Unlocking Opportunities: Breakout Levels and Future Catalysts (CYTO, DRRX, MOTS, SXTP, NKGN)
Diving into this week's watchlist featuring five penny stocks, our emphasis is on identifying resistance level breakouts and anticipating future catalysts. Stay ahead of potential upward movements and pinpoint strategic entry points in the market. Avoid the pitfalls of chasing a possible bottom; instead, wait for confirmation through a breakout.
Altamira Therapeutics Ltd. (NASDAQ: CYTO) - Last week, the company's stock closed down 13% at $2.85. The recent investor update highlighted milestones post the Bentrio® business spin-off. Completed on Nov 21, 2023, the partial spin-off sold a 51% stake in Altamira Medica AG for $2.3 million. Medica anticipates sales growth from 2024 with the launch of Bentrio in multiple countries. Nuance Pharma aims for market approval in China and South Korea in the coming year. Medica will supply Bentrio initially and may receive up to $3 million in development milestones and up to $19.5 million in commercial milestones. Nuance will pay royalties once local production begins. Pharma Nordic plans to launch in Scandinavia in Q1 2024, with discussions ongoing for distribution in the US, Europe, and other markets. We will continue to watch for updates and monitor resistance at $3.47 or consolidation in this range.
Durect Corp. (NASDAQ: DRRX) - The week closed with the company's stock at $0.51, a slight uptick of just under 1%. In November, the company reported positive results from the AHFIRM trial, indicating that larsucosterol could potentially reduce mortality in alcohol-associated hepatitis (AH) patients. DURECT's CEO, James E. Brown, expressed optimism about larsucosterol as a promising treatment for AH, a currently untreatable disease. Discussions with the FDA are planned for Q1 2024 to explore approval requirements and potential Phase 3 trial design. We will be keeping an eye out for updates and a potential resistance break at $0.56.
Motus GI Holdings, Inc. (NASDAQ: MOTS) - The week concluded with the company's stock down 1.5% at $1.25. A recent announcement detailed a public offering of 3,333,334 shares and warrants at $1.50 per share, with the offering closing on December 21, 2023. In November, the company revealed plans to introduce Pure-Vu EVS Gastro and Gen 4 Colon into top U.S. hospitals by year-end. A robust supply chain has been established for future strategic initiatives. We will be monitoring for updates and watching for resistance to break at $1.43.
60 Degrees Pharmaceuticals Inc. (NASDAQ: SXTP) - Following a surge to over $1.50, the company closed last week down 18% at $0.90. In November, the company revealed that the FDA granted a Type C meeting scheduled for January 15, 2024, to discuss the development path for the tafenoquine regimen of ARAKODA® for potential use in treating hospitalized babesiosis patients. Tafenoquine is currently FDA-approved for malaria prophylaxis as ARAKODA. Monitoring for updates, we are attentive to a potential resistance break around $0.95.
NKGen Biotech Inc. (NASDAQ: NKGN) - The week concluded with the company's stock down 3% at $2.74. In November, the company highlighted business achievements, with CEO Paul Y. Song expressing confidence in their NK cell therapy approach. The company is progressing on key milestones, including the Phase I/IIa trial for Alzheimer's by year-end, an IND filing for the SNK01 program for Parkinson's, and preliminary data for SNK02 allogeneic Phase I study in solid tumors, expected in Q1 2024. We will be looking for additional updates and monitor resistance at approximately $3.06 or consolidation in the current range.
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