5 Best Biotech Penny Stocks To Buy Now

Page 5 of 5

1. OPKO Health Inc. (NYSE:OPK)

Number of Hedge Fund Holders: 19

Share Price (as of June 17): $2.42

OPKO Health Inc. (NYSE:OPK) deals in the diagnostics and pharmaceuticals business, with operations in 9 countries around the globe. Its diagnostics arm BioReference Laboratories had COVID-19 testing agreements with all major sports organizations in the United States, including the NBA and NFL, among others. This allowed the company to pull in $1.87 billion in revenue for 2021, a 30.2% jump from 2020 levels. On May 17, OPKO Health Inc. (NYSE:OPK) CEO and chairman Phillip Frost purchased 200,000 shares of the firm at a value of around $600,000, driving shares up 4% for the day. As of June 17, shares trade at $2.42, and have lost 50.91% in the year to date on account of the broader macro uncertainty, allowing a good entry point for long-term investors.

On May 10, Piper Sandler analyst Edward Tenthoff lowered the firm’s price target on OPKO Health Inc. (NYSE:OPK) to $5 from $6 and kept an ‘Overweight’ rating on the company shares. The analyst attributed the price target drop to lower service revenues and the ModeX acquisition. In May, OPKO acquired privately-held ModeX Therapeutics for $300 million, enhancing its oncology and infectious diseases portfolio.

Investors were seen piling into the Florida-based biotech firm. Out of all the hedge funds tracked by Insider Monkey, 19 reported ownership of stakes in OPKO Health Inc. (NYSE:OPK) at the end of the first quarter, with a combined value of $40.44 million. This is in comparison to 16 hedge funds in the previous quarter. Its leading Q1 shareholder was D E Shaw, with a nearly $18.5 million position.

You can also take a look at 16 Best Space Stocks To Buy Now and Billionaire Lee Ainslie’s Top 10 Stock Picks.

Page 5 of 5