5 Penny Stocks to Buy in December

2. Ardelyx, Inc. (NASDAQ:ARDX)

Number of Hedge Fund Holders: 10     

Ardelyx, Inc. (NASDAQ:ARDX) is a biopharma firm based in California. The company has received positive analyst coverage and increased retail investor interest recently on pipeline drug potential. In October, the firm had announced a major restructuring plan and cut staff by 65%. 

Ardelyx, Inc. (NASDAQ:ARDX) has rallied over 30% in the past few days after the company announced in early December that it would be launching Ibsrela, a drug for the treatment of irritable bowel syndrome with constipation, in the second quarter of 2022. 

At the end of the third quarter of 2021, 10 hedge funds in the database of Insider Monkey held stakes worth $6.3 million in Ardelyx, Inc. (NASDAQ:ARDX), compared to 20 in the preceding quarter worth $241 million.