5 Best Penny Stocks to Buy Under $1

3. FibroGen, Inc. (NASDAQ:FGEN)

Number of Hedge Fund Holders: 22

Yet another biopharma company in our list of the best penny stocks under $1, FibroGen, Inc. (NASDAQ:FGEN) is working on treatments for serious unmet medical needs, including idiopathic pulmonary fibrosis, pancreatic cancer, and Duchenne muscular dystrophy.

A total of 22 hedge funds in Insider Monkey’s database of hedge funds had stakes in FibroGen, Inc. (NASDAQ:FGEN). The biggest stake in FibroGen, Inc. (NASDAQ:FGEN) was owned by Steven Boyd’s Armistice Capital which owns a $12 million stake in the company.