In this article, we discuss the 5 unknown biotech stocks that can explode in 2022. If you want to read about some more biotech stocks that can explode in 2022, go directly to 10 Unknown Biotech Stocks That Can Explode in 2022.
5. Outlook Therapeutics, Inc. (NASDAQ:OTLK)
Number of Hedge Fund Holders: 6
Outlook Therapeutics, Inc. (NASDAQ:OTLK) is a biotech firm focusing on the development of monoclonal antibodies for various ophthalmic indications. On June 14, the company announced that it would be re-submitting a biologics license application to authorities in September for ONS-5010, a drug developed by the company for the treatment of wet age-related macular degeneration, a retinal disease. Authorities had asked for further information related to the drug back in late May, forcing Outlook to withdraw an earlier license application.
Outlook Therapeutics, Inc. (NASDAQ:OTLK) has already begun planning for the commercial launch of the drug in 2023. This includes plans for manufacturing, distribution, sales force planning, and payor community engagement.
At the end of the first quarter of 2022, 6 hedge funds in the database of Insider Monkey held stakes worth $3.2 million in Outlook Therapeutics, Inc. (NASDAQ:OTLK), compared to 9 in the previous quarter worth $3.9 million.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Renaissance Technologies is a leading shareholder in Outlook Therapeutics, Inc. (NASDAQ:OTLK) with 729,192 shares worth more than $1.2 million.
4. Seelos Therapeutics, Inc. (NASDAQ:SEEL)
Number of Hedge Fund Holders: 8
Seelos Therapeutics, Inc. (NASDAQ:SEEL) is a biopharma firm developing drugs for the treatment of central nervous system, respiratory, and other disorders. On May 18, the company announced that it had obtained a patent approval for SLS-007, a drug being developed by the firm for treating various neurodegenerative diseases. The firm is administering the drug in a preclinical trial through an adeno-associated virus. Preliminary data from a study into the drug is expected in the second half of 2022.
In March, B Riley analyst Mayank Mamtani maintained a Buy rating on Seelos Therapeutics, Inc. (NASDAQ:SEEL) stock and lowered the price target to $4 from $6, identifying the higher operating expenditure ramp of the firm as one of the reasons behind the target drop.
Among the hedge funds being tracked by Insider Monkey, California-based investment firm Woodline Partners is a leading shareholder in Seelos Therapeutics, Inc. (NASDAQ:SEEL) with 2.8 million shares worth more than $2.3 million.
At the end of the first quarter of 2022, 8 hedge funds in the database of Insider Monkey held stakes worth $9.5 million in Seelos Therapeutics, Inc. (NASDAQ:SEEL), compared to 10 in the preceding quarter worth $22 million.
3. Homology Medicines, Inc. (NASDAQ:FIXX)
Number of Hedge Fund Holders: 9
Homology Medicines, Inc. (NASDAQ:FIXX) operates a genetics medicine firm. On June 13, the company announced that authorities in the United States had lifted a clinical hold on trials of a pheNIX gene therapy of the firm. The therapy is designed to treat patients with phenylketonuria, an inherited disorder that can lead to brain damage, intellectual disabilities or seizures. The FDA had ordered the hold in February citing need for further risk prevention measures in the trial, a concern that Homology has now addressed.
On June 13, HC Wainwright analyst Patrick Trucchio reiterated a Buy rating on Homology Medicines, Inc. (NASDAQ:FIXX) stock with a price target of $20, noting that valuation of the firm was “compelling” at present levels.
At the end of the first quarter of 2022, 9 hedge funds in the database of Insider Monkey held stakes worth $7 million in Homology Medicines, Inc. (NASDAQ:FIXX), compared to 14 in the preceding quarter worth $9 million.
Among the hedge funds being tracked by Insider Monkey, California-based investment firm Vivo Capital is the only shareholder in Homology Medicines, Inc. (NASDAQ:FIXX) with 853,143 shares worth $2.5 million.
2. OptiNose, Inc. (NASDAQ:OPTN)
Number of Hedge Fund Holders: 10
OptiNose, Inc. (NASDAQ:OPTN) is a biopharma firm focusing on the development of drugs for disorders related to the ear, nose, and throat. On June 13, the share price of the firm jumped over 36% after the firm announced Phase 3 data from the trial of a drug named Xhance, a treatment for chronic sinusitis patients. The firm said the data indicated that the drug had a “safety and tolerability profile consistent with its current labeling”. The results of the study are yet to undergo a peer review.
On June 13, Piper Sandler analyst David Amsellem reiterated an Overweight rating on OptiNose, Inc. (NASDAQ:OPTN) stock with a price target of $4, noting that the firm had a clear path to label expansion with regards to new drug Xhance.
At the end of the first quarter of 2022, 10 hedge funds in the database of Insider Monkey held stakes worth $23 million in OptiNose, Inc. (NASDAQ:OPTN), compared to 8 in the preceding quarter worth $10 million.
Among the hedge funds being tracked by Insider Monkey, Oregon-based investment firm Stonepine Capital is the only shareholder in OptiNose, Inc. (NASDAQ:OPTN) with 2.9 million shares worth $7.2 million.
1. Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX)
Number of Hedge Fund Holders: 18
Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) is a biotech firm concentrating on the development of treatments for neurodegenerative diseases. On June 13, the company announced that it had obtained approval from authorities in Canada for Albrioza, a drug developed by the company for the treatment of amyotrophic lateral sclerosis (ALS) under certain conditions. The approval is the first global approval for the drug and the first approved in Canada for ALS since 2018.
On June 14, Citi analyst Neena Bitritto-Garg maintained a Buy rating on Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) stock and raised the price target to $33 from $32, noting that an approval of a new drug of the firm in Canada was a positive.
At the end of the first quarter of 2022, 9 hedge funds in the database of Insider Monkey held stakes worth $179 million in Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX).
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