13 Best Biotech Penny Stocks to Buy According to Hedge Funds

11. ORIC Pharmaceuticals Inc. (NASDAQ:ORIC)

Share Price as of April 14: $4.92

Number of Hedge Fund Holders: 26

ORIC Pharmaceuticals Inc. (NASDAQ:ORIC) discovers and develops therapies to counter the resistance mechanisms of cancers in the US. Its clinical-stage product candidates include ORIC-114, which is a brain penetrant orally bioavailable irreversible inhibitor; and ORIC-944, which is an allosteric inhibitor of the polycomb repressive complex 2 for prostate cancer.

ORIC-114 is being developed for the treatment of specific types of Non-Small Cell Lung Cancer (NSCLC). It targets EGFR exon 20, HER2 exon 20, and EGFR atypical mutations. These are particular genetic alterations found in certain NSCLC patients. In its ongoing Phase 1b clinical trial, ORIC Pharmaceuticals Inc. (NASDAQ:ORIC) completed the initial dose escalation phase for ORIC-114 and identified two potential doses for the next stage of testing.

It initiated the enrollment and dosing of patients in three expansion cohorts within this Phase 1b trial. These cohorts are for patients with mutated NSCLC who have either progressed after prior treatment with an EGFR exon 20 inhibitor, have HER2 exon 20 insertion mutations, or have other less common EGFR mutations. Furthermore, ORIC has also started a separate cohort to investigate ORIC-114 as a first-line treatment for patients whose NSCLC has EGFR exon 20 insertion mutations.