10 Best Biotech Stocks To Buy Under $20

Page 5 of 5

1. Nuvation Bio Inc. (NYSE:NUVB)

Number of Hedge Fund Holders: 35

Price: $2.55

Founded in 2018 and headquartered in New York City, Nuvation Bio Inc. (NYSE:NUVB) is dedicated to addressing needs in oncology through its promising pipeline of therapeutic candidates.

Analysts hold a positive outlook on the stock due to the potential of its product taletrectinib for treating non-small cell lung cancer (NSCLC). Taletrectinib has shown competitive efficacy and safety in trials. Expected updates on this and other drugs, such as safusidenib for glioma, are expected to drive growth, with potential NDA filings projected for 2024. The company maintains a strong balance sheet, with cash, cash equivalents, and marketable securities totaling $577.2 million as of June 30, 2024.

Nuvation Bio Inc. (NYSE: NUVB) is currently rated as a Strong Buy by analysts, largely due to its promising late-stage drug portfolio. The stock has an average price target of $6.40, indicating a potential upside of over 100%. As of Q2 2024, 35 hedge funds, tracked by Insider Monkey, reported owning a stake in Nuvation Bio Inc. (NYSE:NUVB), up from 32 in the previous quarter.

Overall, NUVB ranks first among the 10 best biotech stocks to buy under $20. While we acknowledge the potential of biotech companies, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than NUVB but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.

Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.

Page 5 of 5