|Bid||1.1800 x 900|
|Ask||1.3000 x 800|
|Day's Range||1.2000 - 1.2600|
|52 Week Range||0.5250 - 6.3000|
|Beta (5Y Monthly)||2.68|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Since June 8, stocks have been moving, but they’ve been going in a sideways direction. While this movement combined with low expectations for Q2 earnings is concerning, one Wall Street pro believes this stock-market action will get “resolved to the upside.” What’s behind his bullish thesis? Unprecedented levels of credit and liquidity.Canaccord chief market strategist Tony Dwyer wrote, “Over the past week, the economic data continued to surpass expectations at a historic rate, there was further indication of a broad recovery in the global economy, and excess liquidity that has supported financial assets surged to an even more historic level.” All of this comes as the rate of new COVID-19 cases spikes and Democratic presidential nominee Joe Biden leads in the polls, which has “kept the markets in a consolidation pattern.”Further supporting his optimism, Dwyer cites the recent positive economic data, evidence that “real liquidity” has notched an all-time high as well as signs that the global economy is bouncing back.To this end, risk-tolerant investors are looking for compelling names that won’t break the bank, namely penny stocks. These tickers going for less than $5 apiece have earned a reputation for their risky nature, so we narrowed our search to include only those scoring Wall Street’s stamp of approval. Using TipRanks’ database, we pulled three penny stocks that have earned a “Strong Buy” consensus rating from the analyst community. Not to mention each offers up massive upside potential and could climb to $10, or even more. Checkpoint Therapeutics (CKPT)Founded by Fortress Biotech, Checkpoint Therapeutics focuses on the development of cutting-edge therapies to improve the lives of patients battling solid tumor cancers. After a recent regulatory win for its peer, several members of the Street believe that its $1.65 share price presents investors with an opportunity to get in on the action. On June 24, it was announced that Merck’s Keytruda product had been approved for the treatment of patients with recurrent or metastatic cutaneous squamous cell carcinoma (cSCC) that is not curable through surgery or radiation.What does all of this mean for CKPT’s asset, Cosibelimab? According to 5-star Ladenburg analyst Wangzhi Li, two positives come from this regulatory win. The first is that it validates “the regulatory path of Cosibelimab's ongoing single arm pivotal trial in cSCC with similar design to those of Libtayo and Keytruda.” As for the second, the development reduces the ORR bar for approval in cSCC and the clinical risk for Cosibelimab’s pivotal trial given that the therapy has produced an interim ORR of 50% from its ongoing Phase 1 trial.If that wasn’t enough, so far, Cosibelimab has shown a more robust safety profile. To this end, Li tells clients he is optimistic ahead of the company’s data update later this summer from the ongoing pivotal trial and the completion of enrollment for the pivotal trial around YE2020. “Thus, we see low regulatory and clinical risks now for potential approval of Cosibelimab in cSCC in 1H2022... With an estimated 7,000 deaths per year in the U.S., mCSCC presents a significant $1 billion-plus market opportunity. CKPT plans to grab market share for Cosibelimab through substantially lower pricing, for which big biopharma companies could be difficult and unwilling to match such competitive pricing in a small indication like cSCC which could lead to substantial loss for their big franchise revenue in many other larger indications such as NSCLC,” Li commented.To this end, Li rates CKPT a Buy rating along with a $20 price target. This puts the upside potential at a massive 1,115%. (To watch Li’s track record, click here)Judging by the consensus breakdown, other analysts also like what they’re seeing. 