Penny Stock Watchlist: IBIO, DRTT, SRTS, MRSN, MDNA
There has almost always been a considerable following for penny stocks, and for good reason. These stocks trade below $5 a share, and for new investors, they can often prove to be the perfect playground for outsized returns. It can also be a niche for seasoned investors looking for the next multi-bagger. Here is a look at five penny stocks that may be worth adding to the watch list at this point.
iBio Inc. (NYSE American:IBIO) The artificial intelligence-powered innovator iBio Inc. is involved in the development of precision antibody immunotherapies. On June 27, the company announced that it had appointed Martin Brenner as Chief Executive Officer and Felipe Duran as Chief Financial Officer. Both appointments went into effect immediately.
The company noted that Dr. Brenner would continue in the capacity of Chief Scientific Officer, a position he has held since December 2020. The company added in its news release that the permanent appointments were an indication of the confidence that the Board of Directors had in Dr. Brenner and Duran. Both have served as interim CEO and CFO, respectively, since early 2023. It was also the completion of the strong management team that the company wanted in order to lead the next growth stage.
The Chairman of the iBio Board of Directors, Chip Clark, noted that since the two executives started off in their interim roles, they had been responsible for certain significant developments. Hence, the board decided to make the positions permanent.
DIRTT Environmental Solutions Ltd. (NASDAQ:DRTT) The industrialized construction leader DIRTT Environmental Solutions Ltd. announced its financial results for the three- and six-month periods ended June 30, 2023, last Wednesday. The company achieved revenues of $44.2 million, which reflected a sequential rise of 22% but remained flat year over year. The adjusted EBITDA for the quarter was $1.9 million, which reflected a year-on-year rise of $11.3 million.
At the end of the quarter, DIRTT Environmental Solutions had liquidity of $28.1 million, which was lower than the $16.1 million at the end of the period on December 31, 2022. It was also noted that Fareeda Khan had been appointed vice president of finance, and the appointment would go into effect on August 25, 2023. The Chief Executive Officer of the company, Benjamin Urban, spoke about the performance as well.
He noted that there was considerable excitement and energy at the company after a long day. The improved financial performance gave everyone at the company confidence in DIRTT Environmental Solutions’ future.
Sensus Healthcare Inc. (NASDAQ:SRTS) The medical device company Sensus Healthcare Inc. is a specialist in non-invasive, highly effective, and competitively priced treatments for both oncological and non-oncological conditions.n August 3, it announced its financial results for the three- and six-month periods ended June 30, 2023. In the second quarter, the company generated revenues of $4.5 million, which worked out to a sequential rise of 33% from the $3.4 million generated in the previous quarter.
However, it worked out to a drop of $12.1 million from the prior-year quarter. It was a reflection of lower SRT unit sales. However, the company did surpass the 700 systems sold mark with a record 708 systems sold globally. Sensus ended the quarter with cash and cash equivalents to the tune of $20.1 million. The company reported no debt.
Mersana Therapeutics Inc. (NASDAQ:MRSN) Clinical-stage biopharmaceutical firm Mersana Therapeutics Inc. is focused on the discovery and development of an antibody-drug conjugate (ADC) pipeline to target cancers with unmet medical needs. On August 4, it emerged that the company’s board had made inducement awards made up of stock options.
The options are for purchasing 38775 shares of the company’s common stock and restricted stock unit (RSU) awards to pick up another 27665 shares of Mersana common stock. The award had been made to two new employees of the company who had joined last month. The awards had been made by the company in accordance with the terms and conditions of the Compensation Committee. It is also as per the inducement awarded to each new employee of the company in line with NASDAQ Listing Rule 56354.
Medicanna Therapeutics Corp. (NASDAQ:MDNA) The clinical-stage immunotherapy firm Medicanna Therapeutics Corp. announced on August 4 that it would host a conference call on August 9, 2023. The conference call, which would commence at 8:30 a.m. Eastern Time, would provide a clinical update pertaining to the Phase 12 ABILITY study for the evaluation of MDNA11 in patients with melanoma or other specific tumors.
The company invited analysts as well as its shareholders to join the live audio webcast of the conference call. It could be attended either by phone or through the webcast link. The webcast will be made available on the Medicanna Therapeutics website following the conclusion of the call.
