It seems like another week of market woes as S&P heads for a new 2022 closing low. The surging U.S. dollar is causing havoc in global currency markets, which appears to be spilling into the equity markets. The British pound hit a record low against the dollar on Monday, and the greenback strengthened against other major currencies, including the Japanese yen. The DXY US Dollar Currency Index was trading near 114 on Monday, up from roughly 109 at the start of the month and 96 at the beginning of the year.
For investors who want to limit the damage caused by currency swings below are some stocks to place on top of your list.
Mainz Biomed N.V. (NASDAQ:MYNZ) is currently trading at $7, up 1.45%. MYNZ has a 52-week high of $30, and it looks like with the recent market sell-off, MYNZ stock prices have also dipped, creating a potential opportunity for value investors.
Mainz Biomed develops market-ready molecular genetic diagnostic solutions for life-threatening conditions. The Company’s flagship product is ColoAlert, an accurate, non-invasive, and easy-to-use early detection diagnostic test for colorectal cancer. ColoAlert is currently marketed across Europe and in the United Arab Emirates with the intention of beginning its pivotal FDA clinical study in 2022 for U.S. regulatory approval. Mainz Biomed’s product candidate portfolio also includes PancAlert, an early-stage pancreatic cancer screening test based on real-time Polymerase Chain Reaction-based (PCR) multiplex detection of molecular-genetic biomarkers in stool samples.
According to a recent press release, Mainz Biomed is advancing its pivotal FDA clinical study in 2022 for U.S. regulatory approval. Notably, MYNZ announced receiving supportive feedback from the FDA on ColoAlert's pre-submission package, setting up its pivotal U.S. clinical trial to commence in Q4 2022. Also, consider ColoAlert an excellent product that could be made even better, with MYNZ initiating and enrolling the first patient in an international clinical study (ColoFuture) evaluating the integration of novel mRNA biomarkers into ColoAlert. If results post as expected, ColoAlert, already a best-in-class diagnostic screen, could score an upgrade, reaching "gold standard" status for CRC at-home testing (1)
In addition to the value inherent to ColoAlert, Mainz Biomed is advancing a second portfolio asset, PancAlert, an early-stage pancreatic cancer screening test based on real-time Polymerase Chain Reaction-based (PCR) multiplex detection of molecular-genetic biomarkers in stool samples. In layman's terms, because of its accurate real-time results, it, too, can be a first and best-in-class screening for pancreatic cancer. Milestones reached in its development have also been published (1). The Mainz Biomed tells a story much different from what its share price suggests. Remember, they do not need to go to the capital markets and minimal debt; those metrics support higher, not lower, share prices. Still, the current disconnect is not necessarily bad news; it does expose a window of opportunity for investors seeking low-priced entry into promising companies. And with a compelling total of its parts, Mainz Biomed makes that list (1).
Check out this Company Profile Video For More Insight about Mainz Biomed (NASDAQ:MYNZ)
Video Link: https://www.youtube.com/embed/-orNsKHtc3Y
Other stocks catching wind on Monday afternoon are Wynn Resorts (NASDAQ:WYNN) soared about 11% after Macao announced its plan to allow Chinese tour groups back in the casinos as soon as November.
Chinese electric vehicle makers Li Auto Inc (NASDAQ:LI) and Xpeng Inc (NYSE:XPEV) saw shares increase after Beijing announced an extension of tax breaks on electric vehicles. Xpeng went up about 3%. Li, a competitor, jumped about 5.5% despite cutting guidance for the third quarter.
Chegg (NYSE:CHGG) shares of the educational tech company jumped more than 6% after Needham upgraded the company to a buy rating from hold.
Atlas (NYSE:ATCO) shares increased 3.7% following a statement from Poseidon Acquisition that it had increased its bid to $15.50 per share, up from $14.45.
Reference:
1 https://www.marketwatch.com/press-release/mainz-biomed-targets-multi-billion-dollar-sales-opportunities-with-best-in-class-cancer-screening-diagnostics-mynz-2022-09-26
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