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. 
Halliburton Put Options Pricey Ahead of Earnings
HAL has been struggling since its mid-May highs
Oil Stock's Buy Signal Has Never Been Wrong
The stock has pulled back recently with crude oil prices
CLF Stock Nears Bullish Trendline Ahead of Earnings
Cleveland-Cliffs stock has been a long-term outperformer
From Schaeffer's Pro Traders
Weekly Options Secrets Revealed

Direct from our Schaeffer's traders, your FREE guide to winning with weekly options!


Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


Access the #1 Marijuana IPO of 2018
Get ready for an influx of pot stock profits.
China Stock Halted After 300% Spike
The stock has been halted most of the day
Earnings, Fed Minutes Result in See-Saw Week for Stocks
Netflix and a handful of Dow stocks moved on earnings
Access the #1 Marijuana IPO of 2018
Get ready for an influx of pot stock profits.