13 Best Canadian Penny Stocks to Buy Right Now

1. Medicus Pharma Ltd (NASDAQ:MDCX)

Share Price $2.13

Stock Upside potential: 703.21%

Number of Hedge Fund Holders: 4

Medicus Pharma Ltd (NASDAQ:MDCX) is one of the Canadian penny stocks to buy right now. On November 18, Maxim Group analyst Jason McCarthy maintained a Buy rating on Medicus Pharma Ltd (NASDAQ:MDCX) with a $20 price target, citing the company’s promising pipeline and strategic initiatives. Key drivers include the FDA-supported 505(b)(2) pathway for SkinJect, which has shown a 60% complete response rate in Phase 2 trials for non-invasive basal cell carcinoma, well above typical benchmarks, and the acquisition of Teverelix, a mid-late stage asset. These developments, along with expansion efforts and collaborations, reinforce McCarthy’s optimistic outlook on Medicus.

On November 17, Medicus Pharma Ltd submitted an FDA Commissioner’s national priority voucher (CNPV) application. The application on behalf of Skinject (SKNJCT-003) is for the evaluation of Doxorubicin Microneedle Array (D-MNA) to non-invasively treat basal cell carcinoma (BCC) of the skin. The application underscores the company’s belief in SkinJect’s D-MNA as a potential treatment for non-melanoma skin cancer.

SkinJect stands out for its ability to offer a non-surgical, locally administered therapy for basal carcinoma, the most common cancer in the US. Its biodegradable microneedle patch offers a curative option that eliminates the need for Mohs surgery.

“Our CNPV submission emphasizes not only SkinJect’s broad public-health value but also its profound potential impact on patients with Gorlin syndrome, who often endure hundreds of surgeries in their lifetime. We believe SkinJect represents the type of U.S.-developed, patient-centered innovation that the FDA’s CNPV program is designed to accelerate; a non-surgical, low-cost innovation for America’s most common cancer,” said Dr. Raza Bokhari, Medicus’s Executive Chairman & CEO.

Medicus Pharma Ltd (NASDAQ:MDCX) is a biotechnology company that accelerates the clinical development of new therapeutic assets, including its product, SkinJectTM, for basal cell carcinoma. The company focuses on identifying, acquiring, and advancing promising clinical-stage assets through FDA-approved trials, aiming to improve patient safety and efficacy in areas with unmet medical needs.

While we acknowledge the potential of MDCX to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than MDCX and that has 100x upside potential, check out our report about this cheapest AI stock.

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