In this article, we discuss the 5 best penny stocks to buy now. If you want to read about some more penny stocks, go directly to 11 Best Penny Stocks to Buy Now.
5. Geron Corporation (NASDAQ:GERN)
Number of Hedge Fund Holders: 16
Share Price as of December 20: $2.28
Geron Corporation (NASDAQ:GERN), located in Foster City, California, is a biotechnology company. The company makes cancer-treating drugs that block telomeras. In the third fiscal quarter, Geron Corporation (NASDAQ:GERN) reported revenue of $0.3 million, up 172.7% compared to the revenue over the same period last year.
On October 28, Wedbush analyst Robert Driscoll initiated coverage of Geron Corporation (NASDAQ:GERN) with an Outperform rating and a $5 price target. The analyst expects that the ongoing Phase 3 research in Lower Risk Myelodysplastic Syndrome (LRMDS) will produce encouraging top-line findings in early 2023. Geron Corporation (NASDAQ:GERN)’s strong growth prospects make it one of the best penny stocks to invest in.
As of November 22, 2022, RA Capital Management is the largest shareholder in Geron Corporation (NASDAQ:GERN) in our database and holds a stake worth more than $70.5 million.
4. Clover Health Investments, Corp. (NASDAQ:CLOV)
Number of Hedge Fund Holders: 17
Share Price as of December 20: $1.06
Clover Health Investments, Corp. (NASDAQ:CLOV), based in Franklin, Tennessee, is a physician enablement company. As of December 20, the stock is trading at $1.06 per share and is ranked high among the best penny stocks to buy now. Given its strong balance sheet, Clover Health Investments, Corp. (NASDAQ:CLOV) has the potential to grow earnings in the long term. On August 9, the company posted earnings for the third quarter of 2022. The revenue over the period was $856.8 million, up 100.6% compared to the revenue over the same period last year.
Jason Cassorla, an analyst at Citi, decreased his price target on Clover Health Investments, Corp. (NASDAQ:CLOV) stock from $3.50 to $1.80 on November 16 while maintaining a ‘Neutral’ recommendation on the stock.
The number of hedge funds tracked by Insider Monkey owning stakes in Clover Health Investments, Corp. (NASDAQ:CLOV) grew to 17 in Q3 2022, from 11 in the previous quarter. The collective value of these stakes is nearly $19.7 million.
3. Ardelyx, Inc. (NASDAQ:ARDX)
Number of Hedge Fund Holders: 19
Share Price as of December 20: $1.96
Ardelyx, Inc. (NASDAQ:ARDX), one of the elite penny stocks to invest in, is a biopharmaceutical company. On November 17, shares of Ardelyx gained 40% when the FDA advisory panel approved tenapanor as a treatment for renal disease. Following this, Piper Sandler analyst Christopher Raymond upgraded Ardelyx, Inc. (NASDAQ:ARDX) stock to Overweight from Neutral with a $8 price target.
Ardelyx, Inc. (NASDAQ:ARDX) was a part of 19 hedge fund portfolios in Q3 2022, as per Insider Monkey’s data. The stakes owned by these hedge funds have a total value of over $42.4 million. Deep Track Capital was the company’s leading stakeholder in Q3.
2. Pitney Bowes Inc. (NYSE:PBI)
Number of Hedge Fund Holders: 22
Share Price as of December 20: $3.85
Pitney Bowes Inc. (NYSE:PBI) provides shipping, global e-commerce logistics, mailing, and financial services. As of 2021, the company serves about 750,000 customers globally. The company is ranked high among the best penny stocks to buy now. Given its financial stability and expansion prospects, the company has the potential to grow earnings in the long term. On November 4, Pitney Bowes Inc. (NYSE:PBI) declared a quarterly dividend of $0.05 per share, in line with the previous. The company’s dividend yield on December 20 came in at 5.19%.
At the close of the third quarter of 2022, 22 hedge funds held stakes in Pitney Bowes Inc. (NYSE:PBI). The total value of these stakes amounted to $35.7 million. As of November 22, D E Shaw is the largest investor in Pitney Bowes Inc. (NYSE:PBI) and has a position worth $10 million.
1. Gossamer Bio, Inc. (NASDAQ:GOSS)
Number of Hedge Fund Holders: 33
Share Price as of December 20: $2.73
Gossamer Bio, Inc. (NASDAQ:GOSS) is a biopharmaceutical company. Its primary objective is to discover, develop, and market treatments for diseases related to inflammation, immunology, and oncology. On December 8, H.C. Wainwright analyst Patrick Trucchio maintained a Buy rating on Gossamer Bio, Inc. (NASDAQ:GOSS) stock and lowered his price target to $5 from $25. Trucchio updated his price target because results from TORREY, a Phase 2 study to evaluate the efficacy and safety of inhaled seralutinib for the treatment of pulmonary arterial hypertension, fell short of expectations.
The number of hedge funds tracked by Insider Monkey owning stakes in Gossamer Bio, Inc. (NASDAQ:GOSS) grew to 33 in Q3 2022, from 23 in the previous quarter. The collective value of these stakes is nearly $401 million. It is one of the top penny stocks to buy now according to elite hedge funds.
You can also take a peek at 10 Best Bargain Stocks To Buy Right Now and 10 Best Infrastructure Stocks To Buy Now.
