10 Best Rated Penny Stocks To Buy According to Analysts

07. Sunshine Biopharma, Inc. (NASDAQ:SBFM)

Upside Potential: 412%

Average Analyst Share Price Target: $15

At number seven on our list of ten best rated penny stocks to buy according to analysts stands Sunshine Biopharma, Inc. (NASDAQ:SBFM). Sunshine Biopharma, Inc. (NASDAQ:SBFM) presents an impressive upside potential of 412%, with the average analyst share price target set at $15. Sunshine Biopharma, Inc. (NASDAQ:SBFM) is a Canadian pharmaceutical company specializing in the development and commercialization of oncology and antiviral drugs. Established in 2006, the company has expanded its product portfolio to include science-based nutritional supplements and treatment solutions for severe health conditions like cancer and Coronavirus infections. Sunshine Biopharma, Inc. (NASDAQ:SBFM) strategic focus on innovative therapies positions it well for growth in the rapidly evolving pharmaceutical industry.

The company’s financial performance in the first quarter of 2024 reflects its growth potential. Sunshine Biopharma, Inc. (NASDAQ:SBFM) reported a 54% increase in gross revenues, rising to $7.54 million compared to $4.89 million in the same period last year. This impressive growth is largely driven by the successful launch of new products and the expanded marketing efforts by its Canadian subsidiary, Nora Pharma Inc. Despite reporting a net loss of $1.28 million, the company has made significant strides in reducing its losses compared to the previous year, where it recorded a loss of $1.70 million.

A key factor contributing to Sunshine Biopharma, Inc. (NASDAQ:SBFM) future growth is its robust pipeline of generic prescription drugs. Currently, the company has 52 generic drugs on the market in Canada, with 32 additional drugs scheduled for launch in 2024 and 2025. Notably, the upcoming launch of NIOPEG, a biosimilar of NEULASTA, is expected to strengthen the company’s position in the oncology market. In addition, Sunshine Biopharma is advancing its proprietary drug development program, which includes promising candidates like K1.1 mRNA for liver cancer and a PLpro protease inhibitor for SARS Coronavirus infections. Overall, Sunshine Biopharma, Inc. (NASDAQ:SBFM) solid revenue growth, expanding product portfolio, and ongoing drug development efforts underscore its potential for long term success in the pharmaceutical sector. As the company continues to innovate and execute its strategic plans, it is well-positioned to achieve profitability and deliver significant value to its shareholders, making it an attractive choice for investors seeking top rated penny stocks.