In this article, we will look at the 5 best biotech stocks under $10. If you want to explore similar biotech stocks with promising prospects that you can get for under $10, you can read 10 Best Biotech Stocks Under $10.
5. CymaBay Therapeutics, Inc. (NASDAQ:CBAY)
Share Price as of September 23: $3.40
Number of Hedge Fund Holders: 23
CymaBay Therapeutics, Inc. (NASDAQ:CBAY) develops therapeutics for the treatment of liver and other chronic diseases. The company’s flagship product is seladelpar, a potential treatment for primary biliary cholangitis. On June 6, Sujal Shah, CEO of CymaBay Therapeutics, Inc. (NASDAQ:CBAY) disclosed his purchase of roughly 51,000 common shares of the company for a transaction valued at $0.10 million. As of September 23, CymaBay Therapeutics, Inc. (NASDAQ:CBAY) has gained 7.3% over the past six months.
On August 1, CymaBay Therapeutics, Inc. (NASDAQ:CBAY) announced the successful enrollment for RESPONSE, the company’s global 52-week phase 3 study for evaluating seladelpar as a treatment for PBC. On August 11, CymaBay Therapeutics, Inc. (NASDAQ:CBAY) announced that it has $170.8 million worth in cash, cash equivalents, and securities, which will help the company stay on its operating plan through 2023.
CymaBay Therapeutics, Inc. (NASDAQ:CBAY) is rising in popularity among institutional investors and is therefore one of the best biotech stocks to buy now. According to Insider Monkey’s database, 23 hedge funds were bullish on CymaBay Therapeutics, Inc. (NASDAQ:CBAY) at the end of Q2 2022. These funds held collective stakes of $107.25 million, up from $100 million in the previous quarter with 21 positions. The hedge fund sentiment for the stock is positive.
As of June 30, VenBio Select Advisor owns 10.3 million shares of CymaBay Therapeutics, Inc. (NASDAQ:CBAY) and is the largest shareholder in the company. The fund’s stakes are valued at $30.38 million.
4. Mersana Therapeutics, Inc. (NASDAQ:MRSN)
Share Price as of September 23: $6.15
Number of Hedge Fund Holders: 23
Mersana Therapeutics, Inc. (NASDAQ:MRSN) is a clinical-stage biotechnology company that is involved in the research and development of antibody-drug conjugates for the treatment of cancer. On September 12, Mersana Therapeutics, Inc. (NASDAQ:MRSN) announced it has received Fast Track designation from the FDA for XMT-1660, the company’s ADC-based treatment for breast cancer.
Wall Street sees upside to Mersana Therapeutics, Inc. (NASDAQ:MRSN). On August 9, Baird analyst Collen Kusy raised her price target on Mersana Therapeutics, Inc. (NASDAQ:MRSN) to $20 from $18 and maintained a buy-side Outperform rating on the shares.
As of September 23, Mersana Therapeutics, Inc. (NASDAQ:MRSN) has gained 55.7% over the past six months.
At the close of Q2 2022, Insider Monkey found 23 hedge funds that held stakes in Mersana Therapeutics, Inc. (NASDAQ:MRSN). The total stakes of these hedge funds amounted to $187.7 million. This is compared to 26 positions in the previous quarter with stakes worth $122.6 million.
As of June 30, OrbiMed Advisors is the leading shareholder in Mersana Therapeutics, Inc. (NASDAQ:MRSN) with stakes worth $41.6 million. The investment covers 0.75% of the fund’s 13F portfolio.
3. EQRx, Inc. (NASDAQ:EQRX)
Share Price as of September 23: $4.52
Number of Hedge Fund Holders: 26
According to Insider Monkey’s database, 26 hedge funds were bullish on EQRx, Inc. (NASDAQ:EQRX) at the end of Q2 2022. These funds held collective stakes of $355.5 million in the company.
2. ImmunoGen, Inc. (NASDAQ:IMGN)
Share Price as of September 23: $4.58
Number of Hedge Fund Holders: 28
ImmunoGen, Inc. (NASDAQ:IMGN) is a clinical-stage biotechnology company that researches and develops antibody-drug conjugate therapies for use in oncology. On August 31, ImmunoGen, Inc. (NASDAQ:IMGN) provided updated data for its Phase 2 CADENZA study of IMGN632, the company’s ADC-based treatment for hematologic malignancy. The company also reported that is has received regulatory alignment from the FDA for continuing CADENZA into 2024.
Shortly after the company reported that it has aligned with the FDA for CADENZA, Piper Sandler analyst Joseph Catanzaro maintained his $6 price target and Neutral rating on ImmunoGen, Inc. (NASDAQ:IMGN). On September 9, Barclays analyst Peter Lawson started coverage of ImmunoGen, Inc. (NASDAQ:IMGN) with a buy-side Overweight rating and an $8 price target. As of September 23, ImmunoGen, Inc. (NASDAQ:IMGN) has gained 7.5% over the past six months.
At the end of the second quarter of 2022, 28 hedge funds held stakes in ImmunoGen, Inc. (NASDAQ:IMGN) worth $361.65 million. This is compared to 30 positions in the previous quarter with stakes worth $314 million.
As of June 30, RA Capital Management is the top shareholder in ImmunoGen, Inc. (NASDAQ:IMGN) with stakes worth $97.83 million. The investment covers 2.6% of Peter Kolchinski’s 13F portfolio.
1. Kezar Life Sciences, Inc. (NASDAQ:KZR)
Share Price as of September 23: $8.02
Number of Hedge Fund Holders: 28
Kezar Life Sciences, Inc. (NASDAQ:KZR) is a clinical-stage biotechnology company involved in the research and development of novel small molecule therapeutics to treat immune-mediated diseases and cancer. The company’s flagship product is KZR-616, a phase-2 immunoproteasome inhibitor to treat lupus nephritis, dermatomyositis, and polymyositis, among other diseases.
On June 28, JonesTrading analyst Catherine Novack raised her price target on Kezar Life Sciences, Inc. (NASDAQ:KZR) to $20 from $17 and maintained a Buy rating on the shares.
On July 11, Kezar Life Sciences, Inc. (NASDAQ:KZR) disclosed that the company holds $307 million in cash, cash equivalents, and marketable securities as of June 30, 2022.
At the close of the second quarter of 2022, 28 hedge funds were long Kezar Life Sciences, Inc. (NASDAQ:KZR) and held stakes worth $231.6 million in the company. Of those, Suvretta Capital Management was the leading shareholder with stakes worth $36.49 million. The investment covers 1.38% of Aaron Cowen’s 13F portfolio.
You can also take a look at 10 Best Biotech Penny Stocks To Buy and 11 Best Pharma and Biotech Stocks to Buy.
