5 Best Biotech Penny Stocks to Buy Now

4. Altimmune, Inc. (NASDAQ:ALT)

Number of Hedge Fund Holders: 25

Altimmune, Inc. (NASDAQ:ALT) is in the spotlight as the company is among several biotech companies working on weight loss drugs. Altimmune, Inc. (NASDAQ:ALT) is expected to announce results of a Phase 2 study of its obesity treatment in the last quarter of 2023.

Insider Monkey’s database of 943 hedge funds shows that 25 funds had stakes in Altimmune, Inc. (NASDAQ:ALT) as of the end of the first quarter of 2023.

In May Altimmune, Inc. (NASDAQ:ALT) posted first quarter results. GAAP EPS in the period came in at -$0.40 beating estimates by $0.08. Cash, cash equivalents and short-term investments as of the end of March came in at $165.8 million.