5 Best Biotech Penny Stocks To Buy Now

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In this article, we will be taking a look at the 5 best biotech penny stocks to buy now. To read our detailed analysis of these stocks, you can go directly to see the 13 Best Biotech Penny Stocks To Buy Now.

5. Abeona Therapeutics Inc. (NASDAQ:ABEO)

Number of Hedge Fund Holders: 4

Share Price as of November 29: $3.86

Abeona Therapeutics Inc. (NASDAQ:ABEO) develops gene and cell therapies for life-threatening rare genetic diseases. The company is based in New York.

Kristen Kluska, an analyst at Cantor Fitzgerald, reiterated an Overweight rating on Abeona Therapeutics Inc. (NASDAQ:ABEO) shares on November 8. The analyst also raised her price target on the stock from $22 to $40.

Abeona Therapeutics Inc. (NASDAQ:ABEO) is considered a good speculative biotech play. The company had cash, cash equivalents, restricted cash, and short-term investments of $26 million as of this June. It believes it has enough funds for its operations until the second quarter of 2023. The company is currently conducting a study on the use of EB-101 to treat patients with recessive dystrophic epidermolysis bullosa, a skin disease. Should EB-101 be approved by the FDA after the study, the company will be able to sell it for about $100 million or more.

Our hedge fund data shows four hedge funds long Abeona Therapeutics Inc. (NASDAQ:ABEO) in the third quarter. Their total stake value was $1.9 million.

Follow Abeona Therapeutics Inc. (NASDAQ:ABEO)

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