5 Cheap Growth Stocks to Buy According to Billionaire Steve Cohen

2. Tricida, Inc. (NASDAQ:TCDA)

Share Price as of December 13: $7.62

Number of Hedge Fund Holders: 19

Tricida, Inc. (NASDAQ:TCDA) is a San Francisco-based biotech company that develops and sells oral drugs for chronic kidney disease. The pharmaceutical company comprises 0.09% of Steve Cohen’s holdings in the quarter that ended in September. Point72 Asset Management owned 4.89 million shares of Tricida, Inc. (NASDAQ:TCDA) worth $22.7 million in the period. 

Tricida, Inc. (NASDAQ:TCDA) stock popped 41% in November after the biotech firm raised $42 million in definitive agreements with certain investors for the purchase and sale of common shares. Investors and analysts are optimistic about the stock after the company raised more capital to support its ongoing clinical trials. On November 16, JPMorgan analyst Jessica Fye upgraded Tricida, Inc. (NASDAQ:TCDA) from Underweight to Neutral with a $7 price target following the $42 million capital raise.

The San Francisco-based biotech company is slated to release clinical data results from its veverimer renal drug in Q3 2022.