5 Best Biotech Penny Stocks to Buy Now

2. Sesen Bio, Inc. (NASDAQ: SESN)

Number of Hedge Fund Holders: 11  

Sesen Bio, Inc. (NASDAQ: SESN) is a Massachusetts-based biotechnology company founded in 2008. It is placed second on our list of 10 best biotech penny stocks to buy now. The stock has offered investors returns 465% over the course of the past twelve months. The company mainly focuses on the development of protein-based drugs for the treatment of cancer. Some of the important drugs the firm is working on include Vicinium and VB6-845d, the former a treatment for a particular type of bladder cancer and the latter a treatment for solid tumors. 

On June 2, Sesen Bio, Inc. (NASDAQ: SESN) announced that it had signed a deal with Qilu Pharmaceutical for the global supply of Vicineum. Qilu is the partner of the company and is based in China. 

In earnings results for the first three months of 2021, posted on May 10, Sesen Bio, Inc. (NASDAQ: SESN) announced earnings per share of -$0.35, missing market estimates by $0.27. The shares of the firm were down more than 1% after the results were announced. 

At the end of the first quarter of 2021, 11 hedge funds in the database of Insider Monkey held stakes worth $35.7 million in Sesen Bio, Inc. (NASDAQ: SESN), up from 10 in the preceding quarter worth $10.8 million.