In this article, we discuss 5 penny stocks to buy in April. If you want to see some more penny stocks from our list, click 10 Penny Stocks to Buy in April.
5. AIkido Pharma Inc. (NASDAQ:AIKI)
Number of Hedge Fund Holders: 3
Share Price as of April 6: $0.4221
AIkido Pharma Inc. (NASDAQ:AIKI) is a New York-based biotechnology company that develops small-molecule anti-cancer therapeutics, focusing mainly on pancreatic cancer, acute myeloid leukemia, and acute lymphoblastic leukemia. The penny stock has gained over 9% in the last month, making it a good candidate to buy in April.
On February 25, AIkido Pharma Inc. (NASDAQ:AIKI) entered into a securities purchase agreement with a few institutional investors. The company raised about $21 million by selling Series O and P preferred stock, which can be converted to common shares at an initial conversion price of $1 per share.
AIkido Pharma Inc. (NASDAQ:AIKI) announced on March 11 a collaboration with Cedars-Sinai Medical Center to co-finance and develop a novel immuno-oncology treatment that promotes the destruction of cancer cells by a patient’s own “killer” T-cells. AIkido Pharma Inc. (NASDAQ:AIKI) will share costs and expenses with Cedars-Sinai and both parties will also share in the proceeds from the commercialization of this treatment.
Among the hedge funds tracked by Insider Monkey, 3 funds were bullish on AIkido Pharma Inc. (NASDAQ:AIKI) at the end of the fourth quarter of 2021, compared to 1 fund in the prior quarter. The total stakes held in Q4 amounted to $329,000.
4. Mullen Automotive, Inc. (NASDAQ:MULN)
Number of Hedge Fund Holders: 3
Share Price as of April 6: $2.605
Mullen Automotive, Inc. (NASDAQ:MULN) is a California-based electric vehicle company that was founded in 2014. The company also runs CarHub, a digital platform that uses artificial intelligence to make the sale and purchase of cars easier, provides battery technology, and emergency maintenance solutions. In the last month, Mullen Automotive, Inc. (NASDAQ:MULN) shares have surged more than 144%.
On March 28, Mullen Automotive, Inc. (NASDAQ:MULN) announced that it expects to have over $65 million in cash and cash equivalents at the end of the March 2022 quarter. According to the company’s CEO, Mullen Automotive, Inc. (NASDAQ:MULN) has made notable progress in the first quarter of 2022, and the company has enough financing to execute on its product commitments for 2022. Its balance sheet is the strongest it has ever been, according to the management.
According to Insider Monkey’s Q4 data, 3 hedge funds were bullish on Mullen Automotive, Inc. (NASDAQ:MULN), with combined stakes valued at $512,000, compared to 2 funds in the previous quarter, holding stakes in the company worth $318,000.
3. Assertio Holdings, Inc. (NASDAQ:ASRT)
Number of Hedge Fund Holders: 6
Share Price as of April 6: $3.16
Assertio Holdings, Inc. (NASDAQ:ASRT) is an Illinois-based specialty pharmaceutical company that develops medication for neurology, pain management, and inflammation. The stock has climbed nearly 40% in the last month.
The company announced on March 9 a Q4 revenue of $33.33 million, up 10.5% year-over-year, exceeding market consensus by $2.56 million. Non-GAAP adjusted EBITDA for the fourth quarter came in at $17.8 million, representing a 13% growth as compared to the third quarter and 118% versus the earlier year.
On March 31, Assertio Holdings, Inc. (NASDAQ:ASRT) announced a partnership with BlinkRx to support healthcare professionals and their patients undergoing treatment with Otrexup, a prescription drug device. Patients benefit from transparent low prices, free home delivery, and professional medical support.
According to the fourth quarter database of Insider Monkey, 6 hedge funds were bullish on Assertio Holdings, Inc. (NASDAQ:ASRT), up from 4 funds in the prior quarter. The total stakes owned in Q4 amounted to $984,000.
2. Aterian, Inc. (NASDAQ:ATER)
Number of Hedge Fund Holders: 9
Share Price as of April 6: $3.179
Aterian, Inc. (NASDAQ:ATER) is a New York-based consumer products company using artificial intelligence to power an e-commerce marketplace. The company offers health and beauty products, electronic appliances, and essential oils on its platform. The shares have surged almost 31% over the last month.
Alliance Global Partners analyst Brian Kinstlinger on March 11 maintained a Buy recommendation on Aterian, Inc. (NASDAQ:ATER) but lowered the price target on the shares to $4.50 from $9 after the Q4 results. The analyst cited dilution from the latest equity offering for the price target drop.
Among the hedge funds tracked by Insider Monkey at the end of December 2021, 9 funds held long positions in Aterian, Inc. (NASDAQ:ATER), compared to 6 funds in the preceding quarter. The Q4 stakes amounted to more than $3 million.
1. Xos, Inc. (NASDAQ:XOS)
Number of Hedge Fund Holders: 16
Share Price as of April 6: $2.8503
Xos, Inc. (NASDAQ:XOS) was founded in 2020 and is headquartered in Los Angeles, California. It operates as a mobility solutions company, manufacturing and marketing battery EVs and charging infrastructure. Xos, Inc. (NASDAQ:XOS) also offers maintenance and vehicle financing services. The stock has surged over 32% in the last month.
On April 5, Xos, Inc. (NASDAQ:XOS) announced that it had delivered 15 of its battery-electric vans to five different FedEx Corporation (NYSE:FDX) Ground Operators in Southern California during March. Xos, Inc. (NASDAQ:XOS) will dispatch more vehicles to the company in 2022.
Xos, Inc. (NASDAQ:XOS) reported on March 29 its fourth quarter earnings. The revenue of $3.3 million was up 266.7% from the prior-year quarter, exceeding market consensus by $0.44 million. The Q4 EPS of $0.07 also beat estimates by $0.19. The company announced delivering 32 units to customers in Q4 2021, and 44 units in the entire year.
According to Insider Monkey’s Q4 data, 16 hedge funds were bullish on Xos, Inc. (NASDAQ:XOS), with stakes valued at $5.5 million. Himanshu Gulati’s Antara Capital held a prominent position in the company, with 500,000 shares worth $1.5 million.
You can also take a look 10 Stocks Trending on Robinhood and 10 Best Biotech Stocks Under $5.
