10 Hot Penny Stocks On the Move

2. GeoVax Labs, Inc. (NASDAQ:GOVX)

Share Price as of August 30: $4.95

Current Volume as of August 30: 5.1 million

Number of Hedge Fund Holders: 1

1-Month Performance as of August 30: 115.22% 

GeoVax Labs, Inc. (NASDAQ:GOVX) operates in the biotechnology industry and focuses on developing vaccines and therapies for infectious diseases and cancers. One of the major focuses of the company has been on COVID-19 vaccines, it is working on developing a next-generation vaccine called GEO-CM04S1, which is currently under trial to assess effectiveness.

Its operations are not limited to COVID-19 only, but is also working on developing treatments for tumors, cancer therapy, and other diseases such as Ebola and Zika.

The first half of fiscal 2024 was marked by numerous business wins for the company. GeoVax Labs, Inc. (NASDAQ:GOVX) received the BARDA Project NextGen award to advance the development of its dual-antigen next-generation COVID-19 vaccine. The initial award amounts to $24.4 million but has the potential to increase as much as $45 million.

Moreover, management also announced its Project NextGen CRO partnership with Allucent to conduct the Phase 2b clinical trial of GEO-CM04S1, with the award value of $367 million to $388 million.

These new awards not only add to the financials of the company but also have the potential to significantly boost the vaccine portfolio. Over the past quarter i.e. FQ2 2024, the company was able to reduce its net loss by around 14.5% indicating its progress towards profitability.

The company was held by 1 hedge fund, Armistice Capital, with a position worth $254,800, in Q2 2024.