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.
4. Ardelyx, Inc. (NASDAQ:ARDX)
Number of Hedge Fund Holders: 12
Share Price (as of March 3): $0.95
Ardelyx, Inc. (NASDAQ:ARDX) is a biopharmaceutical firm based in California, United States. The firm was given a ‘Buy’ rating by Jefferies analyst Chris Howerton on March 2, and a price target of $5, up from $1. The analyst sees Ardelyx, Inc. (NASDAQ:ARDX) standing out from its competitors given its approved irritable bowel syndrome with constipation, or IBS-C, product called Ibsrela, which will launch in April. The analyst estimates peak sales for the Ibsrela product around $300 million, and sees its commercial opportunity validated by Linzess and Trulance, two competitor products that have seen $1 billion and $100 million in 2021 sales respectively.
Investors were eager on Ardelyx, Inc. (NASDAQ:ARDX) shares at the close of Q4 2021, with 12 hedge funds holding stakes in the company, as compared to 10 hedge funds in the Q3 2021. With a stake comprising of 2.75 million shares worth more than $3 million, Solas Capital Management was the top shareholder in Ardelyx, Inc. (NASDAQ:ARDX) at the close of the fourth quarter.
Ardelyx, Inc. (NASDAQ:ARDX) posted earnings per share of -$0.31 in Q4, beating estimates by $0.03. Revenue of $1.03 million was also above estimates by $153,000.
3. Arbutus Biopharma Corporation (NASDAQ:ABUS)
Number of Hedge Fund Holders: 13
Share Price (as of March 3): $2.95
Arbutus Biopharma Corporation (NASDAQ:ABUS) is a biopharmaceutical company which specializes in therapies for chronic Hepatitis B Virus (HBV) infections. On March 3, Chardan Capital analyst Keay Nakae reiterated a Buy rating on Arbutus Biopharma Corporation (NASDAQ:ABUS), and set a price target of $6.00, up from $5.50. In December, research firm JMP Securities also gave the firm a ‘Buy’ rating and a price target of $9.
Arbutus Biopharma Corporation (NASDAQ:ABUS) in December entered into an exclusive licensing agreement and strategic partnership with China’s Qilu Pharmaceutical, to develop and commercialize the AB-729 therapy for Hepatitis B virus (HBV) in China, Hong Kong, Taiwan and Macau. This deal will see Arbutus Biopharma Corporation (NASDAQ:ABUS) receive $40 million cash and a $15 million in an equity investment. In December last year, Arbutus Biopharma Corporation (NASDAQ:ABUS) won in its patent dispute with Moderna, maker of the Covid-19 vaccine, involving its licensed four-lipid nanoparticles delivery system.
In the fourth quarter, Arbutus Biopharma Corporation (NASDAQ:ABUS) posted an EPS of -$0.15, which beat consensus estimates by $0.05. The company’s revenue for the quarter stood at $3.20 million, up 34.82% year-on-year and above analysts’ forecasts by $328,000.
As of the fourth quarter, Millennium Management was the leading shareholder of Arbutus Biopharma Corporation (NASDAQ:ABUS), having upped its stake by 198% over the previous quarter to a position comprising of more than 3 million shares valued at $11.8 million. In total, 13 hedge funds were bullish on Arbutus Biopharma Corporation (NASDAQ:ABUS) in the fourth quarter of 2021.
2. Pixelworks, Inc. (NASDAQ:PXLW)
Number of Hedge Fund Holders: 15
Share Price (as of March 3): $3.09
Next up is Pixelworks, Inc. (NASDAQ:PXLW), a US-based company which makes semiconductors and digital display software solutions used by the smartphone industry. The firm boasts 338 patents related to video display processor products.
Colliers analyst Derek Soderberg in January gave Pixelworks, Inc. (NASDAQ:PXLW) a ‘Buy’ rating, up from ‘Neutral’ and set a $5 price target. The analyst sees a better supply chain situation boosting the firm’s mobile business, and called Pixelworks, Inc.’s (NASDAQ:PXLW) outlook for 2022 ‘too good to ignore’.
Pixelworks, Inc. (NASDAQ:PXLW) provides its digital display products to Chinese smartphone-maker OnePlus, which deploys the firm’s Pro Software solution in the OnePlus 10 Pro smartphone to improve screen color accuracy. Vivo, another Chinese smartphone company, also uses Pixelworks’ X5 Pro visual processor in its iQOO 9 series smartphone, to improve digital displays during the running of heavy smartphone games.
Investors realize the upward potential of Pixelworks, Inc. (NASDAQ:PXLW), with 15 hedge funds holding stakes in the firm at the close of the fourth quarter, in comparison to 12 hedge funds in Q3. Millennium Management of Israel Englander was the top shareholder in Pixelworks, Inc. (NASDAQ:PXLW) in the fourth quarter, with a stake consisting of 1.68 million shares worth $7.4 million.
Pixelworks, Inc. (NASDAQ:PXLW) posted an EPS of -$0.03 for the fourth quarter, beating consensus estimates by $0.02. Quarterly revenue of $16.59 million was also above analysts’ forecasts by $113,000.
1. Nokia Oyj (NYSE:NOK)
Number of Hedge Fund Holders: 26
Share Price (as of March 3): $4.96
Nokia Oyj (NYSE:NOK) is a Finnish telecommunications giant, which has been making waves with its forays into the lucrative 5G market, winning infrastructure contracts around the world. In February, Callum Keown of Barron’s said that Nokia Oyj (NYSE:NOK) had successfully completed the first part of its turnaround after a few bad years, and now has the perfect opportunity to become a dominant player in the 5G market, making it a good time to buy Nokia stock.
In the start of March, Nokia Oyj (NYSE:NOK) was selected by Indosat Ooredoo Hutchison (IOH) in a three-year contract, to deploy and expand its 4G and 5G network across Indonesia. Nokia will help IOH with the latest 5G equipment to ensure the firm becomes the most dominant digital telecommunications firm in the country.
Nokia Oyj (NYSE:NOK) also launched the first phase of its share buyback program in February, in which the total stock purchase will amount to €300 million or less. This buy back started on February 14, and will end by December 2022.
Nokia Oyj (NYSE:NOK) has seen its share price gain 24.62% in the last 12 months, as of March 3. The firm reported its Q4 EPS at $0.15, outperforming estimates by $0.02. Quarterly revenue of $7.33 billion was also above analysts’ forecasts by $54.89 million.
In the fourth quarter, Arrowstreet Capital was the largest shareholder of Nokia Oyj (NYSE:NOK), with 37.4 million shares valued at $232.3 million. Hedge fund sentiment on the Finnish company was up, with 26 hedge funds long on Nokia Oyj (NYSE:NOK) shares in Q4, as compared to 22 in the preceding quarter.
You can also take a look at 10 Best Stocks To Buy and Hold For 5 Years and 10 Best Solar Energy Stocks To Buy Now.
