5 Biotech Penny Stocks with Growth Catalysts

4. CTI BioPharma Corp. (NASDAQ:CTIC)

Number of Hedge Fund Holders: 11

Share Price as of April 5: $4.755

CTI BioPharma Corp. (NASDAQ:CTIC) was incorporated in 1991 and is headquartered in Seattle, Washington. The company specializes in the development and commercialization of targeted therapies for blood-related cancers in the United States.

On February 28, the FDA approved CTI BioPharma Corp. (NASDAQ:CTIC)’s VONJO for the treatment of adults with intermediate and high-risk primary or secondary myelofibrosis with a low platelet count. Limited treatment options have classified this disease as an area of urgent unmet medical need. CTI BioPharma Corp. (NASDAQ:CTIC)’s VONJO is a safe treatment option for myelofibrosis, and the development of the drug is a significant growth catalyst for the company.

Brookline analyst Leah Rush Cann raised the price target on CTI BioPharma Corp. (NASDAQ:CTIC) on March 1 to $12 from $7.20 and reiterated a Buy rating on the shares after the company reported the FDA approval for VONJO. 

According to Insider Monkey’s fourth quarter database, 11 hedge funds were bullish on CTI BioPharma Corp. (NASDAQ:CTIC), with combined stakes worth $56.6 million. Mark Lampert’s Biotechnology Value Fund / BVF Inc is the biggest shareholder of the company, with approximately 9 million shares worth $22.1 million.