10 Penny Stocks With Huge Upside Potential According To Analysts

6. Beyond Air, Inc. (NASDAQ:XAIR)

Average Upside Potential as of March 20: 340.98%

Number of Hedge Fund Holders: 10

Beyond Air, Inc. (NASDAQ:XAIR) is a medical device and biopharma company developing innovative nitric oxide treatments. Its LungFit platform targets newborn pulmonary hypertension, viral lung infections, and nontuberculous mycobacteria. The company also explores nitric oxide-based therapies for autism and neurological disorders. XAIR ranks 6th on our list of stocks with the biggest upside.

On March 11, Beyond Air, Inc. (NASDAQ:XAIR) announced plans to expand the reach of its LungFit PH system with new distribution deals in France, Romania, Turkey, and Morocco. Just 15 weeks after receiving CE Mark approval, the system is now available in 18 countries, with more agreements on the way. The company expects international adoption to move faster than in the United States, due to experience gained from US hospitals and strong distribution partnerships.

Beyond Air finished the quarter ending December 31, 2024, with $1.1 million in revenue, a notable increase from $0.4 million in 2023. However, costs ran higher due to LungFit device depreciation and upgrade expenses. The company reported a $2.4 million loss, largely from writing off debt. As of December 31, XAIR had $10.9 million in cash and securities, with $11.8 million in debt, though repayments do not start until October 2026. With its current cash strategy and expected revenue growth, Beyond Air believes it has enough funds to operate well into 2026.

Among the hedge funds tracked by Insider Monkey in Q4 2024, 10 funds reported owning stakes in Beyond Air, Inc. (NASDAQ:XAIR), compared to 9 funds in the last quarter.