with the FDA, we were asked to conduct additional preclinical animal testing for inclusion in our IND filing. Because our vaccine uses an adjuvant, we anticipate a more intense immune response from our perfusion stabilized spike protein with a lower antigen dose."
Another penny stock that we've covered several times in the past few months is SYN stock. Synthetic Biologics is a clinical-stage biotech company developing several novel therapeutics. Its focus is on the gastrointestinal illness market, working to meet otherwise unmet pharmaceutical needs. This includes its drug known as SYN-004 (ribaxamase), currently in trials to treat GI diseases. In an exciting announcement, Synthetic Biologics stated that the Washington University School of Medicine in St. Louis approved the Phase 1b/2a clinical protocol relating to ribaxamase. This is an exciting announcement as it allows SYN to move on to the next stages of the approval process.
Steven Shallcross, CEO of Synthetic Biologics, stated that "approval of the Phase 1b/2a clinical protocol by Washington University's IRB is an important step in pursuing a potentially more cost-effective development strategy for SYN-004, targeting a highly specialized patient population. We expect to commence enrollment of patients in the first quarter of 2021 and look forward to providing further updates as we advance this exciting program."
This was an exciting update for investors to consider. For biotech companies, announcements like these can show the market where a company is at in the various stages of approval. While the exact timeline moving forward remains to be seen, SYN could be one of the penny stocks to watch before the end of the month.
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