Reddit biotech stocks in focus

 

Progenity, Inc. (NASDAQ:PROG)

Number of Hedge Fund Holders: 6

Progenity, Inc. (NASDAQ:PROG) makes and sells molecular testing products. The stock has surged in the past weeks, returning 38% to investors in the past month as the firm announced that it had been granted patents related to a new ingestible therapeutics technology it was developing. The new technology will help deliver drugs being developed by drug giants like Pfizer, a key growth catalyst highlighted by Redditors.

HC Wainwright analyst Joseph Pantginis recently initiated coverage of Progenity, Inc. (NASDAQ:PROG) stock with a Buy rating and a price target of $4, noting the “differentiated” drug pipeline of the firm.

At the end of the second quarter of 2021, 6 hedge funds in the database of Insider Monkey held stakes worth $34 million in Progenity, Inc. (NASDAQ:PROG), down from 9 in the previous quarter worth $17 million.

Cassava Sciences, Inc. (NASDAQ:SAVA)

Number of Hedge Fund Holders: 13

Cassava Sciences, Inc. (NASDAQ:SAVA) is a biotech firm that focuses on the development of drugs for the treatment of neurodegenerative diseases. Even though the short interest on the stock is very high, at over 30%, Redditors have been busy highlighting a recent report in a medical journal that there was no evidence of data manipulation in an article published by Cassava in the journal earlier to highlight efficacy of an Alzheimer's drug under development.

On September 23, investment advisory B Riley maintained a Buy rating on Cassava Sciences, Inc. (NASDAQ:SAVA) stock with a price target of $108. Mayank Mamtani, an analyst at the advisory, issued the ratings update.

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Cassava Sciences, Inc. (NASDAQ:SAVA) with 311,538 shares worth more than $26 million.

https://finance.yahoo.com/news/10-reddit-stocks-buy-november-163336835.html