5 Best Penny Stocks To Buy According To Hedge Funds

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In this article, we discuss the 5 best penny stocks to buy according to hedge funds. If you want to read our detailed analysis of these stocks, go directly to the 11 Best Penny Stocks To Buy According To Hedge Funds.

5. Sesen Bio, Inc. (NASDAQ:SESN)

Number of Hedge Fund Holders: 10  

Sesen Bio, Inc. (NASDAQ:SESN) has had a hot and cold year so far. The company, placed fifth on our list of 11 best penny stocks to buy according to hedge funds, saw share price fall heavily in August after the drug body in the US failed to approve Vicineum, a cancer drug therapy, developed by the firm. Following the unexpected setback, the company revealed a restructuring plan in September, reducing workforce and implementing cost-saving measures. The stock jumped more than 26% as a result. 

Sesen Bio, Inc. (NASDAQ:SESN) reported cash and cash equivalents of more than $150 million at the end of the second quarter of 2021. The stock has now become a favorite of retail investors on internet platform Reddit, driving high volumes. 

At the end of the second quarter of 2021, 10 hedge funds in the database of Insider Monkey held stakes worth $46 million in Sesen Bio, Inc. (NASDAQ:SESN), down from 11 in the preceding quarter worth $35 million. 

Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Schonfeld Strategic Advisors is a leading shareholder in Sesen Bio, Inc. (NASDAQ:SESN) with 3.8 million shares worth more than $17 million. 

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