In this article, we discuss the 5 penny stocks Redditors are buying in August. If you want to read our detailed analysis of these stocks, go directly to the 10 Penny Stocks Redditors are Buying in August.
5. Zomedica Corp. (NYSE: ZOM)
Number of Hedge Fund Holders: 5
Price as of August 12, 2021: $0.56 per share
Zomedica Corp. (NYSE: ZOM) is ranked fifth on our list of 10 penny stocks Redditors are buying in August. The company operates from Michigan and markets veterinary healthcare. It makes and sells products for companion animals. It was founded in 2015 and has a market cap of over $566 million. One of the leading products sold by the firm is TRUFORMA, a biosensor platform that detects disorders in cats and dogs. It is also working on the development of tests for the detection of cancer in companion animals.
On August 11, Zomedica Corp. (NYSE: ZOM) announced that it would be holding commercial launches for the fT4 assay and ACTH assay in the coming months, underlining the former will be available for sale in the fall and the latter towards the end of the year.
At the end of the first quarter of 2021, 5 hedge funds in the database of Insider Monkey held stakes worth $6.9 million in Zomedica Corp. (NYSE: ZOM), up from 3 in the preceding quarter worth $505,000.
4. Citius Pharmaceuticals, Inc. (NASDAQ: CTXR)
Number of Hedge Fund Holders: 5
Price as of August 12, 2021: $1.84 per share
Citius Pharmaceuticals, Inc. (NASDAQ: CTXR) is a New Jersey-based pharmaceutical company that concentrates on the development and marketing of products for critical care. It is placed fourth on our list of 10 penny stocks Redditors are buying in August. On June 8, the share price of the firm jumped more than 3% after it announced that it had planned an interim analysis on a Phase 3 trial of Mino-Lok, a drug for the treatment of bloodstream infections, at the end of June.
In earnings results for the first quarter, posted on May 13, Citius Pharmaceuticals, Inc. (NASDAQ: CTXR) reported earnings per share of -$0.04, beating market predictions by $0.05. The cash and cash equivalents at the end of March were $103 million.
Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Renaissance Technologies is a leading shareholder in Citius Pharmaceuticals, Inc. (NASDAQ: CTXR) with 989,096 shares worth more than $1.7 million.
3. Atossa Therapeutics, Inc. (NASDAQ: ATOS)
Number of Hedge Fund Holders: 6
Price as of August 12, 2021: $3.18 per share
Atossa Therapeutics, Inc. (NASDAQ: ATOS) is a Washington-based biopharmaceutical company that develops and sells medicines for infectious diseases. It is ranked third on our list of 10 penny stocks Redditors are buying in August. The company recently joined the Russell 2000 and Russell 3000 indexes, improving the visibility of the company to investors. The stock has been soaring amid lots of interest in the firm on internet platforms like Reddit. The share price has year-to-date gains of 234%.
On July 7, Atossa Therapeutics, Inc. (NASDAQ: ATOS) revealed that it had been granted permission by regulatory authorities in Australia to begin a clinical study into a new therapy for moderately to severely ill patients of COVID-19.
Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Renaissance Technologies is a leading shareholder in Atossa Therapeutics, Inc. (NASDAQ: ATOS) with 3.3 million shares worth more than $6.9 million.
2. Sesen Bio, Inc. (NASDAQ: SESN)
Number of Hedge Fund Holders: 11
Price as of August 12, 2021: $4.04 per share
Sesen Bio, Inc. (NASDAQ: SESN) is placed second on our list of 10 penny stocks Redditors are buying in August. The company is headquartered in Cambridge and makes and sells targeted fusion protein therapeutics for cancer treatment. On August 5, the company announced that it had signed an agreement with Eczacibasi Pharmaceuticals in Turkey for the commercialization of a treatment for bladder cancer. The company revealed that it would receive royalties to the tune of 30% on net sales in the country.
On July 22, investment advisory Canaccord reiterated a Buy rating on Sesen Bio, Inc. (NASDAQ: SESN) stock with a price target of $7, underlining that the firm was expected to receive regulatory approval for the sale of a new drug named Vicineum by August 18.
At the end of the first quarter of 2021, 11 hedge funds in the database of Insider Monkey held stakes worth $35 million in Sesen Bio, Inc. (NASDAQ: SESN), up from 10 in the preceding quarter worth $10 million.
1. Smith Micro Software, Inc. (NASDAQ: SMSI)
Number of Hedge Fund Holders: 14
Price as of August 12, 2021: $5.10 per share
Smith Micro Software, Inc. (NASDAQ: SMSI) is ranked first on our list of 10 penny stocks Redditors are buying in August. The company is based in Pennsylvania and markets software that enhances security of digital lifestyles. Some of the products the firm develops and sells include SafePath Family, SafePath IoT, and SafePath Home, among others. In earnings results for the second quarter, posted on August 4, the firm reported earnings per share of -$0.01, in line with market estimates. The revenue over the period was $15 million, up 23% year-on-year.
On August 5, investment advisory Dawson James initiated coverage of Smith Micro Software, Inc. (NASDAQ: SMSI) stock with a Buy rating and a price target of $11, noting that the firm was the undisputed market share leader in family safety services.
Out of the hedge funds being tracked by Insider Monkey, Texas-based investment firm Nokomis Capital is a leading shareholder in Smith Micro Software, Inc. (NASDAQ: SMSI) with 325,000 shares worth more than $1.7 million.
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