5 Penny Stocks With Biggest Upside

3. Ardelyx, Inc. (NASDAQ:ARDX)

Number of Hedge Fund Holders: 19 

Share Price as of December 20: $1.76

Ardelyx, Inc. (NASDAQ:ARDX) is a biopharmaceutical company that discovers, develops, and commercializes medicines to treat gastrointestinal and cardiorenal therapeutic areas in the United States and internationally. On November 17, Piper Sandler analyst Christopher Raymond upgraded Ardelyx, Inc. (NASDAQ:ARDX) to Overweight from Neutral with a price target of $8, up from $3, noting that the FDA advisory committee gave a surprisingly positive vote of 9-4 in favor of tenapanor as monotherapy and 10-2 as combo therapy for the control of serum phosphorus in dialysis-dependent chronic kidney disease.

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Deep Track Capital is a leading shareholder in Ardelyx, Inc. (NASDAQ:ARDX) with 14.9 million shares worth more than $17.7 million.