5 New Penny Stocks Redditors are Buying

3. Eloxx Pharmaceuticals, Inc. (NASDAQ: ELOX)

Number of Hedge Fund Holders: 8  

Eloxx Pharmaceuticals, Inc. (NASDAQ: ELOX) is a Waltham-based clinical stage biopharmaceutical company focusing on the treatment of rare diseases. It is ranked third on our list of 10 new penny stocks Redditors are buying.

On June 29, investment advisory Mizuho initiated coverage of Eloxx Pharmaceuticals, Inc. (NASDAQ: ELOX) stock with a Buy rating and a price target of $3.10, noting that the firm was developing novel therapies for nonsense mutations. 

At the end of the second quarter of 2021, 8 hedge funds in the database of Insider Monkey held stakes worth $10 million in Eloxx Pharmaceuticals, Inc. (NASDAQ: ELOX).