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4 Penny Stocks To Buy According To Analysts & Price Targets Up To 507%

Are Biotech Penny Stocks On Your List This Month?

Is it time to revisit biotech penny stocks? The last few sessions saw a pullback in the overall sector. Both the Nasdaq and S&P Biotech ETFs (IBB & XBI) retreated recently. However, biotech has begun heating up toward the end of the September 13th session and into September 14th. You’ve also a mix of headlines, and bullish sentiment acted as early catalysts, and retail traders are now hunting for the best penny stocks to buy in this arena

Today we’ll take a look at some of the cheapest biotech stocks to watch right now. They’ve started gaining momentum and turned heads, at least among retail traders. Furthermore, some analysts firms have grown increasingly bullish in support of a few names on this list which could be why some are starting to take a closer look right now. Some have also been bolstered by insider buying activity, which has also helped boost stock market sentiment.

Penny Stocks To Buy [or avoid]

EyeGate Pharmaceuticals (NASDAQ:EYEG)

When it comes to EyeGate, there are a few different things at play right now. This includes bullish analysts and recent updates. First, earlier this month, HC Wainwright analyst Yi Chen reiterated a Buy on the stock and currently has an $11 price target, 507% higher than the current EYEG stock price.

Read more: Best Penny Stocks to Buy Ahead Of Apple’s Event? Here’s What To Know

This came shortly after EyeGate announced the completion of target enrollment in its Phase 2 proof-of-concept study. Its purpose is to evaluate the company’s PP-001 treatment for ocular surface inflammation. Regarding the timing of another possible catalyst related to this study, Q4 is when topline data are expected. There are also plans for submitting an Investigational New Drug filing next quarter for the treatment candidate.

Momentum has recently picked up in the stock, thanks to other recent events. This includes a presentation at HC Wainwright’s Global Investor Conference on Monday. All things considered, EYEG stock has seen an uptick since the opening bell on Monday and continued this trend during the early half of the week.

Enviric Biosciences (NASDAQ:ENVB)

One of the companies we’ve recently highlighted is Enviric Biosciences. Last week we discussed the company and its treatment platform. The company also recently started to spread its wings a bit more, adding to its “new age” medical platform. What I mean by this is that Enviric is taking a step into neuroscience through the acquisition of MagicMed Industries. In fact, the stockholder meeting set for today, September 14th, is a clear point of focus for those with ENVB stock on their watch list right now.

If you’ve followed this story, you may recall an update from the CEO last month. In it, David Jonson explained that he believes that the company is “well-positioned to emerge as a next-generation neuroscience platform. We expect the pending transaction to complement our existing product development activities, which are focused on physical symptoms, with a platform of novel psychedelics that addresses the large mental health challenges related to CNS indications such as PTSD, anxiety, depression, and pain.”

It also should be mentioned that Aegis and Maxim have both gotten behind Enviric with Buy ratings this summer. Maxim’s current price target is $6, while Aegis has a $7 target. With growing interest in things like psychedelic stocks, ENVB has emerged as a newer entrant in the space. Furthermore, with the timing of this shareholder vote this week, it could be another reason why some are adding this to their watch list right now.

BioDelivery Sciences International Inc. (NASDAQ:BDSI)

Shares of BDSI stock have seen a great move over the last month. Since August 17th, BioDelivery’s shares have jumped more than 25%, with this week’s high of $4.46 marking the highest trading level for the stock in nearly 7 months. One of the key drivers for the biotech company was a $24 million contract win from the Department of Veterans Affairs late last month.

However, the most recent focus on the company is based on a similar reason and ENVB. BioDelivery has been in the middle of a major acquisition. This wasn’t necessarily for a company but rather for a treatment platform. Recently completed, BioDelivery purchased the rights for ELYXBTM for acute migraine treatment in the US and Canada. According to the company, this is the first and only FDA-approved ready-to-use oral solution for acute treatment of migraines with or without aura in adults. The official launch is expected early next year, and BioDelivery also plans on conducting a pediatric study of the treatment.

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In addition, analysts have grown bullish on the company this year. HC Wainwright and Roth Capital are the most recent to have weighed in with Buys on the stock. HC has a $6 target. However, Roth’s is slightly higher at $6.25, 41% higher than the current BDSI stock price.

OpGen Inc. (NASDAQ:OPGN)

Similar to other names on this list of penny stocks, OpGen has attracted interest from the analyst community this year. The two most recent ratings come from HC Wainwright and Alliance Global, both having Buys on the stock. Meanwhile, when it comes to price targets, the range is wide. HC’s Yi Chen has a $4 target on the stock, and Alliance has set its target at $7.

If you look at the OPGN stock chart, you’ll see a trend that resembles something similar to the broader biotech trend. There haven’t been many new developments from the company. However, since reporting earnings in August, the general trend has been bullish. Oliver Schacht, President & CEO of OpGen, commented, “We are continuing to execute on our key development milestones as recently seen with our assembly of 10 final pre-series release analyzers of the Unyvero A30 RQ platform…As we continue into the third quarter, we are waiting for the FDA to complete their review of our AMR Gene Panel for Isolates. We are also in regular dialog with the Chinese NMPA via our strategic partner Beijing Clear Bio. The Chinese NMPA recently requested supplemental clinical data to be generated and submitted in China, and we are working with our partners to finalize study design and swift study execution in due course.”

With these developments, bullish analysts, and underlying industry momentum, OPGN stock has managed to push higher this month.

Best Penny Stocks To Buy Now?

Are these the best penny stocks to buy right now? That is an answer for you to give. There are certainly plenty of things to reference with analysts bullish, company updates, industry momentum, and the like. However, it’s also important to keep in mind that penny stocks also carry plenty of risks. So make sure you’ve got your strategy and plan in place before deciding to buy or avoid any stock you’re researching.

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