5 Penny Stocks to Buy in March

In this article, we discuss the 5 penny stocks to buy in March. In order to read our detailed analysis of these penny stocks, go directly to 10 Penny Stocks to Buy in March.

5. CTI BioPharma Corp. (NASDAQ:CTIC)

Number of Hedge Fund Holders: 11

Share Price (as of March 3): $3.95

CTI BioPharma Corp. (NASDAQ:CTIC) is a biopharmaceutical company based in the United States, developing therapies for blood-related cancers. On March 1, FDA approved CTI BioPharma Corp.’s (NASDAQ:CTIC) therapy for adults with a rare type of bone marrow cancer known as Myelofibrosis, called pacritinib or Vonjo. 

This led to a surge in the share price of the Seattle-based firm. As of March 3, CTI BioPharma Corp. (NASDAQ:CTIC) has seen its share price jump a whopping 97.50% in the last month, 59.27% in the year to date.

After the FDA approval, Brookline analyst Leah Rush Cann raised her firm’s price target on CTI BioPharma Corp. (NASDAQ:CTIC) to $12 from $7.20 and maintained a Buy rating on the stock. She noted that the drug’s prescribing label is better than anticipated because it has no blackbox warning, and she has thus adjusted her outlook to include more patients more for second-line treatments.

11 hedge funds were bullish on CTI BioPharma Corp. (NASDAQ:CTIC) in Q4, with aggregate positions worth $56.7 million. Biotechnology Value Fund / BVF Inc is the top shareholder of CTI BioPharma Corp. (NASDAQ:CTIC) in the fourth quarter, holding 8.9 million shares worth $22.14 million.