In this article, we will list the 5 Best Fast Growing Penny Stocks to Buy Right Now. Please visit 8 Best Fast Growing Penny Stocks to Buy Right Now to see the extended list and the methodology behind it.
5. Ovid Therapeutics Inc. (NASDAQ:OVID)
Number of Hedge Fund Holders: 20
Ovid Therapeutics Inc. (NASDAQ:OVID) is one of the best fast growing penny stocks to buy right now. On April 9, H.C. Wainwright raised the firm’s price target on Ovid Therapeutics to $4 from $2 with a Buy rating on the shares. The company’s OV4071 oral KCC2 candidate is entering the clinic imminently, triggering warrant exercises. The firm says Ovid has multiple additional potential therapeutic applications slated to be explored with its KCC2 portfolio candidates. H.C. Wainwright cited increased confidence in OV329 for the target doubling.
Earlier on March 18, Ovid Therapeutics reported positive safety and tolerability results for the 7 mg dose of OV329, its next-gen GABA-aminotransferase inhibitor intended for drug-resistant epilepsies. The data showed no treatment-related serious adverse events or ophthalmic changes, reinforcing its potential as a best-in-category therapy.
Backed by a $60 million private placement, the company is now expanding the OV329 program to include clinical trials for tuberous sclerosis complex seizures and infantile spasms, with a Phase 2 study for focal onset seizures expected to begin in Q2 2026. The company also received regulatory clearance to begin a Phase 1 trial in Australia for OV4071, a first-in-class oral KCC2 direct activator.
Ovid Therapeutics Inc. (NASDAQ:OVID) is a biopharmaceutical company that develops impactful medicines for patients and families with epilepsies and seizure-related neurological disorders in the US.
4. Lexicon Pharmaceuticals Inc. (NASDAQ:LXRX)
Number of Hedge Fund Holders: 20
Lexicon Pharmaceuticals Inc. (NASDAQ:LXRX) is one of the best fast growing penny stocks to buy right now. On May 7, Lexicon Pharmaceuticals reported Q1 2026 revenue of $21.1 million, a significant increase from $1.3 million in the prior year, driven by $20.0 million in development milestones from its LX9851 partnership with Novo Nordisk. The company achieved a sharp reduction in net loss to $1.0 million, compared to $25.3 million in Q1 2025, benefiting from lower research and marketing expenses.
Lexicon ended the quarter with a strengthened balance sheet featuring $199.7 million in cash and investments, further supported by a new $100 million loan facility from Hercules Capital. On the clinical front, the company is progressing toward several major milestones, including the anticipated mid-2026 completion of enrollment for its Phase 3 SONATA-HCM study of sotagliflozin. The company also expects to resubmit its NDA for ZYNQUISTA in type 1 diabetes by mid-2026, with potential regulatory approval later this year.
Additionally, partner Novo Nordisk has initiated Phase 1 clinical development of LX9851 for obesity, a milestone that earned Lexicon $10 million in March with the potential for another payment later in 2026. Beyond its cardiometabolic pipeline, Lexicon Pharmaceuticals Inc. (NASDAQ:LXRX) is preparing for Phase 3 development of pilavapadin (LX9211) for diabetic peripheral neuropathic pain after the FDA raised no objections to its proposed registrational study design.
Lexicon Pharmaceuticals Inc. (NASDAQ:LXRX) is a biopharmaceutical company focused on the discovery, development, and commercialization of pharmaceutical products to treat human disease.
3. AtaiBeckley Inc. (NASDAQ:ATAI)
Number of Hedge Fund Holders: 23
AtaiBeckley Inc. (NASDAQ:ATAI) is one of the best fast growing penny stocks to buy right now. On April 22, AtaiBeckley announced expanded Phase 2a results for EMP-01 (oral R-MDMA), showing significant and consistent improvements for adults with Social Anxiety Disorder/SAD. The trial showed a 38% reduction in patient-reported symptoms and a 32% reduction in real-world avoidance behaviors at Day 43, following a two-dose regimen administered without psychotherapy. Notably, 49% of patients treated with EMP-01 were identified as “responders” by both clinicians and themselves, compared to just 12–15% in the placebo group.
