Investments in biotech penny stocks can pay off handsomely, and that is possibly the reason why these stocks are tracked closely by thousands of people every day. The markets have been quite volatile in recent weeks, but despite that, some penny stocks have managed to record significant gains, and it is important for investors to keep an eye on such stocks. On Friday, some biotech penny stocks recorded gains, and here is a quick look at four of those.
Hot Biotech Penny stocks to Watch #1 Geron
One of the penny stocks that recorded significant gains this past Friday was that of Geron (GERN). The stock soared on Friday after the company released abstracts with regards to the latest data about imetelstat, its lead product candidate.
Johnson & Johnson, which had been the co-developer, had refused to conduct a Phase 3 study due to poor show in the middle stages. However, Geron bought back the rights to the medicine, and the latest data has created a lot of optimism among investors. GERN stock rallied by as much as 24% on Friday.
Hot Biotech Penny stocks to Watch #2 Sorrento Therapeutics
Sorrento Therapeutics (SRNE) emerged as another penny stock that skyrocketed on Friday, and it could be worthwhile for investors to keep an eye on this stock today. On Friday, the Chief Executive Officer of the company, Dr. Henry Ji, stated that there is a cure for the coronavirus, and it is the company’s product STI 1499.
It was a significant announcement from the company under the circumstances, and soon enough, investors piled on to the stock. SRNE stock soared by as much 158% on Friday.
Hot Biotech Penny stocks to Watch #3 Seelos Therapeutics
Seelos Therapeutics (SEEL) was another notable penny stock gainer this past Friday. Although there was no material news with regards to the company, the rally could be traced back to a development that materialized earlier on in May.
The company announced on May 4 that it received a Notice of Allowance from the United States Patent and Trademark Office for its product SLS 005. It was a significant development for the company. SEEL stock rallied by 31% on Friday, and it remains to be seen if it can extend its gains.
Hot Biotech Penny stocks to Watch #4 Affirmed
On May 15, Affirmed N.V. (AFMD) made a major announcement. The company announced that abstracts from the innate cell engagers from its ROCK platform are going to be presented at a key industry event. The event in question is the American Association for Cancer Research (AACR) Virtual Annual Meeting II, and it is going to be held from June 22 to June 24 this year. The announcement proved to be a significant positive for the company, and AFMD stock rallied by as much as 19%.