10 Best Canadian Penny Stocks to Buy Now

07. AbCellera Biologics Inc. (NASDAQ:ABCL)

Number of Hedge Fund Holders: 16

Ranking seventh on our list of the ten best Canadian penny stocks to buy now is AbCellera Biologics Inc. (NASDAQ:ABCL). AbCellera Biologics Inc. (NASDAQ:ABCL) continues to show promising growth prospects, driven by its innovative approach to antibody discovery. The company’s second-quarter 2024 earnings report highlights its strategic focus on advancing internal pipelines, specifically in oncology and autoimmune disease therapeutics. AbCellera’s PSMA and B7-H4 T-cell engager (TCE) programs in oncology have shown strong preclinical results, indicating potential in high-need areas like prostate cancer and solid tumors. The company’s ability to reduce cytokine release while maintaining high tumor-killing efficacy positions these programs as potential game-changers in cancer treatment.

In addition to oncology, AbCellera Biologics Inc. (NASDAQ:ABCL) is making strides in autoimmune diseases through its CD19 TCE program. This program aims to provide a more accessible and cost-effective alternative to CAR T-cell therapies, which are currently limited by high costs and complex administration. The company’s CD19 TCE could offer a safer, more convenient option for conditions like lupus and rheumatoid arthritis, broadening the market potential. AbCellera Biologics Inc. (NASDAQ:ABCL) strategic partnerships further enhance its growth potential. The company’s collaboration with Eli Lilly and other top-tier biotech firms underscores the industry’s confidence in its technology. Moreover, the recent achievements of its partners, such as Abdera’s FDA Fast Track designation for a lung cancer treatment, demonstrate the downstream value of AbCellera’s innovations, promising future royalty streams and equity gains.

Financially, AbCellera Biologics Inc. (NASDAQ:ABCL) is well-positioned with nearly $700 million in liquidity, ensuring that it can sustain its aggressive R&D efforts and platform expansion. The company’s robust financial health, combined with its innovative pipeline and strategic partnerships, makes AbCellera a compelling growth story in the biotech sector. With significant potential in both oncology and autoimmune therapeutics, AbCellera Biologics Inc. (NASDAQ:ABCL) is well-equipped to deliver long-term value to investors. In the second quarter of 2024, there were 16 hedge funds holding positions in AbCellera Biologics Inc. (NASDAQ:ABCL), similiar to the previous quarter according to Insider Monkey’s database. The total value of these holdings is approximately $122.18 million. Julian Baker And Felix Baker’s Baker Bros. Advisors held the largest stake among these hedge funds during this period.