5 Best Biotech Penny Stocks to Invest In

3. Pieris Pharmaceuticals, Inc. (NASDAQ:PIRS)

Number of Hedge Fund Holders: 6  

Pieris Pharmaceuticals, Inc. (NASDAQ:PIRS) is a Boston-based biotechnology company founded in 2000. Pieris Pharmaceuticals, Inc. (NASDAQ:PIRS) discovers and develops anticalin-based drugs. The company develops anticalin proteins that are low molecular-weight therapeutic proteins derived from lipocalins, which are naturally occurring low-molecular weight human proteins found in human blood plasma and other bodily fluids. A lead respiratory Anticalin-based drug candidate is elarekibep. It is used for the treatment of asthma. 

At the end of the fourth quarter of 2023, 6 hedge funds in the database of Insider Monkey held stakes worth $5.9 million in Pieris Pharmaceuticals, Inc. (NASDAQ:PIRS), compared to 7 in the preceding quarter worth $10 million. 

Among the hedge funds being tracked by Insider Monkey, California-based investment firm Lynx1 Capital Management is a leading shareholder in Pieris Pharmaceuticals, Inc. (NASDAQ:PIRS) with 9.7 million shares worth more than $1.7 million.