5 Best Biotech Penny Stocks To Buy Now

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.

4. Atossa Genetics Inc. (NASDAQ:ATOS)

Number of Hedge Fund Holders: 8

Share Price as of November 29: $0.77

Atossa Genetics Inc. (NASDAQ:ATOS) works to discover and develop medicines in the areas of oncology and infectious diseases. The company is based in Seattle, Washington.

This November, Atossa Genetics Inc. (NASDAQ:ATOS) announced that it is acquiring an approximately 20% stake in Dynamic Cell Therapies to invest more in CAR-T therapy development. The company is making a $2 million cash payment to the privately-held company. The company’s EPS of -$0.06 in the third quarter was in line with estimates.

Eight hedge funds were long Atossa Genetics Inc. (NASDAQ:ATOS) in the third quarter. Their total stake value was $5.3 million.

3. Lineage Cell Therapeutics, Inc. (NYSE:LCTX)

Number of Hedge Fund Holders: 9

Share Price as of November 29: $1.40

Lineage Cell Therapeutics, Inc. (NYSE:LCTX) develops novel cell therapies to treat degenerative diseases in the US and internationally. It is based in Carlsbad, California.

Baird’s Jack Allen initiated coverage of Lineage Cell Therapeutics, Inc. (NYSE:LCTX) shares on November 1 with an Outperform rating and a $5 price target.

Lineage Cell Therapeutics, Inc. (NYSE:LCTX) stated in July that it had sufficient liquidity to carry out its current planned operations through at least 12 months from the issuance date of its consolidated financial statements. In the third quarter, the company’s cash, cash equivalents, and marketable securities stood at $66.4 million, expected to support its operations into the third quarter of 2024.

Nine hedge funds were long Lineage Cell Therapeutics, Inc. (NYSE:LCTX) in the third quarter, with a total stake value of $43.4 million.

2. Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI)

Number of Hedge Fund Holders: 11

Share Price as of November 29: $0.44

Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) develops and commercializes oncology and hematology drug products. The company is based in Boston, Massachusetts.

A Buy rating was reiterated on Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) shares on November 25 by H.C. Wainwright’s Edward White. The analyst also placed a $4 price target on the stock.

The third-quarter results for Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) showed that the company had $100.3 million in cash, cash equivalents, and marketable securities available to optimize its ROLVEDON commercial launch and extend the company’s cash runway through 2024. ROLVEDON is one of the company’s medicines that recently became commercially available, in light of which its stock jumped by 13%.

Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) was found among the 13F holdings of 11 hedge funds in the third quarter. Their total stake value was $10.2 million.

1. Tricida, Inc. (NASDAQ:TCDA)

Number of Hedge Fund Holders: 22

Share Price as of November 29: $0.26

Tricida, Inc. (NASDAQ:TCDA) develops and commercializes veverimer, a non-absorbed orally-administered polymer to treat metabolic acidosis in patients with chronic kidney disease. The company is based in South San Francisco, California.

On October 25, Serge Belanger at Needham placed a Hold rating on Tricida, Inc. (NASDAQ:TCDA).

Tricida, Inc. (NASDAQ:TCDA) reported an EPS of -$0.44 in the third quarter, beating estimates by $0.10. The company’s cash, cash equivalents and investments were $80.2 million as of this September.

In total, 22 hedge funds were long Tricida, Inc. (NASDAQ:TCDA) in the third quarter. Their total stake value was $216.2 million.

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