5 Popular Penny Stocks on Robinhood

3. Phio Pharmaceuticals Corp. (NASDAQ:PHIO)

Stock Price as of June 10: $0.7380     

Number of Hedge Fund Holders: 3

Phio Pharmaceuticals Corp. (NASDAQ:PHIO) is a Marlborough, Massachusetts-based biotech company focused on developing innovative cancer treatments that overcome tumor immunosuppression.

During the 2022 American Society of Oncology (ASCO) annual meeting, Phio Pharmaceuticals Corp. (NASDAQ:PHIO) presented the study outline for its Phase 1b clinical trial of a self-delivering RNAi for the treatment of advanced melanoma. During Q1 2022, Phio Pharmaceuticals Corp. (NASDAQ:PHIO) reported a loss per share of 19 cents, beating the consensus estimates of 30 cents. Phio Pharmaceuticals Corp. (NASDAQ:PHIO) finished the quarter with cash and cash equivalent of $20.5 million, which is sufficient to sustain its growth until Q2 2023.

Of the 912 hedge funds in Insider Monkey’s database, 3 funds held a stake in Phio Pharmaceuticals Corp. (NASDAQ:PHIO) as of Q1 2022.