Biotech Stocks Watchlist Under $5: FRTX, LFMD, BJDX, SENS, CDXS
The biotech sector has been one of the hottest sectors for quite a while and there could be major pickings across stock categories. For instance, there are biotech stocks, which are currently trading under $5 a share, which may be worth tracking. Here is a look at five such stocks that investors could look into.
Fresh Tracks Therapeutics Inc (NASDAQ:FRTX) was one of the biggest gainers in the previous session as the stock skyrocketed 32% on heft volume. However, the stock is still down 45% so far this year and 70% in the past year.
The clinical-stage pharmaceutical company is working on the transformation of the lives of patients with the development of differentiated and innovative prescription therapeutics. The Fresh Tracks Therapeutics Inc pipeline is looking to disrupt the existing paradigms of treatment and features a range of new chemical entities.
These entities help in inhibiting novel targets with first-in-class treatment for inflammatory, autoimmune, and other debilitating conditions. On July 21, the company was in the news after it announced that it had gone into an amendment with regards to its asset purchase agreement with the firm Botanix Pharmaceuticals Ltd and Botanix SB Inc, its subsidiary.
As per the new agreement, the company agreed to sell its future events-based milestones and earn-out payments on net sales of sofpironium bromide for $8.25 million to Botanix SB. The President and Chief Executive Officer of the company Andrew Sklawer noted that the agreement was going to be a win-win for all parties involved in the agreement.
LifeMD Inc (NASDAQ:LFMD) stock has been outperforming the broader market over the past year. The stock has soared 119% so far this year and surged over 17% in Friday’s trading session to close at $4.14.
If you are looking into the telehealth sector then it may be a good time to consider tracking LifeMD Inc. The company offers its services in 50 states and boasts of a collection of brands that offer virtual diagnostics, primary care, and specialized treatments.
The company centers its operation on the deployment of its proprietary tech platform, pharmaceutical mail-order network and medical group affiliated with 50 states. The company seeks to make top-level healthcare available to anyone. On May 12 LifeMD announced its financial results for the first fiscal quarter that ended on March 31, 2023. The revenues for the quarter stood at $331.1 million, which reflected year on year rise of 18% and a sequential rise of 23%.
The consolidated margin for the quarter stood at 87%, which was higher than the 82% under the same overhead in the prior year’s quarter. The net loss came in at $4.8 million but it was lower than the net loss of $14.1 million in the prior year period.
Bluejay Diagnostics Inc (NASDAQ: BJDX) stock was in solid momentum on Friday and jumped over about 14% on heavy volume.
The company uses its Symphony System to come up with better diagnostic outcomes for patients. The Symphony System from Bluejay Diagnostics Inc is fast, effective, and cost-effective. The first product candidate from the company is the IL-6 Test meant for sepsis triage and seeks to provide accurate results in around 20 minutes. That would help medical professionals to make better treatment decisions.
On July 21 the company announced that its Board of Directors had provided the approval for the reverse stock split of the common shares of its stock on a 1 to 20 ratio. That would also entail in the reduction of the outstanding shares from 100,000,000 to 750,000,000. The split would go into effect from 12-01 am Eastern Time on July 24, 2023. The stock would also start trading on a split-adjusted basis on NASDAQ from today.
The ticker symbol of Bluejay Diagnostics would remain BJDX. The reverse stock split was implemented by the board for raising the share trading price of each share of the common stock.
Senseonics Holdings Inc (NYSEAMERICAN:SENS) stock has been witnessing high volatility over the past few weeks. The stock has gained over 27% over the past month. However, despite the recent jump, the stock is still down 11% so far this year.
The medical technology company is involved in the manufacturing and development of glucose-monitoring products. The products seek to change the lives of those suffering from diabetes all over the world. Senseonics Holdings Inc offers a range of long-term implantable glucose management technology. On June 26 the company presented new clinical data at the American Diabetes Association 83rd Scientific Session.
The company presented a pair of studies that demonstrated the safety and efficacy of its Eversense E3 CGM system. Francine Kaufman, the Chief Medical Officer of Senseonics Holdings noted that the data further strengthened the position of the product as one of the leading CGM choices for people suffering from diabetes.
Codexis Inc (NASDAQ:CDXS) – After a severe sell-off in the first half of this year, the stock has been making a good recovery. The stock has been trending higher over the past month with a jump of over 40%. On Friday, the stock went up over 8% to close at a month high.
The company is one of the leaders in the enzyme engineering space and leverages its proprietary CodeEvolver technology for the purpose of development and discovery of high-performance delivering enzymes. The enzymes from Codexis Inc solve the challenges related to small molecule pharmaceuticals manufacturing.
Currently, the company is involved in the development of the ECO Synthesis platform for scaling up the manufacturing of RNA. Last Friday the company announced that it was streamlining operations and that was going to include the discontinuation of investments in certain development stage programs in Biotherapeutics. As of June 30, 2023, the company had cash and cash equivalents of $92.1 million and went on to add that the cash would be enough to finance its planned operations up until the middle of 2026.
