5 Best NASDAQ Penny Stocks to Buy

In this article, we discuss 5 best NASDAQ penny stocks to buy. If you want to read our detailed analysis of the stock market and returns of NASDAQ, go directly to read 12 Best NASDAQ Penny Stocks to Buy. 

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

Number of Hedge Fund Holders: 20
Share Price as of July 2: $3.29

bluebird bio, Inc. (NASDAQ:BLUE) is an American biotech company that develops gene therapies for genetic disorders. The company recently announced that the U.S. Food and Drug Administration (FDA) granted priority review to its Biologics License Application (BLA) for the gene therapy called lovo-cel, which is intended for patients with sickle cell disease (SCD). The FDA’s priority review designation recognizes the importance and urgency of this therapy for individuals with SCD.

bluebird bio, Inc. (NASDAQ:BLUE) reported strong results in the first quarter of 2023. The company generated revenue of $2.38 million, which showed a 22.1% growth from the same period last year. It ended the quarter with $364 million available in cash and cash equivalents.

At the end of Q1 2023, 20 hedge funds in Insider Monkey’s database reported having stakes in bluebird bio, Inc. (NASDAQ:BLUE), the same as in the previous quarter. These stakes have a collective value of over $84.8 million.