11 Best New Penny Stocks to Buy Right Now

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1. Lexeo Therapeutics, Inc. (NASDAQ:LXEO)

Share Price: $4.13

Number of Hedge Fund Holders: 20

Lexeo Therapeutics, Inc. (NASDAQ:LXEO) is one of the best new penny stocks to buy right now. On July 7, Stifel reiterated its “Buy” rating for Lexeo Therapeutics, Inc. (NASDAQ:LXEO) with a price target of $21.

This decision came after the company announced that the FDA gave Breakthrough Therapy Designation to its treatment called LX2006.

The FDA granted Breakthrough Therapy Designation for LX2006 in both cardiac and neurologic measures of Friedreich ataxia (FA). Lexeo Therapeutics, Inc. (NASDAQ:LXEO) also shared that LX2006 has been selected to participate in the FDA Chemistry, Manufacturing, and Controls (CMC) Development and Readiness Pilot (CDRP) program, which is designed to expedite clinical development timelines.

Stifel sees the Breakthrough Therapy Designation as a good sign for Lexeo Therapeutics, Inc.’s (NASDAQ:LXEO) regulatory prospects. The firm noted that this designation suggests that the FDA may be more flexible for rare disease gene therapies.

Lexeo Therapeutics, Inc. (NASDAQ:LXEO) is a clinical-stage genetic medicine company focused on developing therapies for cardiovascular diseases.

While we acknowledge the potential of LXEO as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than LXEO and that has a 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 10 Best American Semiconductor Stocks to Buy Now and 13 Best Large Cap Stocks to Buy Right Now.

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