5 Penny Stocks That Can Explode in 2022

4. CTI BioPharma Corp. (NASDAQ:CTIC)

Number of Hedge Fund Holders: 11

Share Price (as of March 18): $4.18

CTI BioPharma Corp. (NASDAQ:CTIC) is a US-based biopharmaceutical firm that provides therapies for blood-related cancers. The firm has been in the spotlight ever since the US Food and Drug Administration (FDA) approved its medical therapy called Vonjo on March 1, which treats a rare type of bone marrow cancer known as Myelofibrosis in adults. As of March 18, CTI BioPharma Corp. (NASDAQ:CTIC) has seen its share price gain 76.37% in the last month, and 25.53% in the last 12 months.

On March 1, Brookline analyst Leah Rush Cann maintained a ‘Buy’ rating on CTI BioPharma Corp. (NASDAQ:CTIC) shares and raised the price target to $12 from $7.20 after the announcement of the FDA approval. She notes that without a blackbox warning, the drug’s prescribing label is better than anticipated, and she has updated her outlook to include more patients for second-line treatments.

Biotechnology Value Fund / BVF Inc was the largest shareholder of CTI BioPharma Corp. (NASDAQ:CTIC) in the fourth quarter, with 8.9 million shares worth $22.14 million. In total, 11 hedge funds were holding stakes in CTI BioPharma Corp. (NASDAQ:CTIC) in the fourth quarter, with a combined worth of $56.7 million. The same number of hedge funds were bullish on the company shares a quarter ago as well.