5 Penny Stocks Robinhood Traders are Buying in 2021

2. Zosano Pharma Corporation (NASDAQ: ZSAN)

Number of Hedge Fund Holders: N/A  

Zosano Pharma Corporation (NASDAQ: ZSAN) is a California-based biopharma firm founded in 2006. It is ranked second on our list of 10 penny stocks Robinhood traders are buying in 2021. The stock has offered investors returns exceeding 78% year-to-date. The company focuses on the development of drugs that treat migraines. One of the leading projects of the company is the development of a drug that uses proprietary formulation of zolmitriptan for treatment of migraine. 

In quarterly earnings results, posted on May 12, Zosano Pharma Corporation (NASDAQ: ZSAN) reported earnings per share of -$0.08, in line with market predictions. The shares of the biopharma firm jumped more than 1% after the earnings were made public. 

In late April, the shares of Zosano Pharma Corporation (NASDAQ: ZSAN) climbed more than 10% as the firm announced that it had government approval for a study into a new treatment for migraines that would begin in June. 

Out of the hedge funds being tracked by Insider Monkey, Chicao-based investment firm Citadel Investment Group is a leading shareholder in Zosano Pharma Corporation (NASDAQ: ZSAN) with 160,724 shares worth more than $199,000.