5 Biotech Penny Stocks to Buy According to Reddit

3. Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI)

Number of Hedge Fund Holders: 8

Price as of August 6, 2021: $3.25 per share  

Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) is ranked third on our list of 10 biotech penny stocks to buy according to Reddit. The company is headquartered in Nevada and develops and sells oncology and hematology drug products. In earnings results of the first quarter, posted on May 13, the firm reported cash and cash equivalents over the period were $162 million. On June 4, the firm released positive results from a study of a drug for treatment of lung cancer. It has a market cap of close to $500 million.  

In earnings results for the first quarter, posted on May 13, Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) reported earnings per share of -$0.2, in line with market expectations. The cash and cash equivalents over the period were $162 million. 

At the end of the first quarter of 2021, 8 hedge funds in the database of Insider Monkey held stakes worth $47 million in Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI), down from 9 the preceding quarter worth $50 million.