The data suggested that EMP-01 may offer a more rapid and durable alternative to current standards of care, such as SSRIs, which typically require daily dosing and longer treatment periods. Improvements were observed across both fear and avoidance subscales, indicating that participants were more capable of engaging in social situations with reduced distress. Clinical experts highlighted the reduction in subtle avoidance behaviors as a particularly meaningful outcome that is rarely captured in traditional medication trials.
On the safety front, EMP-01 was well tolerated with a 97% patient retention rate and no severe or serious adverse events reported. The company plans to continue the development of this candidate as a differentiated, intermittent treatment option designed for scalable outpatient use. With ~30 million adults affected by SAD in the US alone, AtaiBeckley Inc. (NASDAQ:ATAI) aims to address a major unmet need for the roughly 50% of patients who do not respond adequately to existing first-line therapies.
AtaiBeckley Inc. (NASDAQ:ATAI) is a clinical-stage biopharmaceutical company focused on developing treatments for mental health disorders.
2. EVgo Inc. (NASDAQ:EVGO)
Number of Hedge Fund Holders: 25
EVgo Inc. (NASDAQ:EVGO) is one of the best fast growing penny stocks to buy right now. On May 5, EVgo reported record Q1 2026 revenue of $110 million, a 45% increase year-over-year, driven by double-digit growth in charging network revenue. The company expanded its infrastructure to 5,280 operational stalls, adding over 200 DC fast charging stalls during the quarter and growing its customer base to 1.7 million accounts. Network throughput reached 91 gigawatt-hours, supported by the ongoing deployment of NACS connectors and partnerships across its public and fleet networks.
Financially, EVgo strengthened its position by amending its Department of Energy loan to $750 million in April to support continued network scaling and infrastructure advancement. While the company reported a net loss of $37 million for the quarter, it achieved an adjusted gross profit of ~$30 million. Management noted that capital expenditures, net of offsets, rose to $25 million as the company prioritizes the build-out of next-generation charging stations and high-demand sites.
Looking ahead, EVgo Inc. (NASDAQ:EVGO) affirmed its full-year 2026 revenue guidance of $410 million to $470 million and initiated Q2 revenue guidance of $75 million to $85 million. CEO Badar Khan highlighted the company’s leadership in the fast-charging market and its readiness to capitalize on evolving market dynamics.
EVgo Inc. (NASDAQ:EVGO) owns and operates direct current fast charging network for EVs. Its product offerings include original equipment manufacturer charging and related services, commercial charging, charging data integration, and microtargeted advertising.
1. Gold Royalty Corp. (NYSEAMERICAN:GROY)
Number of Hedge Fund Holders: 26
Gold Royalty Corp. (NYSEAMERICAN:GROY) is one of the best fast growing penny stocks to buy right now. On May 6, Gold Royalty Corp. achieved record financial results for Q1 2026, reporting $7.2 million in revenue and $9.4 million in total revenue and land agreement proceeds. This performance represented 1,920 gold equivalent ounces/GEOs, with Adjusted EBITDA surging ~318% year-over-year to $7.0 million. The company ended the period with a strong balance sheet, featuring $13.6 million in cash, no debt, and an undrawn $150 million credit facility.
The company remains on track to meet its 2026 outlook of 7,500 to 9,300 GEOs, with Q1 results already exceeding the low end of this guidance on an annualized basis. Significant portfolio progress supported these results, including early production at the Odyssey Mine’s East Gouldie ramp and increased production guidance at the Côté Gold Mine. Management expects production for the remainder of the year to be weighted toward the second half as multiple assets continue their planned ramp-ups.
In a key leadership update, John Griffith has been appointed President of the company, and Jackie Przybylowski will expand her role to include sustainability efforts starting July 1, 2026. These appointments coincide with the company’s fifth anniversary of its initial public offering and the successful generation of 56 royalties through its generator model.
Gold Royalty Corp. (NYSEAMERICAN:GROY) is a precious metals-focused royalty company dedicated to providing financing solutions to the metals and mining industry, with a concentration on long-term production growth.
While we acknowledge the potential of GROY to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than GROY and that has 100x upside potential, check out our report about the cheapest AI stock.
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