This article presents an overview of the 5 Best Rising Penny Stocks To Buy. For a detailed overview of such stocks, read our article, 12 Best Rising Penny Stocks To Buy.
5. Monopar Therapeutics (NASDAQ:MNPR)
Number of Hedge Fund Investors: 2
Monopar Therapeutics (NASDAQ:MNPR) recently jumped after the company reported positive preclinical data for its MNPR-101 program. The company’s treatment targets cancers expressing the urokinase plasminogen activator receptor, or uPAR, which includes a majority of triple-negative breast, colorectal and pancreatic cancers.
4. Karyopharm Therapeutics Inc (NASDAQ:KPTI)
Number of Hedge Fund Investors: 18
Karyopharm Therapeutics Inc (NASDAQ:KPTI) soared after Novartis acquired oncology-focused company MorphoSys AG for $2.9 billion. Most of the stock gains of Karyopharm Therapeutics Inc (NASDAQ:KPTI) came because of heightened expectations that Karyopharm Therapeutics Inc (NASDAQ:KPTI) could also be a takeover target sometime in the future.
RBC analyst Brian Abrahams, who has a $3 price target on Karyopharm Therapeutics Inc (NASDAQ:KPTI), said the following in a note:
“We see potential readthrough to KPTI — one of few, if not the only, biotech companies whose asset is also in ph.III development for MF (though unlike MOR’s pelabresib has not yet enterested ph. III). At a <$200 million makret cap, even after today’s move, and with additional opportunity in endoemtrial cancer as well as a possibly a larger cancer company could ultimately be interested in acquiring them for sellinexor as well, we continue to see upside for the shares, and would remain buyers into strength.”
3. Allogene Therapeutics Inc (NASDAQ:ALLO)
Number of Hedge Fund Investors: 20
Clinical-stage immune oncology company Allogene Therapeutics Inc (NASDAQ:ALLO) shares have gained about 40% over the past one month.
In January Allogene Therapeutics Inc (NASDAQ:ALLO) announced a pipeline shakeup that it said would reduce cash burn and would affect about 22% of its workforce.
2. Mersana Therapeutics Inc (NASDAQ:MRSN)
Number of Hedge Fund Investors: 20
Insider Monkey’s database of 933 hedge funds updated as of the end of 2023 shows that 20 funds had stakes in Mersana Therapeutics Inc (NASDAQ:MRSN). The stock has gained about 22% over the past one month.
Last month, Mersana Therapeutics Inc (NASDAQ:MRSN) reported enrollment in dose escalation and backfill cohorts continuing in Phase 1 clinical trial of XMT-1660, Dolasynthen B7-H4 ADC. Mersana Therapeutics Inc (NASDAQ:MRSN) expects to initiate expansion in Q2 2024 and announce initial clinical data in mid-2024.
1. Taysha Gene Therapies Inc (NASDAQ:TSHA)
Number of Hedge Fund Investors: 20
Taysha Gene Therapies Inc (NASDAQ:TSHA) have skyrocketed by 63% over the past one month.
A total of 20 hedge funds out of the 933 funds in Insider Monkey’s database had stakes in Taysha Gene Therapies Inc (NASDAQ:TSHA). The biggest stake in Taysha Gene Therapies Inc (NASDAQ:TSHA) is owned by Peter Kolchinsky’s RA Capital Management which owns a $33 million stake in Taysha Gene Therapies Inc (NASDAQ:TSHA).
Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also look at the 13 Best NASDAQ Penny Stocks To Invest In and the 15 Cash-Rich Penny Stocks Hedge Funds Are Buying.
