In this article, we discuss the 5 biotech penny stocks to buy according to Reddit. If you want to read our detailed analysis of these stocks, go directly to the 10 Biotech Penny Stocks to Buy According to Reddit.
5. Regulus Therapeutics Inc. (NASDAQ: RGLS)
Number of Hedge Fund Holders: 6
Price as of August 6, 2021: $0.71 per share
Regulus Therapeutics Inc. (NASDAQ: RGLS) is a biopharmaceutical firm that focuses on the development of drugs that target microRNAs for treatment of rare diseases. It is ranked fifth on our list of 10 biotech penny stocks to buy according to Reddit. In earnings results for the first quarter, posted on May 13, the firm reported earnings per share of -$0.08, beating market expectations by $0.01. The firm has a market cap of $54 million and posted more than $10 million in revenue last year.
On May 14, investment advisory HC Wainwright maintained a Buy rating on Regulus Therapeutics Inc. (NASDAQ: RGLS) stock and raised the price target to $2 from $1.5, appreciating positive topline data from a recent drug study and first quarter earnings.
At the end of the first quarter of 2021, 6 hedge funds in the database of Insider Monkey held stakes worth $14 million in Regulus Therapeutics Inc. (NASDAQ: RGLS), up from 4 in the previous quarter worth $11 million.
4. Abeona Therapeutics Inc. (NASDAQ: ABEO)
Number of Hedge Fund Holders: 7
Price as of August 6, 2021: $1.28 per share
Abeona Therapeutics Inc. (NASDAQ: ABEO) is placed fourth on our list of 10 biotech penny stocks to buy according to Reddit. The firm is based in New York and operates as a biopharmaceutical entity that focuses on the development of gene and cell therapies to treat life-threatening rare diseases. In earnings results for the second quarter, posted on July 28, the firm reported earnings per share of -$0.16, beating market estimates by $0.01. On July 26, the share price jumped 10% on the back of positive results from a study into a drug for the treatment of Sanfilippo Syndrome Type A.
On July 19, investment advisory HC Wainwright maintained a Buy rating on Abeona Therapeutics Inc. (NASDAQ: ABEO) stock but lowered the price target from $8 to $5, highlighting a tribunal ruling against the firm though the overall outlook remained positive.
At the end of the first quarter of 2021, 7 hedge funds in the database of Insider Monkey held stakes worth $16 million in Abeona Therapeutics Inc. (NASDAQ: ABEO), down from 11 in the preceding quarter worth $25 million.
3. Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI)
Number of Hedge Fund Holders: 8
Price as of August 6, 2021: $3.25 per share
Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) is ranked third on our list of 10 biotech penny stocks to buy according to Reddit. The company is headquartered in Nevada and develops and sells oncology and hematology drug products. In earnings results of the first quarter, posted on May 13, the firm reported cash and cash equivalents over the period were $162 million. On June 4, the firm released positive results from a study of a drug for treatment of lung cancer. It has a market cap of close to $500 million.
In earnings results for the first quarter, posted on May 13, Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) reported earnings per share of -$0.2, in line with market expectations. The cash and cash equivalents over the period were $162 million.
At the end of the first quarter of 2021, 8 hedge funds in the database of Insider Monkey held stakes worth $47 million in Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI), down from 9 the preceding quarter worth $50 million.
2. Cerecor Inc. (NASDAQ: CERC)
Number of Hedge Fund Holders: 10
Price as of August 6, 2021: $2.82 per share
Cerecor Inc. (NASDAQ: CERC) is a Maryland-based biopharmaceutical company that works on drugs for the treatment of rare and orphan diseases. It is placed second on our list of 10 biotech penny stocks to buy according to Reddit. In earnings results for the second quarter, posted on August 2, the firm reported earnings per share of -$0.18, beating market estimates by $0.01. The revenue over the period was $3.3 million, up 150% year-on-year. On July 26, the stock soared 23% on the back of positive results from a study into a drug for the treatment of Crohn’s disease.
On June 4, investment advisory Cantor Fitzgerald assumed coverage of Cerecor Inc. (NASDAQ: CERC) stock with an Overweight rating and a price target of $7, underlining that the peak sales potential of the pipeline drugs for the firm were underappreciated.
Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Armistice Capital is a leading shareholder in Cerecor Inc. (NASDAQ: CERC) with 32 million shares worth more than $98 million.
1. Lineage Cell Therapeutics, Inc. (NYSE: LCTX)
Number of Hedge Fund Holders: 12
Price as of August 6, 2021: $2.58 per share
Lineage Cell Therapeutics, Inc. (NYSE: LCTX) is ranked first on our list of 10 biotech penny stocks to buy according to Reddit. The firm operates from California as a biotechnology company focused on the development of therapies for treatment of degenerative diseases. The firm beat market expectations on earnings per share in the first quarter. On July 20, the company announced that the interim results from a study into OpGen, a drug for the treatment of macular degeneration.
In March, investment advisory Cantor Fitzgerald initiated coverage of Lineage Cell Therapeutics, Inc. (NYSE: LCTX) stock with an Overweight rating and a price target of $6, noting that the lead drug programs of the firm gave the shares significant upside potential.
Out of the hedge funds being tracked by Insider Monkey, New York-based firm Broadwood Capital is a leading shareholder in Lineage Cell Therapeutics, Inc. (NYSE: LCTX) with 34 million shares worth more than $79 million.
You can also take a peek at 10 Best Medical Stocks Under $10 and 10 Best Cash App Stocks to Invest In.
