5 Best Biotech Penny Stocks to Buy Now

3. Hoth Therapeutics, Inc. (NASDAQ: HOTH)

Number of Hedge Fund Holders: 3

Hoth Therapeutics, Inc. (NASDAQ: HOTH) is a New York-based biotechnology company founded in 2017. It is ranked third on our list of 10 best biotech penny stocks to buy now. The company’s shares have returned more than 165 to investors over the past month. The company makes and sells drugs for dermatological disorders. Some of the drugs in the pipeline for the firm include HT-001 and HT-002, the former a treatment for moderate rash and skin disorders and the latter for the SARS-CoV-2 infection. 

On June 3, Hoth Therapeutics, Inc. (NASDAQ: HOTH) shares rose by over 4% as the company announced the results of a preclinical trial of  HT-KIT, a treatment for the mast cell-derived cancers and anaphylaxis. 

On April 6, Hoth Therapeutics, Inc. (NASDAQ: HOTH) said it had engaged the services of Worldwide Clinical Trials for Phase 2a trials of HT-001. 

Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Armistice Capital is a leading shareholder in Hoth Therapeutics, Inc. (NASDAQ: HOTH) with 2.2 million shares worth more than $4.4 million.