In this article, we discuss the 5 new penny stocks Redditors are buying. If you want to read our detailed analysis of these stocks, go directly to the 10 New Penny Stocks Redditors are Buying.
5. Outlook Therapeutics, Inc. (NASDAQ: OTLK)
Number of Hedge Fund Holders: 7
Outlook Therapeutics, Inc. (NASDAQ: OTLK) is ranked fifth on our list of 10 new penny stocks Redditors are buying. The firm operates as a biopharmaceutical entity focusing on the development of monoclonal antibodies. It is headquartered in New Jersey.
On August 3, investment advisory HC Wainwright reiterated a Buy rating on Outlook Therapeutics, Inc. (NASDAQ: OTLK) stock and raised the price target to $6 from $5, noting that the firm had announced exceptionally strong data on a new drug named Lytenava.
At the end of the second quarter of 2021, 7 hedge funds in the database of Insider Monkey held stakes worth $2.3 million in Outlook Therapeutics, Inc. (NASDAQ: OTLK), down from 11 the preceding quarter worth $5.2 million.
Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Two Sigma Advisors is a leading shareholder in Outlook Therapeutics, Inc. (NASDAQ: OTLK) with 695,800 shares worth more than $1.7 million.
4. Exela Technologies, Inc. (NASDAQ: XELA)
Number of Hedge Fund Holders: 7
Exela Technologies, Inc. (NASDAQ: XELA) is a Texas-based company with interests in the data processing and outsourcing businesses. It is placed fourth on our list of 10 new penny stocks Redditors are buying.
On August 31, investment advisory B Riley initiated coverage of Exela Technologies, Inc. (NASDAQ: XELA) stock with a Buy rating and a price target of $4, noting that the firm had a global footprint and a differentiated digital foundation.
At the end of the second quarter of 2021, 7 hedge funds in the database of Insider Monkey held stakes worth $7.5 million in Exela Technologies, Inc. (NASDAQ: XELA), down from 8 in the previous quarter worth $10 million.
Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Luminus Management is a leading shareholder in Exela Technologies, Inc. (NASDAQ: XELA) with 1.3 million shares worth more than $3 million.
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).
2. Companhia Energética de Minas Gerais (NYSE: CIG)
Number of Hedge Fund Holders: 15
Companhia Energética de Minas Gerais (NYSE: CIG) is placed second on our list of 10 new penny stocks Redditors are buying. The firm engages in the generation and sale of energy and is headquartered in Brazil.
On May 27, investment advisory JPMorgan upgraded Companhia Energética de Minas Gerais (NYSE: CIG) stock to Overweight from Neutral with a price target of R$16. Fernando Abdalla, an analyst at the firm, issued the ratings update.
Out of the hedge funds being tracked by Insider Monkey, London-based investment firm Polunin Capital is a leading shareholder in Companhia Energética de Minas Gerais (NYSE: CIG) with 12 million shares worth more than $29 million.
At the end of the second quarter of 2021, 15 hedge funds in the database of Insider Monkey held stakes worth $108 million in Companhia Energética de Minas Gerais (NYSE: CIG), up from 13 in the preceding quarter worth $65 million.
1. Amneal Pharmaceuticals, Inc. (NYSE: AMRX)
Number of Hedge Fund Holders: 17
Amneal Pharmaceuticals, Inc. (NYSE: AMRX) is ranked first on our list of 10 new penny stocks Redditors are buying. The firm makes and sells specialty pharmaceutical products and is headquartered in New Jersey.
In April, investment advisory Guggenheim reiterated a Buy rating on Amneal Pharmaceuticals, Inc. (NYSE: AMRX) stock and raised the price target to $8 from $6.50, noting that the firm had driven a strong initial launch of a new drug.
At the end of the second quarter of 2021, 17 hedge funds in the database of Insider Monkey held stakes worth $53 million in Amneal Pharmaceuticals, Inc. (NYSE: AMRX), up from 15 in the previous quarter worth $77 million.
Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Eversept Partners is a leading shareholder in Amneal Pharmaceuticals, Inc. (NYSE: AMRX) with 5.6 million shares worth more than $28 million.
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