In this article, we discuss the 5 best penny stocks to invest in. If you want to read our analysis of these stocks, go directly to the 15 Best Penny Stocks To Invest In.
5. Soleno Therapeutics, Inc. (NASDAQ:SLNO)
Share Price as of June 8: $0.1667
Number of Hedge Funds Holders: 8
Soleno Therapeutics, Inc. (NASDAQ:SLNO) is a Redwood City, California-based biotech company involved in the development and marketing of the treatment of rare diseases.
Soleno Therapeutics, Inc. (NASDAQ:SLNO) is conducting a Phase-III 15-week double-blind, placebo-controlled study for its therapeutic treating genetically-confirmed cases of Prader-Willi syndrome (PWS) in patients who are four years or older. Meanwhile, another 52-week open-label Phase-III study is also open for individuals that have gone through the 15-week study. For the most recent quarter, Soleno Therapeutics, Inc. (NASDAQ:SLNO) reported a GAAP loss per share of seven cents, which was in line with the consensus estimates.
Out of the 912 hedge funds in Insider Monkey’s database, 8 funds held a stake in Soleno Therapeutics, Inc. (NASDAQ:SLNO) as of Q1 2022.
4. Inpixon (NASDAQ:INPX)
Share Price as of June 8: $0.1681
Number of Hedge Funds Holders: 4
Inpixon (NASDAQ:INPX) is a Palo Alto, California-based provider of smart workplaces and facilities with indoor intelligence. The company provides sensor products that are connected to Wi-Fi and Bluetooth.
In April, Inpixon (NASDAQ:INPX) secured an order from a Fortune-1000 ordering and delivery company for smart office applications to facilitate a hybrid working environment for its employees. The total value of the contract is estimated to be around $500,000, which includes professional services and annual subscription licenses. Meanwhile, in February 2022, Inpixon (NASDAQ:INPX) secured a contract for a hybrid event of a Fortune 500 company with around 50,000 attendees.
Inpixon (NASDAQ:INPX) was held by 4 hedge funds as of Q1 2022.
3. Calithera Biosciences, Inc. (NASDAQ:CALA)
Share Price as of June 8: $0.1914
Number of Hedge Funds Holders: 10
Calithera Biosciences, Inc. (NASDAQ:CALA) is a San Francisco, California-based biotech company developing targeted therapies that starve tumor cells by interrupting the cellular metabolic pathways and enhancing the activity of immune cells.
In a note issued to investors on May 11, Aydin Huseynov at Ladenburg reiterated a Buy rating on Calithera Biosciences, Inc. (NASDAQ:CALA) stock and gave a price target of $1.50, reflecting a significant upside potential from the previous closing price. The analyst highlighted that Calithera Biosciences, Inc. (NASDAQ:CALA) is working on developing two in-licensed oncology assets together. However, the approach is not supported by the stock price and the cash burn that the firm is incurring. The analyst notes that Calithera Biosciences, Inc. (NASDAQ:CALA) may be forced to focus on mivavotinib and lower its expenses.
At the end of Q1 2022, Calithera Biosciences, Inc. (NASDAQ:CALA) was held by 10 hedge funds.
2. Gevo, Inc. (NASDAQ:GEVO)
Share Price as of June 8: $3.0400
Number of Hedge Funds Holders: 7
Gevo, Inc. (NASDAQ:GEVO) is an Englewood, Colorado-based company operating in the renewable fuel segment.
Back in 2018, Gevo, Inc.’s (NASDAQ:GEVO) stock price was around $23. On June 7, the company revealed that it has agreed with Japan Airlines to sell 5.3 million sustainable aviation fuel (SAF) annually for five years. The deliveries are expected to start by 2027. The airline industry is working on reducing carbon emissions, and this will encourage the use of SAF by airliners. Gevo, Inc. (NASDAQ:GEVO) is targeting to replace 10% of aviation fuel with SAF by 2030 and make the airline industry a net-zero emission sector by 2050.
Gevo, Inc. (NASDAQ:GEVO) was held by 7 hedge funds as of Q1 2022.
1. Borqs Technologies, Inc. (NASDAQ:BRQS)
Share Price as of June 8: $0.1718
Number of Hedge Funds Holders: 1
Borqs Technologies, Inc. (NASDAQ:BRQS) is a Chinese designer, developer, and deployment specialist of products, software, and solutions related to the Internet of Things.
On June 2, Borqs Technologies, Inc. (NASDAQ:BRQS) revealed that it has received strategic funding of $16 million to increase the footprint of its solar and energy storage business in the California market. Furthermore, Borqs Technologies, Inc. (NASDAQ:BRQS) also intends to work on the development of 5G mobile devices. The funding is provided to prepare Borqs Technologies, Inc. (NASDAQ:BRQS) to participate in power purchase agreements for multiple-unit residential solar solutions. The company has also formed a strategic partnership with the machine learning and artificial intelligence company, SkyCentrics.
Overall, 1 hedge fund held a stake in Borqs Technologies, Inc. (NASDAQ:BRQS) as of Q1 2022.
You can also take a peek at the 12 Best US Stocks to Buy Now and 10 Best ETFs for Long-Term.