3 Buys and no Holds or Sells add up to a Strong Buy consensus rating. Based on the $14.33 average price target, the upside potential comes in at 773%. (See CKPT stock analysis on TipRanks)Optinose Inc. (OPTN)Moving right along, we come across Optinose, which wants to provide better treatments for ear, nose and throat (ENT) diseases and allergies. Based on its strong growth prospects and $4.60 share price, Wall Street focus has locked in on this healthcare name.Representing Cowen, analyst Ken Cacciatore tells clients that OPTN has “regained its footing.” It has done this through its impressive virtual marketing program, which has led to a “nice reacceleration of Xhance Rxs," and a co-promotion deal with kaléo.As per the terms of the agreement, kaléo will use its 100-person salesforce that is primarily focused on allergy specialists to promote Xhance to approximately 6,000 clinicians, half of which are outside of Optinose's current prescriber base, increasing the reach by 30%.At the moment, the company’s salesforce targets nearly 10,000 prescribers, split evenly between ENT and allergy specialists, with the goal of eventually targeting about 15,000 ENT/allergy specialists that treat 85% of the 3.5 million chronic rhinosinusitis patients who seek care. “We believe this partnership will efficiently expand Optinose's promotional reach for what we understand to be relatively inexpensive economics,” Cacciatore said.Going back to the Q2 Xhance prescription rates, momentum is ramping up, with the total estimated Rxs increasing by 15%-plus quarter-over-quarter. Cacciatore added, “With what should be improving pricing/discounting from the seasonally low Q1, we anticipate that Optinose will likely meet, or modestly beat, our (and the Street's) $10 million Q2 sales estimate.”Offering additional explanation for his bullish stance, Cacciatore commented, “[With] managed care coverage now at 75-80%, as well as a still steady increase in clinician adoption, we believe that management might soon be in a position to get more aggressive and initiate a broader DTC program... We believe this agreement with kaléo will further accelerate the progress we have been observing, and although we clearly still anticipate sales for the balance of the year to be below our original expectations pre-COVID-19, we do expect a nice reacceleration in 2021. If our expectations prove anywhere near accurate, at the current valuation, we believe the risk/reward remains compelling.”With everything that OPTN has going for it, it makes sense why Cacciatore left an Outperform rating and $20 price target on the stock. Should the target be met, a twelve-month gain in the shape of a whopping 335% could be in store. (To watch Cacciatore’s track record, click here) Do other analysts agree with Cacciatore? They do. Only Buy ratings, 4, in fact, have been issued in the last three months, so the consensus rating is a Strong Buy. At $18.50, the average price target implies shares could climb 302% higher in the next year. (See Optinose stock analysis on TipRanks)Allena Pharmaceuticals (ALNA)Hoping to address the unmet needs of patients with rare and severe metabolic disorders that affect the kidney, Allena Pharmaceuticals develops innovative, oral enzyme therapeutics. Combine its positioning for success with its $1.42 share price, and you get a thumbs up from the analyst community.Writing for H.C. Wainwright, five-star analyst Edward White cites its reloxaliase therapy as a major component of his bullish thesis. The candidate is an orally administered enzyme designed for the treatment of enteric hyperoxaluria (EH), with it currently being evaluated in the Phase 3 URIROX-2 study, which followed up the Phase 3 URIROX-1 trial.“We are unaware of any other companies that trade at a market cap of under $50 million that are in the second of two Phase 3 studies that could lead to an FDA filing in 2022,” White commented.Speaking to the market opportunity, the size of the EH population in the U.S. lands at about 250,000 people. In addition, during the URIROX-1 trial, reloxaliase was able to generate a statistically significant reduction in urate oxalate (UOx), with it also shown to be well-tolerated.As a result, White has high hopes ahead of the URIROX-2 trial. The trial will feature an identical primary endpoint to URIROX-1, with it also using common enrollment criteria. He expects the product to launch at the end of 2023, with sales landing at $18 million in 2023 and $350 million in 2028.To this end, White rates ALNA a Buy along with a $10 price target. Shares could appreciate by 604%, should the analyst’s thesis play out in the coming months. (To watch White’s track record, click here) Overall, the bulls have it on this one. Out of 5 total reviews published in the last three months, all 5 analysts rated the stock a Buy. Given the $11.80 average price target, shares could soar 731% in the next twelve months. (See ALNA stock analysis on TipRanks)To find good ideas for penny stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
