5 Best Penny Stocks Popular on Reddit

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1. Infinity Pharmaceuticals, Inc. (NASDAQ: INFI)

Number of Hedge Fund Holders: 15  

Price as of August 3, 2021: $2.93 per share

Infinity Pharmaceuticals, Inc. (NASDAQ: INFI) is ranked first on our list of 10 best penny stocks popular on Reddit. The company is developing novel medicines for the treatment of cancer. It is headquartered in Cambridge. On July 28, the share price of the firm jumped by close to 50% after the firm released updated data from two studies of eganelisib, an oral immuno-oncology candidate. After the results were released, investment bank Wells Fargo upgraded the stock to Overweight from Equal Weight and raised the price target to $14 from $4. 

On August 2, investment advisory JPMorgan upgraded Infinity Pharmaceuticals, Inc. (NASDAQ: INFI) stock to Overweight from Neutral with a price target of $6, noting that the shares were undervalued given the potential a new cancer drug of the firm, presently under development, offered. 

Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Consonance Capital Management is a leading shareholder in Infinity Pharmaceuticals, Inc. (NASDAQ: INFI) with 6.5 million shares worth more than $21 million. 

You can also take a peek at 10 Best Medical Stocks Under $10 and 10 Best One Dollar Stocks to Buy Now.

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