5 Biotech Penny Stocks with Growth Catalysts

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1. Adagio Therapeutics, Inc. (NASDAQ:ADGI)

Number of Hedge Fund Holders: 17

Share Price as of April 5: $4.13

Adagio Therapeutics, Inc. (NASDAQ:ADGI) is a clinical-stage biotech company that specializes in the development and commercialization of antibody-based treatments for infectious diseases. The company was incorporated in 2020 and is based in Waltham, Massachusetts.

On March 30, Adagio Therapeutics, Inc. (NASDAQ:ADGI) reported that the primary endpoints were met with statistical significance for all three indications in its ongoing global Phase 2/3 clinical trials that evaluate Adintrevimab (ADG20) as a treatment for COVID-19. A significant decline in cases of COVID-19 was observed with Adintrevimab as compared to placebo. Based on these results, Adagio Therapeutics, Inc. (NASDAQ:ADGI) plans to reach out to the FDA and submit an Emergency Use Authorization application in the second quarter of 2022 for Adintrevimab for the prevention and treatment of COVID-19. Upon FDA approval, this treatment will be a consequential growth catalyst for Adagio Therapeutics, Inc. (NASDAQ:ADGI). 

According to Insider Monkey’s fourth quarter database, 17 hedge funds placed long bets on Adagio Therapeutics, Inc. (NASDAQ:ADGI), up from 12 funds in the prior quarter. Peter Kolchinsky’s RA Capital Management is the leading shareholder of the company, with approximately 5 million shares worth $36.2 million. 

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