5 Best Biotech Penny Stocks to Buy Now

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1. Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI)

Number of Hedge Fund Holders: 8     

Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) is a Nevada-based biopharma company founded in 1987. It is ranked first on our list of 10 best biotech penny stocks to buy now. The company’s shares have returned more than 52% to investors over the course of the past year. The company focuses on the development and marketing of drugs related to oncology and hematology. Some of the products it has under development include ROLONTIS and Poziotinib, among others.

On May 13, Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) posted earnings results for the first three months of 2021, reporting earnings per share of -$0.20, in line with market expectations.

On June 1, Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) announced that regulatory bodies in the US had initiated pre approval inspection for ROLONTIS. The stock of the biopharma firm jumped 3% after the announcement. 

Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Armistice Capital is a leading shareholder in Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) with 10.7 million shares worth more than $34 million.  

You can also take a peek at Billionaire Stan Druckenmiller’s Top 10 Stock Picks and Billionaire Julian Robertson On Interest Rates and His Top Stock Picks For 2021.

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