5 Best Multibagger Penny Stocks To Buy

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1. Ardelyx Inc. (NASDAQ:ARDX)

Stock Gains Over the Past One Year: 473%

Massachusetts-based biopharmaceutical company Ardelyx Inc. (NASDAQ:ARDX) makes treatments for gastrointestinal and cardiorenal therapeutic areas. Ardelyx Inc. (NASDAQ:ARDX) has gained an eye-popping 473% over the past one year. In May, the US FDA accepted a resubmission from Ardelyx Inc. (NASDAQ:ARDX) for Xphozah (tenapanor) as a chronic kidney disease treatment.

In May Ardelyx Inc. (NASDAQ:ARDX) posted its first quarter results. GAAP EPS in the quarter came in at -$0.13, missing estimates by $0.03. Revenue in the quarter jumped about 2325% year over year to $11.4 million, beating estimates by $0.99 million.

As of the end of the first quarter of 2023, 20 hedge funds tracked by Insider Monkey had stakes in Ardelyx Inc. (NASDAQ:ARDX). The biggest stakeholder of Ardelyx Inc. (NASDAQ:ARDX) during this period was Phill Gross and Robert Atchinson’s  Adage Capital Management which owns a $9.82 million stake in the company.

You can also take a peek at 12 Best 5G Stocks To Buy Now and 10 Best Fast Growth Stocks To Buy.

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