5 Best Penny Stocks to Buy in September

3. Adverum Biotechnologies, Inc. (NASDAQ:ADVM)

Number of Hedge Fund Holders: 14

Share Price as of September 7: $1.095

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) is a California-based clinical-stage gene therapy company that focuses on ocular and rare diseases. Adverum Biotechnologies, Inc. (NASDAQ:ADVM) expects its cash position of $235.8 million as of June 30, 2022 to fund operations into 2025. It is one of the best penny stocks to buy in September. 

Truist analyst Joon Lee on July 7 upgraded Adverum Biotechnologies, Inc. (NASDAQ:ADVM) to Buy from Hold with a price target of $4, up from $3. The analyst now sees a “clearer development path” for ixoberogene soroparvovec in wet age-related macular degeneration. In addition to that, Adverum Biotechnologies, Inc. (NASDAQ:ADVM)’s cash runway has been extended by 1 year into 2025 after its restructuring. The analyst is “relieved” to see Adverum Biotechnologies, Inc. (NASDAQ:ADVM)’s deal with the FDA and the European Medicines Agency on the Phase 2 trial design.

According to Insider Monkey’s data, 14 hedge funds were bullish on Adverum Biotechnologies, Inc. (NASDAQ:ADVM) at the end of the second quarter of 2022, compared to 11 funds in the last quarter. Lawrence Kam’s Sonic Capital is the leading position holder in the company, with 6.5 million shares worth about $8 million.