5 Penny Stocks To Buy in May

4. Biora Therapeutics Inc (NASDAQ:PROG)

Number of Hedge Fund Holders: 6

Share Price as of May 6: $0.88

Biora Therapeutics Inc (NASDAQ:PROG) operates as a biotechnology company and develops and commercializes molecular testing products in the United States. This March, the company announced the success of its clinical device performance study which was performed for the evaluation of its Drug Delivery System capsule. According to Bioara Therapeutics Inc (NASDAQ:PROG), the company’s DDS capsule was well-tolerated and achieved success in 10 out of 12 subjects. Moreover, the company reported a profitable fourth quarter in 2021 as presented in its earnings release on March 28, 2022. Biora Therapeuics Inc (NASDAQ:PROG) saw its quarterly revenues grow by 300% year over year which came in at $0.44 million. 

Growing sales and successful projects are making Biora Therapeuics Inc (NASDAQ:PROG) gain bullish views from analysts and investors alike. This May, BTIG analyst Julian Harrison assumed coverage of Biora Therapeutics Inc (NASDAQ:PROG) with a Buy rating and a $4 price target. Harrison contends that the company transformed from primarily being a diagnostic and tools company to becoming a powerful research and development engine. The analyst views the stock to be undervalued and sees long-term upside potential for it. Biora Therapeuics Inc (NASDAQ:PROG) is one of the best penny stocks to buy in May.

By the end of the fourth quarter of 2021, Biora Therapeutics Inc (NASDAQ:PROG) was spotted on 6 hedge funds’ portfolios, which held stakes worth $4.78 million in the company. This is compared to 4 positions in the preceding quarter with stakes of $1.71 million. The hedge fund sentiment for the stock is positive.

As of December 31, 2021, Sabby Capital is the leading stakeholder in Bioara Therapeutics Inc (NASDAQ:PROG) with stakes worth $2.26 million. The investment covers 0.33% of the hedge fund’s investment portfolio.