5 Penny Stocks Redditors are Buying in August

2. Sesen Bio, Inc. (NASDAQ: SESN)

Number of Hedge Fund Holders: 11  

Price as of August 12, 2021: $4.04 per share

Sesen Bio, Inc. (NASDAQ: SESN) is placed second on our list of 10 penny stocks Redditors are buying in August. The company is headquartered in Cambridge and makes and sells targeted fusion protein therapeutics for cancer treatment. On August 5, the company announced that it had signed an agreement with Eczacibasi Pharmaceuticals in Turkey for the commercialization of a treatment for bladder cancer. The company revealed that it would receive royalties to the tune of 30% on net sales in the country. 

On July 22, investment advisory Canaccord reiterated a Buy rating on Sesen Bio, Inc. (NASDAQ: SESN) stock with a price target of $7, underlining that the firm was expected to receive regulatory approval for the sale of a new drug named Vicineum by August 18. 

At the end of the first quarter of 2021, 11 hedge funds in the database of Insider Monkey held stakes worth $35 million in Sesen Bio, Inc. (NASDAQ: SESN), up from 10 in the preceding quarter worth $10 million.