13 Best Biotech Penny Stocks to Buy According to Hedge Funds

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8. Amylyx Pharmaceuticals Inc. (NASDAQ:AMLX)

Share Price as of April 14: $3.65

Number of Hedge Fund Holders: 30

Amylyx Pharmaceuticals Inc. (NASDAQ:AMLX) discovers and develops treatments for neurodegenerative diseases and endocrine conditions. Its lead product candidates include avexitide, which is an investigational, first-in-class glucagon-like peptide-1; and GLP-1 receptor antagonist, which is in phase 3 clinical trial to treat post-bariatric hypoglycemia and congenital hyperinsulinism.

The company is focusing on potentially making avexitide the first approved treatment for post-bariatric hypoglycemia (PBH). Currently, there are no FDA-approved therapies specifically for PBH. This is a significant unmet medical need that impacts ~160,000 individuals in the US alone. These patients suffer from persistent low blood sugar after bariatric surgery. Across five clinical trials in PBH patients, avexitide demonstrated a dose-dependent and statistically significant reduction in hypoglycemic events.

Amylyx Pharmaceuticals Inc. (NASDAQ:AMLX) initiated a Phase III clinical trial called LUCIDITY. This is a 16-week study with ~75 participants with topline results anticipated in H1 2026. For the potential launch of avexitide, the company secured ~$65.5 million in financing. If LUCIDITY yields positive results and regulatory approval is granted, Amylyx expects a commercial launch of avexitide in 2027.

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