In this article, we discuss the 5 best one dollar stocks to buy today. If you want to see a detailed analysis of penny stocks and the current market situation, check out 10 Best One Dollar Stocks To Buy Now.
5. Fortress Biotech Inc (NASDAQ:FBIO)
Number Of Hedge Fund Holders: 10
Share Price as of August 1: $0.86
Fortress Biotech Inc. (NASDAQ:FBIO), commonly known as Fortress Bio, is a biopharmaceutical company that acquires, develops, and commercializes innovative pharmaceutical and biotechnology products.
On July 14, B. Riley analyst Mayank Mamtani lowered the price target on Fortress Biotech Inc. (NASDAQ:FBIO) to $6 from $8 and kept a Buy rating on the shares. The analyst says that the recent monetization “success stories” reaffirm the versatility of the company’s operating model, which he says is specially built to “survive inevitable drug development speedbumps.”
According to Insider Monkey’s data, 10 hedge funds were bullish on Fortress Biotech Inc. (NASDAQ:FBIO) at the end of the first quarter of 2022, compared to 8 funds in the prior quarter. Wilmot B. Harkey and Daniel Mack’s Nantahala Capital Management is the leading position holder in the company, with over 8.84 million shares worth about $12 million.
4. Syros Pharmaceuticals, Inc. (NASDAQ:SYRS)
Number Of Hedge Fund Holders: 11
Share Price as of August 1: $0.79
Syros Pharmaceuticals, Inc. (NASDAQ:SYRS) operates as a biopharmaceutical company that focuses on developing treatments for cancer and immune-mediated diseases, as well as building a pipeline of gene control medicines. The company’s lead product candidates include Tamibarotene, a selective retinoic acid receptor alpha agonist, which is in Phase III clinical trial for genomically defined subset of patients with myelodysplastic syndrome.
On July 12, H.C. Wainwright analyst Andrew Fein lowered the price target on Syros Pharmaceuticals, Inc. (NASDAQ:SYRS) to $6 from $10 and maintained a Buy rating on the shares. According to the analyst, the recent announcement that revealed Syros Pharmaceuticals will be raising $190 million through a merger with TYME Technologies and a PIPE financing “not only represents a clever solution to navigating the current capital markets but also serves to ensure cash runway (into 2025) beyond the SELECT-MDS-1 pivotal data.” The analyst says the stock’s “multiple catalysts make for an attractive entry point.”
Out of the hedge funds being tracked by Insider Monkey, California-based investment firm Samsara BioCapital is a leading shareholder in Syros Pharmaceuticals, Inc. (NASDAQ:SYRS) with approximately 1.9 million shares worth more than $2.26 million. Overall, 11 elite funds reported owning stakes in Syros Pharmaceuticals, Inc. (NASDAQ:SYRS) at the end of the first quarter of 2022.
3. Harpoon Therapeutics, Inc. (NASDAQ:HARP)
Number Of Hedge Fund Holders: 12
Share Price as of August 1: $1.93
Harpoon Therapeutics, Inc. (NASDAQ:HARP) is a clinical-stage immunotherapy company engaged in the development of novel T cell engagers (TriTACs) for the treatment of cancer. The company has a discovery collaboration and license agreement with AbbVie Inc. to develop and commercialize products that incorporate its proprietary TriTAC platform technology together with soluble T cell receptors.
Canaccord analyst William Maughan assumed coverage of Harpoon Therapeutics, Inc. (NASDAQ:HARP) with a Buy rating and $16 price target. Bispecific T-cell engagers, like the ones Harpoon is developing, are “among the hottest therapeutic strategies in development for oncology,” said Maughan, who adds that Harpoon Therapeutics has been “a pioneer in the field.” He thinks the recent memory of setbacks and a financing overhang are keeping investors on the sidelines. However, he argues that the Harpoon platform “remains solid.”
Among the hedge funds tracked by Insider Monkey, Harpoon Therapeutics, Inc. (NASDAQ:HARP) was part of 12 public stock portfolios at the end of Q1 2022, compared to 14 funds in the earlier quarter. Samuel Isaly’s OrbiMed Advisors is the leading stakeholder of the company, with 3.03 million shares worth $15.1 million.
2. Sientra, Inc. (NASDAQ:SIEN)
Number Of Hedge Fund Holders: 18
Share Price as of August 1: $0.97
Sientra, Inc. (NASDAQ:SIEN) is a Santa Barbara-based company that focuses on developing plastic surgery and aesthetics medicine such as cosmetic and reconstructive surgical devices including breast implants, tissue expanders, body contouring implants, and other specialty products.
Earlier this May, Canaccord analyst Kyle Rose lowered his price target on Sientra, Inc. (NASDAQ:SIEN) to $5 from $8 and kept a Buy rating on the shares. The analyst said momentum in Q1 was surprisingly strong, with the company beating on both revenue and gross margins expectations as it saw earlier than expected operational leverage.
On July 6, Sientra, Inc. (NASDAQ:SIEN) announced that the FDA approved the Low Plus Profile Projection Breast Implant for breast augmentation in women at least 22 years old, and for women of all ages undergoing breast reconstruction. This product will be commercially available for board-certified and board-eligible plastic surgeons in the United States in late July. Sientra will be the first and only implant maker within the United States to offer 80cc and 110cc gel implants.
Among the hedge funds tracked by Insider Monkey, 18 funds reported owning long positions in Sientra, Inc. (NASDAQ:SIEN) at the end of Q1 2022, the same as the earlier quarter. Richard Mashaal’s Rima Senvest Management is the leading position holder in the company, with 3.08 million shares worth over $6.85 million.
1. Porch Group, Inc. (NASDAQ:PRCH)
Number Of Hedge Fund Holders: 20
Share Price as of August 1: $1.91
Porch Group, Inc. (NASDAQ:PRCH) is a home services marketplace that was established in 2013, offering a platform that connects homeowners to builders, contractors, interior designers, home improvement companies, and other relevant professionals. Porch Group, Inc. (NASDAQ:PRCH)’s Homeowners of America (HOA), a property and casualty insurance provider, announced the milestone launch of homeowners insurance services in Indiana on July 12, marking its 20th state of operation.
Earlier this May, Compass Point analyst Jason Weaver initiated coverage of Porch Group, Inc. (NASDAQ:PRCH) with a Buy rating and $11.50 price target. Porch Group, Inc. (NASDAQ:PRCH) sells software to home services companies and receives downstream revenues from attendant service fees, notes Weaver, who sees the company’s unique business model offering competitive advantages to its network of home services companies. The analyst also predicts that the ongoing benefits of its “ecosystem” of customers will drive growth in the 30%-40% annual range.
Porch Group, Inc. (NASDAQ:PRCH) was found in 20 hedge fund portfolios at the end of the first quarter of 2022, compared to 17 funds in the previous quarter.
Here is what Vulcan Value Partners has to say about Porch Group, Inc. (NASDAQ:PRCH) in its Q1 2022 investor letter:
“Porch Group Inc. offers a platform that provides customer relationship management software and services to home services businesses. The company also provides an online concierge service to homebuyers. The recent stock price decline could be attributed to a reported weakness in its internal controls along with a two-week delayed filing of the company’s 10-K. When the company filed its final results, they were actually better than their initial results. Porch is actively working to bolster its finance department to prevent similar issues in the future, and we are confident that this is simply short-term noise. The company reported strong results during the quarter, and our long-term thesis remains intact.”
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