5 New Penny Stocks Redditors are Buying

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In this article, we discuss the 5 new penny stocks Redditors are buying. If you want to read our detailed analysis of these stocks, go directly to the 10 New Penny Stocks Redditors are Buying.

5. Outlook Therapeutics, Inc. (NASDAQ: OTLK)

Number of Hedge Fund Holders: 7

Outlook Therapeutics, Inc. (NASDAQ: OTLK) is ranked fifth on our list of 10 new penny stocks Redditors are buying. The firm operates as  a biopharmaceutical entity focusing on the development of monoclonal antibodies. It is headquartered in New Jersey. 

On August 3, investment advisory HC Wainwright reiterated a Buy rating on Outlook Therapeutics, Inc. (NASDAQ: OTLK) stock and raised the price target to $6 from $5, noting that the firm had announced exceptionally strong data on a new drug named Lytenava. 

At the end of the second quarter of 2021, 7 hedge funds in the database of Insider Monkey held stakes worth $2.3 million in Outlook Therapeutics, Inc. (NASDAQ: OTLK), down from 11 the preceding quarter worth $5.2 million. 

Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Two Sigma Advisors is a leading shareholder in Outlook Therapeutics, Inc. (NASDAQ: OTLK) with 695,800 shares worth more than $1.7 million. 

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