Why are these ASX penny stocks making the headlines today?

Summary

  • The OVT share price has risen by 50% to AU$0.003 in today’s session, clocking a volume of over 30.7 million shares.
  • Amid a trading update and FY21 guidance update, the GTN share price surged to AU$0.41, an increase of 28.1%.
  • Pharmaxis has announced the results of data analysis from the first of three stages in its Phase 1c clinical trial.

Concerns regarding the rising cases of the Delta variant of COVID-19 in Australia is also being felt in the corridors of the national stock market. The benchmark index has been facing resistance from upper levels, since last few trading sessions. On Tuesday, the ASX 200 has fallen by 0.67% or 49 points to 7,58.3, as of 1:06 PM AEST.

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The market breadth is also extremely weak, with 10 out of 11 sectors trading in red. The only positive sector, the information technology index, is also barely holding the ground. Despite a weak session, a few ASX penny stocks are flexing their muscles, providing investors some shelter. Let’s have a look at five such penny stocks.

Read More: Which are the top stocks under 10 cents?

  1. Ovato Limited (ASX:OVT)

The OVT share price has risen by 50% to AU$0.003 in today’s session, clocking a volume of over 30.7 million shares. The stock rallied ahead of the Extraordinary General Meeting in which, the management aims to get approval for two resolutions.

                       

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The first being the approval for sale of shares in the marketing services business and second being an increase in the amount secured by a security in relation to the provision of a loan.

  1. Orion Metals Limited (ASX:ORM)

Orion Metals has announced that it had entered into an exclusive binding Terms Sheet with Winfield Minerals Pty Ltd, subsequently replaced by Mayfair Corporations Group Pty Ltd in respect of sale and purchase of 4 mining leases, comprising the Top Camp Project for a total of AU$500,000.

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Following the development, the ORM share price has shot up by 41.6% to AU$0.017. A total of 55K shares have changed hands today.

  1. GTN Limited (ASX:GTN)

Amid a trading update and FY21 guidance update, investors of GTN went on a buying spree, taking the GTN share price surge to AU$0.41, an increase of 28.1%. The company announced it expected adjusted EBITDA for FY21 to be in the range of AU$13 million-AU$14 million, compared to AU$14.2 million in the previous year.

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It also expects the revenue from the Australian operations in 2H FY21 to increase approximately 23-24% when compared to 1H FY21.

Read More: How do I start trading penny stocks in Australia?

  1. Pharmaxis Limited (ASX:PXS)

Pharmaxis is an Australian clinical stage drug development company. Today, it announced the results of data analysis from the first of three stages in its Phase 1c clinical trial (M 101) studying a potential new treatment for the bone marrow cancer myelofibrosis.

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The company said the inhibition of two target enzymes, LOX and LOXL2, were assessed with Pharmaxis-proprietary assays and found to be highly significant statistically. The PSX share price has increased by 13.3% to AU$0.085.

  1. Todd River Resources Limited (ASX:TRT)

River Resources has announced the results from the recently completed auger geochemical sampling program over approximately 7 kilometres of strike along the eastern magnetic trend at its Berkshire Valley Ni-Cu-PGE Project.

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Analytical results have confirmed two broad anomalous zones associated with magnetic features that are interpreted to be intrusive gabbro-norite bodies. These anomalies overlie targeted mafic and ultramafic intrusions, which are co-incident with strong magnetic high features. Amid these strong results, the TRT share price has risen by 20.6% to AU$0.076.

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