5 Best Biotech Stocks Under $10

3. EQRx, Inc. (NASDAQ:EQRX)

Share Price as of September 23: $4.52

Number of Hedge Fund Holders: 26

EQRx, Inc. (NASDAQ:EQRX) is a pioneer in drug re-engineering, by which the company seeks to make drugs more cost-efficient and affordable while retaining their use cases. The company is focused on developing therapies for cancer and immune-inflammatory diseases.
On August 11, EQRx, Inc. (NASDAQ:EQRX) released earnings for the fiscal second quarter of 2022. According to the company’s balance sheet, the company has $1.6 billion in cash, cash equivalents, and marketable securities as of June 30, which will allow it to fund operations into 2025. As of September 23, EQRx, Inc. (NASDAQ:EQRX) has gained 11.6% over the past six months.
Wall Street analysts are bullish on EQRx, Inc. (NASDAQ:EQRX). On June 13, Goldman Sachs analyst Chris Shibutani started coverage of EQRx, Inc. (NASDAQ:EQRX) with a Buy rating and an $8 price target. This August, JPMorgan analyst Chris Schott started coverage of EQRx, Inc. (NASDAQ:EQRX) with a $5.50 price target and a Neutral rating. The analyst noted that EQRx, Inc. (NASDAQ:EQRX) is pioneering drug re-engineering to develop medicines at “radically lower prices” and is addressing a “significant unmet need in the drug space”.

According to Insider Monkey’s database, 26 hedge funds were bullish on EQRx, Inc. (NASDAQ:EQRX) at the end of Q2 2022. These funds held collective stakes of $355.5 million in the company.