In this article, we will be taking a look at the 5 best debt free penny stocks to invest in. To read our analysis of the recent technology trends, and market activity, you can go to the 10 Best Debt Free Penny Stocks to Invest In.
5. Arbutus Biopharma Corporation (NASDAQ:ABUS)
Number of Hedge Fund Holders: 14
Warminster, Pennsylvania-based Arbutus Biopharma Corporation (NASDAQ:ABUS) is a clinical-stage biopharmaceutical company focused on developing novel therapeutics that target specific viral diseases, including chronic hepatitis B virus and coronaviruses (including COVID-19).
On March 2, Arbutus Biopharma Corporation (NASDAQ:ABUS) reported the financial results for Q4 2022. The company had a strong financial position at the end of the year with cash, cash equivalents and investments in marketable securities of $184.3 million. During the year, the company received $40 million from Qilu Pharmaceutical Co., Ltd. as an upfront payment for a technology transfer for AB-729 in greater China. In addition, it received $15 million from Qilu in the form of an equity investment and raised another $20 million through an issuance of its common shares.
According to the Insider Monkey data on 943 leading hedge funds, 14 hedge funds were long Arbutus Biopharma Corporation (NASDAQ:ABUS) shares as of Q4 2022, with the total shares held by hedge funds valued at $58.7 million. Sina Toussi’s Two Seas Capital was the largest shareholder on record with ownership of 7.5 million shares valued at $17.5 million. The hedge fund increased its shareholding in the company by 114% during the second half of 2022.
4. Amarin Corporation plc (NASDAQ:AMRN)
Number of Hedge Fund Holders: 15
Amarin Corporation plc (NASDAQ:AMRN) is a biopharmaceutical company based in Dublin, Ireland, focused on the commercialization and development of therapeutics to improve cardiovascular health. Vascepa (icosapent ethyl) is its first FDA approved product and is available in the United States by prescription.
During 2022, the company expanded the availability of its VASCEPA/VAZKEPA brand to five markets in Europe and entered the pricing negotiation stage in additional five markets. It also received regulatory approvals in Australia, Hong Kong, Bahrain, Puerto Rico, Saudi Arabia, New Zealand, and Switzerland for the product.
On March 1, Amarin Corporation plc (NASDAQ:AMRN) released its financial and operational results for Q4 2022. It generated a revenue of $90 million and a net income of $0.9 million. It also managed to deliver a positive free cash flow for the quarter following stabilization of its revenue in the United States.
3. CytomX Therapeutics, Inc. (NASDAQ:CTMX)
Number of Hedge Fund Holders: 17
San Francisco, California-based CytomX Therapeutics, Inc. (NASDAQ:CTMX) is a leading clinical-stage biopharmaceutical company focused on the research and development of therapeutics for treatment of cancer. The company is working on the development of a novel class of conditionally activated biologic candidates based on its therapeutic technology platform Probody.
On January 5, CytomX Therapeutics, Inc. (NASDAQ:CTMX) announced a collaboration and licensing agreement with Moderna, Inc. (NASDAQ:MRNA) to create mRNA-based conditionally activated therapies. CytomX Therapeutics, Inc. (NASDAQ:CTMX) will receive an upfront payment of $35 million with the potential to receive up to $1.2 billion in future development, regulatory, and commercial milestone payments.
CytomX Therapeutics, Inc. (NASDAQ:CTMX) has also established strategic collaborations other leading oncology companies including AbbVie Inc. (NYSE:ABBV), Amgen, Inc.(NASDAQ:AMGN), Bristol-Myers Squibb Company (NYSE:BMY), and Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN).
2. Stereotaxis, Inc. (NASDAQ:STXS)
Number of Hedge Fund Holders: 18
Stereotaxis, Inc. (NASDAQ:STXS) is a leading innovative robotic technologies company focused on providing robotic solutions designed to enhance the treatment of arrhythmias. It has developed a proprietary robotic technology, Robotic Magnetic Navigation, which utilizes precise computer-controlled magnetic fields to control flexible catheters or devices. Its primary products include the Genesis RMN System, the Odyssey Solution, and other related devices.
Stereotaxis, Inc. (NASDAQ:STXS) has received regulatory approvals to market its Genesis RMN System in the U.S. and Europe. The company had an order backlog of nearly $14.8 million for its systems, as of December 31, 2022. The management of the company expects a “double-digit revenue growth in 2023” based on a healthy backlog and new system orders.
On March 6, Piper Sandler analyst Adam Maeder lowered the price target on Stereotaxis, Inc. (NASDAQ:STXS) shares to $5 from $6 and maintained an ‘Overweight’ rating on the shares. Based on the current share price of $1.92, the target price suggests a significant upside potential.
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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