5 Hot Penny Stocks To Buy According to Hedge Funds

2. Mersana Therapeutics, Inc (NASDAQ:MRSN)

Number of Hedge Funds: 28

Mersana Therapeutics, Inc (NASDAQ:MSRN) shares have gained about 46% over the past one month. The stock jumped thanks to the broader optimism in the industry after AbbVie (NYSE:ABBV) agreed to acquire ImmunoGen (NASDAQ:IMGN), a developer of antibody-drug conjugates ((ADCs)) for cancer treatment.

As of the end of the third quarter of 2023, 28 hedge funds out of the 910 funds tracked by Insider Monkey were long MRSN. The biggest stakeholder of Mersana Therapeutics, Inc (NASDAQ:MSRN) was Oleg Nodelman’s EcoR1 Capital which owns a $25 million stake in Mersana Therapeutics, Inc (NASDAQ:MSRN).