![]() The analyst is anticipating Ardelyx, Inc. Raymond welcomed the surprising ruling by the FDA advisory in favor of tenapanor for its role in addressing dependent chronic kidney disease. The target price reflects a potential upside of more than 346% from the closing price as of December 12. (NASDAQ:ARDX) stock from a Neutral to an Overweight rating and increased the target price from $3 to $8. In a report issued to investors on November 17, Christopher Raymond at Piper Sandler upgraded Ardelyx, Inc. Furthermore, the company has therapeutics for the treatment of hyperphosphatemia, hyperkalemia, and metabolic acidosis in the pipeline. The company has the distinction of developing and commercializing the first-in-class therapeutic for the treatment of irritable bowel syndrome. (NASDAQ:ARDX) is a Waltham, Massachusetts-based biotech company founded in 2007. Experts are bullish on the long-term outlook of Geron Corporation (NASDAQ:GERN) as one of the best penny stocks in the market. The analyst also expects a positive outcome of the Phase 3 drug trials that could pave the way for a commercial launch in 2024, providing a further boost to the stock price. Robert Driscoll at Wedbush initiated coverage on Geron Corporation (NASDAQ:GERN) stock with an Outperform rating and a target price of $5 in a research note issued on October 28. Analysts believe a favorable outcome could result in significant growth for the company as it intends to submit a New Drug Administration (NDA) with the US Food and Drug Administration (FDA) and a Marketing Authorization Application (MAA) with the European Medicines Agency (EMA) during 2023. ![]() Considering that the management expects the drug’s peak sales of $1.2 billion in Lower Risk Myelodysplastic Syndrome (LRMDS) alone, Geron Corporation’s (NASDAQ:GERN) market capitalization is expected to rise after new data is published in early 2023. The market also appears to agree that the company will be successful in its efforts to obtain clearance for Imetelstat. Geron Corporation (NASDAQ:GERN) is anticipating positive results of phase three trials for one of its therapeutics in January. The therapeutic is being developed to treat certain types of cancer. Geron Corporation (NASDAQ:GERN) is a Menlo Park, California-based late-stage clinical biotech company focused on developing and commercializing a first-in-class telomerase inhibitor known as imetelstat. (NASDAQ: RIOT).ġ0 Penny Stocks That Can Grow Big in 2023 10. (NASDAQ: CLOV), and Riot Blockchain, Inc. (NYSE: WE), Clover Health Investments, Corp. Some of the best penny stocks attracting hedge fund investment currently include WeWork Inc. ![]() ![]() Taking a stake in these companies can allow investors to benefit from solid returns in a short period of time. However, some small-cap companies operating in the leading sectors, such as biotechnology, artificial intelligence (AI), and electric vehicles (EVs), have the potential to expand rapidly in 2023. The stock price movement of penny stocks can be unpredictable, especially when investors start to take an interest in a penny stock for speculative purposes only. It must be noted that investing in penny stocks comes with a significant level of uncertainty. In 2023, once the economy cools down and inflation rates stabilize, the US Federal Reserve can be expected to take expansionary actions that can result in a rally for penny stocks. This is because the level of economic uncertainty can be expected to ease as experts believe that inflation has peaked in the US. ![]() However, we anticipate a turn of fortunes in the penny stock universe in 2023. During 2021, the Russell 2000 Index saw a rise of 13.7%. This reflected a reversal of the trend of 2021 when penny stocks were in the limelight and the talk of the town. The Russell 3000 Index comprises small-cap companies only. The Russell 2000 Index, which comprises the 2,000 smallest companies in the Russell 3000 Index, saw a decline of 19.5% since the start of the year and has lost as much as 26% multiple times this year. Although some penny stocks might have outperformed the market, the broader view taken by the market regarding penny stocks has been bearish. Numerous speculative asset classes, including cryptocurrency and penny stocks, have suffered at the hands of economic uncertainty this year. If you want to see more stocks in this selection, go to the 5 Penny Stocks That Can Grow Big in 2023. In this article, we will take a look at the 10 penny stocks that can grow big in 2023. ![]()
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