5 Penny Stocks With Long-Term Growth Catalysts

2. 180 Life Sciences Corp. (NASDAQ:ATNF)

Number of Hedge Fund Holders: 7    

180 Life Sciences Corp. (NASDAQ:ATNF) is placed second on our list of 10 penny stocks with long-term growth catalysts. The company operates in the biotech industry and develops drugs for the treatment of unmet medical needs. It is headquartered in California. 

On September 30, 180 Life Sciences Corp. (NASDAQ:ATNF) stock surged more than 6.5% after the firm was granted a patent for an application related to a new method for reducing post-operative cognitive dysfunction. The firm owns the exclusive rights to the patent.

At the end of the second quarter of 2021, 7 hedge funds in the database of Insider Monkey held stakes worth $9.8 million in 180 Life Sciences Corp. (NASDAQ:ATNF), up from 4 in the preceding quarter worth $1.5 million.