Penny Stock Near the Top of the Nasdaq

The FDA granted Neovasc's Reducer device a breakthrough designation

by Patrick Martin

Published on Oct 10, 2018 at 10:13 AM

Neovasc Inc (NASDAQ:NVCN) is up 35.6%% to trade at $3.31, one of the best stocks on the Nasdaq this morning, after the medical device maker's Reducer was granted breakthrough status by the Food and Drug Administration (FDA). Neovasc's Reducer is an implantation used to treat refractory angina. 

Neovasc stock is now on track for its best day since April 6, though familiar resistance near the $3.30 level is emerging. Plus, NVCN is still staring at a 94% deficit for 2018. 

TapImmune Inc (NASDAQ:TPIV) was up almost 4% earlier on news the biotech's breast cancer vaccine will be studied at the Mayo Clinic. The $11 million grant will be a part of a larger Phase 2 immunotherapy combo study. The shares have since swung down 0.8% to trade at $8.88

Nevertheless, TPIV has more than doubled in 2018, and nearly tripled in value year-over-year. In the past month, the shares consolidated atop double-barreled support at their 32- and 80-day moving averages.

A short squeeze could keep the wind at the drugmaker's back. Short interest increased by 20% in the last two reporting periods to a record high 1.01 million shares. This represents nearly 10% of TPIV's total available float, and four days of pent-up buying power, at the stock's average pace of trading. 

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