The financial regulations require hedge funds and wealthy investors that exceeded the $100 million equity holdings threshold to file a report that shows their positions at the end of every quarter. Even though it isn't the intention, these filings to a certain extent level the playing field for ordinary investors. The latest round of 13F […]
Here's a roundup of top developments in the biotech space over the last 24 hours:Scaling The Peaks (Biotech Stocks Hitting 52-week Highs June 1) * Adaptimmune Therapeutics PLC - ADR (NASDAQ: ADAP) * Aileron Therapeutics Inc (NASDAQ: ALRN) (announced positive interim results for its Phase 1b/2 study of ALRN-6924 as an agent to protect patients against chemotherapy-induced toxicity) * argenx SE - ADR (NASDAQ: ARGX) * Bio-Rad Laboratories, Inc. Class A Common Stock (NYSE: BIO) * Cerus Corporation (NASDAQ: CERS) * Dynavax Technologies Corporation (NASDAQ: DVAX) (reacted to reports of partner Sinovac expressing confidence in its coronavirus vaccine) * Emergent Biosolutions Inc (NYSE: EBS) (announced $628-million dollar BARDA funding for rapid development of COVID-19 vaccine candidates) * Imara Inc (NASDAQ: IMRA) * Immunovant Inc (NASDAQ: IMVT) * Inari Medical Inc (NASDAQ: NARI) * Kala Pharmaceuticals Inc (NASDAQ: KALA) * MEI Pharma Inc (NASDAQ: MEIP) * Novo Nordisk A/S (NYSE: NVO) * Protara Therapeutics Inc (NASDAQ: TARA) * TFF Pharmaceuticals Inc (NASDAQ: TFFP) * Turning Point Therapeutics Inc (NASDAQ: TPTX) * Vermillion, Inc. (NASDAQ: VRML) * Y-mAbs Therapeutics, Inc (NASDAQ: YMAB)Down In The Dumps (Biotech Stocks Hitting 52-week Lows June 1) * Ocugen Inc (NASDAQ: OCGN) (announced discontinuation of Phase 3 trial of OCU300 for ocular Graft vs. Host Disease)Stocks In Focus Roche's Cancer Therapy Combo Approved For Treatment-Naive Liver Cancer Roche Holdings AG Basel ADR Common Stock (OTC: RHHBY) said the FDA approved its Tecentriq in combination with Avastin for the treatment of people with unresectable or metastatic hepatocellular carcinoma who have not received prior systemic therapy.Allena's Momentum Carries Through Ahead of Conference Presentation Allena Pharmaceuticals Inc (NASDAQ: ALNA) shares were surging ahead of the company's presentation at the Jefferies Virtual Healthcare Conference. The shares were higher in Monday's regular session, reacting to an initiation by H.C. Wainwright with a Buy rating and $10 price target.Analyst Edward White said the biopharma is an "undervalued enzyme therapeutic company."Following a 31.55% jump to $2.21 in Monday's regular session, Allena shares were rallying by 35.29% to $2.99 in Tuesday's premarket session. Esperion Shares Slip As Shareholder Lawsuit Accorded Class Action Status Esperion Therapeutics Inc (NASDAQ: ESPR) shares came under pressure after a federal district court accorded class action status to a lawsuit filed on behalf of investors, alleging the company issued misleading statements about its non-statin cholesterol-lowering drug Nexletol in a bid to artificially inflate the stock price.The stock fell after it was evident the drug did not have a clear path to regulatory approval, the lawsuit alleged.The stock slid 3.07% to $40.77 in after-hours trading.Related Link: The Week Ahead In Biotech: ASCO, Menlo And Merck FDA Decisions, IPOs In The Spotlight Pfizer To Invest Up To $500M Across Portfolio Of Clinical-Stage Biotechs Pfizer Inc. (NYSE: PFE) announced the establishment of the Pfizer Breakthrough Growth Initiative, through which the company said it will invest up to $500 million in biotechnology companies to help provide funding and access to its scientific expertise to ensure continuity of the biotechnology companies' most promising clinical development programs.Myovant Gains On NDA Submission For Drug Combo to Treat Menstrual Bleeding Sumitovant Biopharma said its