In this article, we discuss the 5 penny stocks to buy in December. If you want to read our detailed analysis of these stocks, go directly to the 10 Penny Stocks to Buy in December.
5. Daré Bioscience, Inc. (NASDAQ:DARE)
Number of Hedge Fund Holders: 3
Daré Bioscience, Inc. (NASDAQ:DARE) is a clinical-stage biopharma firm focusing on products related to the health of women. On December 7, the share price of the firm climbed by over 30% after it was granted FDA approval for XACIATO, a treatment for bacterial vaginosis in women.
In September, Daré Bioscience, Inc. (NASDAQ:DARE) had revealed that it had received a grant of $300,000 from the National Institute of Health to support the development of DARE-LARC1, a long-acting reversible contraceptive.
Among the hedge funds being tracked by Insider Monkey, New York-based firm Renaissance Technologies a leading shareholder in Daré Bioscience, Inc. (NASDAQ:DARE) with 324,030 shares worth more than $541,000.
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.
3. XpresSpa Group, Inc. (NASDAQ:XSPA)
Number of Hedge Fund Holders: 8
XpresSpa Group, Inc. (NASDAQ:XSPA) provides health and wellness services. HC Wainwright analyst Scott Buck recently raised the price target on the stock to $4 from $3.5 and kept a Buy rating, urging investors to buy the shares ahead of improving operating results and news flow.
XpresSpa Group, Inc. (NASDAQ:XSPA) posted earnings for the third quarter in mid-November, reporting earnings per share of $0.05, beating market estimates by $0.09. The revenue over the period was $26 million, smashing predictions by $16 million.
At the end of the third quarter of 2021, 8 hedge funds in the database of Insider Monkey held stakes worth $2.1 million in XpresSpa Group, Inc. (NASDAQ:XSPA), up from 2 in the previous quarter worth $481,000.
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.
1. Arbutus Biopharma Corporation (NASDAQ:ABUS)
Number of Hedge Fund Holders: 13
Arbutus Biopharma Corporation (NASDAQ:ABUS) markets cures for patients suffering from chronic Hepatitis B virus infection. Reports suggest that the company has identified molecular targets for COVID-19 that will help with the development of treatments for the virus.
Chardan analyst Keay Nakae recently raised the price target on Arbutus Biopharma Corporation (NASDAQ:ABUS) stock to $5.50 from $5 and kept a Buy rating, noting that a new pipeline drug of the firm was showing strong antiviral activity, terming it an “encouraging start” for the firm.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Hudson Bay Capital Management is a leading shareholder in Arbutus Biopharma Corporation (NASDAQ:ABUS) with 1.8 million shares worth more than $7.7 million.
You can also take a peek at 13 Best Hemp Stocks to Buy Now and Billionaire Dan Loeb’s Top 10 Stock Picks.
