5 Best Penny Stocks to Buy Now

3. Ardelyx, Inc. (NASDAQ:ARDX)

Number of Hedge Fund Holders: 19

Share Price as of December 20: $1.96

Ardelyx, Inc. (NASDAQ:ARDX), one of the elite penny stocks to invest in, is a biopharmaceutical company.  On November 17, shares of Ardelyx gained 40% when the FDA advisory panel approved tenapanor as a treatment for renal disease. Following this, Piper Sandler analyst Christopher Raymond upgraded Ardelyx, Inc. (NASDAQ:ARDX) stock to Overweight from Neutral with a $8 price target.

Ardelyx, Inc. (NASDAQ:ARDX) was a part of 19 hedge fund portfolios in Q3 2022, as per Insider Monkey’s data. The stakes owned by these hedge funds have a total value of over $42.4 million. Deep Track Capital was the company’s leading stakeholder in Q3.