5 Penny Stocks to Buy in December

4. Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Number of Hedge Fund Holders: 3  

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) is a biotech firm concentrating on the development of psychedelic medicine. In August, the company had announced a partnership with Forian, a software firm, to advance personalized psychiatry for anxiety disorders. 

In August, HC Wainwright analyst Patrick Trucchio had initiated coverage of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) stock with a Buy rating and a price target of $10, noting that LSD therapy for anxiety disorders, a key product of the firm, had “multi-blockbuster potential”. 

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Millennium Management is a leading shareholder in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) with 1.3 million shares worth more than $3.2 million.