affiliate Myovant Sciences Ltd (NYSE: MYOV) has submitted an NDA for the once-daily relugolix combo tablet, comprising relugolix 40 mg, estradiol 1 mg and norethindrone acetate 0.5 mg, for the treatment of women with heavy menstrual bleeding associated with uterine fibroids.The stock was trading 0.95% higher at $17.09 in the premarket session.Sanofi Announces European Nod For Multiple Myeloma Drug Sanofi SA (NASDAQ: SNY) said the European Commission has approved its Sarclisa in combination with pomalidomide and dexamethasone for the treatment of adult patients with relapsed and refractory multiple myeloma who have received at least two prior therapies including lenalidomide and a proteasome inhibitor and have demonstrated disease progression on the last therapy.Aytu Retires $15M In Debt Aytu Bioscience Inc (NASDAQ: AYTU) said it has retired $15 million debt assumed in connection with its previously announced acquisition of Cerecor Inc's (NASDAQ: CERC) Commercial Portfolio.Bidding War For Tetraphase Heats Up Tetraphase Pharmaceuticals Inc (NASDAQ: TTPH) said a revised offer from Melinta received in response to another revised offer from another suitor, AcelRx Pharmaceuticals Inc (NASDAQ: ACRX), has been deemed a superior offer by its board.Melinta and AcelRx have been engaged in a bidding war to lap up Tetraphase, with both companies sweetening their respective bids a few times.The revised AcelRx offer received May 27 called for exchanging each unit of Tetraphase stock for $0.5872 in cash and 0.7409 AcelRx shares, representing $1.70 in upfront per share value, and one CVR, entitling the holders to receive potential payments of up to $16 million in cash upon the achievement of certain future Xerava net sales milestones starting in 2021.Melinta's most recent bid offered $39 million in cash,plus an additional $16 million in cash potentially payable under CVR to be issued in the proposed acquisition.In premarket trading Tuesday, Tetraphase gained 6.9% to $2.48, while AcelRx shares were surging higher by 6.3% to $1.35.Offerings OraSure Technologies, Inc. (NASDAQ: OSUR) said it has commenced an underwritten public offering of 8 million shares of its common stock.The stock slipped 4.32% to $13.51 in after-hours trading.Adaptimmune priced its underwritten public offering of 20.5 million shares of its ADSs at $11 each for gross proceeds of $225.5 million. The company expects the offering to close on or about June 4.Kaleido Biosciences Inc (NASDAQ: KLDO) priced its underwritten public offering of 4.75 million shares of its common stock at $7.50 per share. The company expects to raise gross proceeds of $35.6 million from the offering. All the shares are being offered by the company. The offering is expected to close June 4.The stock was trading 2.87% higher at $8.24 in the premarket session. Allogene Therapeutics Inc (NASDAQ: ALLO) priced its underwritten public offering of 11.702 million shares at $47 per share for gross proceeds of $550 million.The offering is expected to close on or about June 4.The stock fell 0.57% to $48.66 in after-hours trading.Guardant Health Inc (NASDAQ: GH) announced the commencement of a proposed underwritten public offering of 10 million shares of its common stock, of which 3 million shares are being offered by Guardant Health and 7 million by SoftBank Investment.The stock was up 0.1% at $48.99 premarket. G1 Therapeutics Inc (NASDAQ: GTHX) said it has entered into a debt financing agreement with Hercules Capital, Inc. (NYSE: HTGC) for up to $100 million. The company plans to use the proceeds to fund commercialization and further development of trilaciclib, its first-in-class investigational therapy designed to improve outcomes for people with cancer treated with chemotherapy.Intellia Therapeutics Inc (NASDAQ: NTLA) said it has commenced an underwritten public offering of $75 million of shares of its common stock. All of the shares in the proposed offering are to be sold by Intellia.Intellia shares were trading 0.91% higher at $20.73 premarket Tuesday.Related Link: Attention Biotech Investors: Mark Your Calendar For June PDUFA Dates See more from Benzinga * Pfizer Analyst Takes Stock Of Negative Breast Cancer Data, Pharma Giant's 2025 Goals(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.