Small-Cap Stocks: Decisive Factors and Prospective Catalysts (RNAZ, NNVC, GMBL, CMND, OXBR)
Examining a chosen set of five unique penny stocks for the week necessitates concentration on potential propelling factors in the immediate future, recognizing breakout and resistance levels. Anticipating upward movements and identifying pivotal entry points are essential strategies. Employ patience to mitigate risks associated with exploring potential market downturns, and await validation through significant breakout thresholds.
TransCode Therapeutics Inc. (NASDAQ: RNAZ) - TransCode Therapeutics Inc. saw a nearly 4% increase in its stock, closing at $.75 last week. In early January, the company shared its progress and objectives in an open letter, revealing plans to submit an IND to the FDA in Q1 2024 for a Phase 1 clinical trial of TTX-MC138 in advanced solid tumor patients. Key GMP manufacturing is underway, and IND-enabling toxicity studies have been completed. The company also concluded a public offering of 5,942,623 shares and warrants at a combined price of $1.22 per share. We'll monitor for the $.87-.88 resistance break and stay tuned for upcoming company updates.
NanoViricides, Inc. (NYSE: NNVC) - NanoViricides, Inc. closed just under 1% at $1.07 last week. In late November, the company successfully completed the Single-Ascending Dose phase of the Phase 1a/1b Human Clinical Trial for its broad-spectrum antiviral drug, NV-CoV-2. Recruitment for the Multiple-Ascending Dose phase is also finished. NV-CoV-2, featuring the nanoviricide active agent NV-387, demonstrated potent antiviral activity against various coronaviruses, RSV, and in a Smallpox therapeutic model. With shares maintaining strong support at $1, we'll be monitoring this level, looking for a resistance break at $1.10, and anticipating company updates.
Esports Entertainment Group, Inc. (NASDAQ: GMBL) - Esports Entertainment Group, Inc. saw a 22% increase in shares, closing at $2.36 last week. In late November, the company announced a key partnership update, teaming up with Oddin.gg for their iFrame solution in esports betting. This collaboration enhances EEG's ability to offer diverse betting markets on various esports events, leveraging Oddin.gg's advanced statistical models and algorithms. The partnership aims to create an enhanced user experience with features like predicting in-game outcomes and facilitating live betting within games. The launch, pending Malta Gaming Authority approval, is targeted for Q1 2024. We'll be monitoring for a break and hold above the $2.45 area while staying alert for additional company updates.
Clearmind Medicine Inc. (NASDAQ: CMND) - Clearmind Medicine Inc. ended last week's trading session at $1.46, showing a 1% decline. The company recently closed definitive agreements with institutional investors for a registered direct offering, raising approximately $2.4 million. The transactions involved the sale of 1,500,000 Common Units, each comprising one Common Share or Pre-Funded Warrant and one PIPE Common Warrant. In addition, the company completed a Type A meeting with the FDA to discuss its proprietary MEAI-based CMND-100 compound for Alcohol Use Disorder treatment. We'll be monitoring for a resistance break at $1.54 and staying alert for additional company updates.
Oxbridge Re Holdings Limited (NASDAQ: OXBR) - Oxbridge Re Holdings Limited shares closed just under 1% lower last week at $1.00. In December, the company rebranded its corporate website, aligning with its strategic shift to become a Web3-focused company. Notably, in August, the successful merger of Oxbridge Acquisition Corporation with Jet.AI was announced, with Oxbridge Re being a significant investor. Jet.AI operates in Software and Aviation, providing various services, including jet sales, prepaid jet cards, charter, and an AI booking platform. The company also plans to launch three additional high-margin software offerings by the end of Q1 2024. We'll be monitoring for future updates and keeping an eye on the resistance break at $1.12.
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