5 Best Medical Stocks to Buy Under $10

4. bluebird bio, Inc. (NASDAQ:BLUE)

Share Price as of February 21: $1.09

Number of Hedge Fund Holders: 32

Somerville, Massachusetts-based bluebird bio, Inc. (NASDAQ:BLUE) is a biotechnology company that develops gene therapies for severe genetic disorders. It has secured FDA approvals for three therapies targeting sickle cell disease, β-thalassemia and cerebral adrenoleukodystrophy.

In December, bluebird bio, Inc. (NASDAQ:BLUE) raised gross proceeds of nearly $125 million through a public offering of its common shares at a share price of $1.50 per share. Its intends to use the net proceeds of the offering (i) to support commercialization and manufacturing for its three approved gene therapies, ZYNTEGLO, SKYSONA and LYFGENIA; and (ii) to fund working capital and other general corporate purposes.

As of Q4 2023, bluebird bio, Inc. (NASDAQ:BLUE) shares were held by 32 leading hedge funds tracked by Insider Monkey with the total shares held by hedge funds valued at $55 million. Anand Parekh’s Alyeska Investment Group was its leading hedge fund shareholder with ownership of 6.9 million shares valued at $9.5 million.