5 Cheap Pharmaceutical Stocks to Watch

4. Amneal Pharmaceuticals, Inc. (NYSE:AMRX)

Number of Hedge Fund Holders: 17
Stock Price as of September 22: $5.03

Amneal Pharmaceuticals, Inc. (NYSE:AMRX) stands fourth on our list of the cheap pharmaceutical stocks to watch. It is a specialty pharmaceutical company that manufactures and commercializes complex oral solids, injectables, softgels, and inhalation products.

On August 25, Amneal Pharmaceuticals, Inc. (NYSE:AMRX) announced a successful late-stage trial of its IPX-203 drug in certain patients with Parkinson’s Disease and reported a significant improvement in the drug’s efficacy. In Q2 2021, Amneal Pharmaceuticals, Inc. (NYSE:AMRX) posted an EPS of $0.25, beating the consensus by $0.06. The company reported revenue of $535.07 million, presenting a 15.2% year-over-year growth. In April, Guggenheim lifted its price target on Amneal Pharmaceuticals, Inc. (NYSE:AMRX) to $8.00, while maintaining a ‘Buy’ rating on the shares. After hitting a low of $2.87 in April 2020 due to the pandemic-related financial market crash, Amneal Pharmaceuticals, Inc. (NYSE:AMRX) gained 18.99% in the past year.

Of the 873 hedge funds tracked by Insider Monkey, 17 hedge funds have positions in Amneal Pharmaceuticals, Inc. (NYSE:AMRX) as of Q2 2021, up from 15 in the previous quarter. These stakes are valued at over $53.6 million.