In this article, we discuss the 5 best biotech penny stocks to buy now. If you want to read our detailed analysis of these stocks, go directly to the 10 Best Biotech Penny Stocks to Buy Now.
5. Cyclerion Therapeutics, Inc. (NASDAQ: CYCN)
Number of Hedge Fund Holders: 9
Cyclerion Therapeutics, Inc. (NASDAQ: CYCN) is a Boston-based biopharma firm founded in 2018. It is placed fifth on our list of 10 best biotech penny stocks to buy now. The company;s shares have returned more than 54% to investors year-to-date. The firm works on the development and marketing of drugs for the treatment of serious central nervous system diseases. Some of the drugs it is working on include CY6463 and Olinciguat, the former a treatment of mitochondrial encephalomyopathy and the latter for sickle cell disease.
On June 8, Cyclerion Therapeutics, Inc. (NASDAQ: CYCN) shares surged more than 14% as the firm revealed insider purchases totaling close to $7.4 million in the second quarter of 2021, the highest in close to a year.
On June 4, Cyclerion Therapeutics, Inc. (NASDAQ: CYCN) announced that it had signed a deal with Akebia Therapeutics for development of an oral sGC stimulator named praliciguat.
Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Slate Path Capital is a leading shareholder in Cyclerion Therapeutics, Inc. (NASDAQ: CYCN) with 6.1 million shares worth more than $17.2 million.
4. Pieris Pharmaceuticals, Inc. (NASDAQ: PIRS)
Number of Hedge Fund Holders: 14
Pieris Pharmaceuticals, Inc. (NASDAQ: PIRS) is a Boston-based biotechnology company founded in 2000. It is placed fourth on our list of 10 best biotech penny stocks to buy now. The stock has returned more than 86% to investors over the course of the past twelve months. The firm mainly concentrates on the development and marketing of protein-based drugs. The firm has research agreements with many other biotechnology companies as well as academic institutions. It has a market cap of over $220 million and posted close to $30 million in revenue last year.
On May 25, Pieris Pharmaceuticals, Inc. (NASDAQ: PIRS) stock jumped more than 25% after the firm announced that it was entering into a research and collaboration agreement with Genentech, a California-based biotech company working on drugs for life-threatening diseases.
In quarterly earnings results, posted on May 17, Pieris Pharmaceuticals, Inc. (NASDAQ: PIRS) reported earnings per share of -$0.07 for the first three months of 2021, beating market predictions by $0.10. The revenue over the period was close to $16 million, up close to 18% year-on-year.
At the end of the first quarter of 2021, 14 hedge funds in the database of Insider Monkey held stakes worth $36.8 million in Pieris Pharmaceuticals, Inc. (NASDAQ: PIRS), the same as in the preceding quarter worth $37.7 million.
3. Hoth Therapeutics, Inc. (NASDAQ: HOTH)
Number of Hedge Fund Holders: 3
Hoth Therapeutics, Inc. (NASDAQ: HOTH) is a New York-based biotechnology company founded in 2017. It is ranked third on our list of 10 best biotech penny stocks to buy now. The company’s shares have returned more than 165 to investors over the past month. The company makes and sells drugs for dermatological disorders. Some of the drugs in the pipeline for the firm include HT-001 and HT-002, the former a treatment for moderate rash and skin disorders and the latter for the SARS-CoV-2 infection.
On June 3, Hoth Therapeutics, Inc. (NASDAQ: HOTH) shares rose by over 4% as the company announced the results of a preclinical trial of HT-KIT, a treatment for the mast cell-derived cancers and anaphylaxis.
On April 6, Hoth Therapeutics, Inc. (NASDAQ: HOTH) said it had engaged the services of Worldwide Clinical Trials for Phase 2a trials of HT-001.
Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Armistice Capital is a leading shareholder in Hoth Therapeutics, Inc. (NASDAQ: HOTH) with 2.2 million shares worth more than $4.4 million.
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.
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.
