3 High Volume Biotech Penny Stocks to Watch in October 2021
Looking for biotech penny stocks with high volume is a great way to stay ahead in the stock market. Right now, there is a lot of momentum to take advantage of in the stock market. Because of the sheer number of factors impacting stocks right now, investors need to pay close attention to factors such as volume. And if you’re wondering why volume matters, there are a few reasons to keep in mind.
Why Volume Matters With Penny Stocks
For one, volume directly equals liquidity. And, if you’re unfamiliar, liquidity is the ease at which buy and sell orders go through. With penny stocks, low volume can mean prices jump and fall in large increments, and often, selling and buying will take some time.
On the other hand, high volume means that prices will jump much more incrementally, and it will be easier to spot chart patterns overall. On top of this, high volume can also be a great indicator of how popular certain penny stocks are.
For example, Camber Energy Inc. (NYSE: CEI) is one of the most popular stocks in the market right now. By midday on October 8th, volume for CEI stock had hit over 900 million. This is a sizable amount and shows that over $1.5 billion in shares were traded today.
So as you can see, volume is a great metric to use, however, it should not be the only tool in your box. Rather, volume should be used in tandem with other metrics such as financial data, social sentiment, press releases, and industry-wide information. With biotech stocks, this is even more important as they tend to be highly speculative. All of this will help you to gather a complete picture of how a penny stock may perform. Taking this information into consideration, here are three high-volume penny stocks to watch right now.
3 Biotech Penny Stocks to Watch With High Volume in October
Voyager Therapeutics Inc. (NASDAQ: VYGR)
One of the biggest gainers of the day so far is VYGR stock. By EOD, shares of VYGR stock had shot up by over 34%, bringing its five-day gain to a staggering 98%. At over $5.15 per share as of October 8th, VYGR is technically no longer a penny stock despite starting the day as one. While some gains like this occur without news, a big announcement came recently from Voyager.
On Wednesday, October 6th, the company announced an agreement with Pfizer Inc. (NYSE: PFE) that could have a potential value of around $630 million. In the agreement, Pfizer will have the option to exercise licenses for novel capsids created by Voyagers RNA-driven technology known as the Tracer.
With this, Pfizer will be able to create and commercialize new gene therapies. At the start of the deal, Voyager will receive a $30 million upfront payment and could gain up to $20 million more in exercise fees. But, the real financial kicker comes in the form of milestone payments which could give Voyager an additional $580 million.
“This transaction highlights the potential of our Tracer platform to identify novel AAV capsids that target desired cells and tissues with greater specificity at lower doses and with fewer off-target risks than convention AAV serotypes.”
The Interim CEO of Voyager, Michael Higgins
This is big news for the company and shows just why shares of VYGR stock are shooting up right now. While this is a highly speculative gain, it is exciting nonetheless. With that in mind, does VYGR stock deserve a spot on your penny stocks watchlist?
Advaxis Inc. (NASDAQ: ADXS)
By EOD, shares of ADXS stock had jumped by over 9% to $0.52 per share. While its one-year gain of almost 30% is nothing to write home about, shares of ADXS have been showing a steady uptrend in the past few weeks. While the company hasn’t announced any news in the past week or so, it did release its third-quarter 2021 results back in early September.
In the results, the company stated that it entered into a definitive merger with Biosight Ltd. to advance its pipeline of oncology programs. After the deal closes in the fourth quarter of this year, the new company will be named Biosight Therapeutics and will trade on the NASDAQ under the ticker, BSTX.
“We are thrilled by the transformative potential of our proposed merger with Biosight and believe the opportunity to build a diversified clinical pipeline with both early-stage and late-stage oncology assets will benefit both patients and our stockholders.
We expect that the coming months will provide data readouts from our expanded off-the-shelf neoantigen program in both NSCLC and prostate cancer which will build upon our strong foundation of data to show consistent clinical benefit.”
Kenneth A. Berlin, CEO of Advaxis
This is all big news for the company and with a cash balance of over $45 million at the end of July, Advaxis looks like it is in a financially advantageous position right now. Whether this makes it worth adding to your list of penny stocks or not is up to you.
ReShape Lifesciences (NASDAQ: RSLS)
Another big gainer of the day is ReShape Lifesciences, pulling in roughly 26% by EOD. While YTD, shares of RSLS stock are down by around 28%, we are seeing this sizable bullish turnaround right now. This could be due to ReShape’s business or the fact that some investors believe it could be undervalued at its current price.
Other than a few summits and events that ReShape will be presenting at, the company recently appointed Al Diaz as its new VP of operations and research and development. And only a short time before this, the company posted its Q2 2021 financial results and a business update. The company stated that it successfully completed the merger with Obalon Therapeutics. In addition, the company was able to complete a funding round that allowed it to raise gross proceeds of roughly $46 million. This gave it the ability to eliminate its debt overhang which helped to strengthen its balance sheet.
“As indicated by our preliminary results, the second quarter proved to be monumental for the Company. During this period, we completed our highly anticipated merger with Obalon Therapeutics, increased visibility in the financial markets by listing on the NASDAQ, and bolstered our diverse product portfolio.”
Bart Bandy, the CEO of ReShape
Considering this exciting news, will RSLS be on your October watchlist?
Which Biotech Penny Stocks Are You Watching Right Now?
Finding the best biotech penny stocks to buy is all about knowing where to look. With so many to choose from, it can be difficult to land on just a handful for your watchlist.
However, because there is so much momentum in the stock market right now, there are plenty of opportunities to make money with penny stocks. Considering all of this, which biotech penny stocks are you watching right now?