5 Best Debt Free Penny Stocks to Invest In

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1. ImmunoGen, Inc. (NASDAQ:IMGN)

Number of Hedge Fund Holders: 28

Waltham, Massachusetts-based ImmunoGen, Inc. (NASDAQ:IMGN) is a biotechnology company focused on the research and development of antibody-drug conjugates (ADCs) for cancer treatment. Its primary product is ELAHERE, a first-in-class ADC targeting folate receptor alpha expressed in multiple types of tumors including ovarian, endometrial, and non-small-cell lung cancers. ELAHERE received FDA approval for the treatment of ovarian cancer in adults, in November 2022.

On March 1, ImmunoGen, Inc. (NASDAQ:IMGN) released its financial results for the Q4 2022 and also announced a global, multi-target license and option agreement that grants Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) rights to conduct research using its ADC technology. As part of the agreement, ImmunoGen, Inc. (NASDAQ:IMGN) will receive an upfront payment of $15 million and up to $337 million in option exercise fees and development and commercial milestone payments.

As of Q4 2022, ImmunoGen, Inc. (NASDAQ:IMGN) is the most sought-after debt free penny stock among the hedge funds tracked by Insider Monkey as 28 of these hedge funds held shares in the company, valued at $375 million. Peter Kolchinsky’s RA Capital Management was the largest hedge fund shareholder of the company with ownership of 21.8 million shares valued at $109 million.

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