5 Penny Stocks Redditors are Buying in August

4. Citius Pharmaceuticals, Inc. (NASDAQ: CTXR)

Number of Hedge Fund Holders: 5     

Price as of August 12, 2021: $1.84 per share

Citius Pharmaceuticals, Inc. (NASDAQ: CTXR) is a New Jersey-based pharmaceutical company that concentrates on the development and marketing of products for critical care. It is placed fourth on our list of 10 penny stocks Redditors are buying in August. On June 8, the share price of the firm jumped more than 3% after it announced that it had planned an interim analysis on a Phase 3 trial of Mino-Lok, a drug for the treatment of bloodstream infections, at the end of June. 

In earnings results for the first quarter, posted on May 13, Citius Pharmaceuticals, Inc. (NASDAQ: CTXR) reported earnings per share of -$0.04, beating market predictions by $0.05. The cash and cash equivalents at the end of March were $103 million. 

Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Renaissance Technologies is a leading shareholder in Citius Pharmaceuticals, Inc. (NASDAQ: CTXR) with 989,096 shares worth more than $1.7 million.