5 Biotech Penny Stocks to Buy According to Reddit

4. Abeona Therapeutics Inc. (NASDAQ: ABEO)

Number of Hedge Fund Holders: 7 

Price as of August 6, 2021: $1.28 per share  

Abeona Therapeutics Inc. (NASDAQ: ABEO) is placed fourth on our list of 10 biotech penny stocks to buy according to Reddit. The firm is based in New York and operates as a biopharmaceutical entity that focuses on the development of gene and cell therapies to treat life-threatening rare diseases. In earnings results for the second quarter, posted on July 28, the firm reported earnings per share of -$0.16, beating market estimates by $0.01. On July 26, the share price jumped 10% on the back of positive results from a study into a drug for the treatment of Sanfilippo Syndrome Type A. 

On July 19, investment advisory HC Wainwright maintained a Buy rating on Abeona Therapeutics Inc. (NASDAQ: ABEO) stock but lowered the price target from $8 to $5, highlighting a tribunal ruling against the firm though the overall outlook remained positive. 

At the end of the first quarter of 2021, 7 hedge funds in the database of Insider Monkey held stakes worth $16 million in Abeona Therapeutics Inc. (NASDAQ: ABEO), down from 11 in the preceding quarter worth $25 million.