3 Top Penny Stocks for 5,000% Upside in 2024 and Beyond

Stocks to buy

In almost every situation, investors should stay away from penny stocks. They’re extremely speculative and they tend to facilitate delusions of grandeur. To be sure, there’s nothing wrong with hope. But hope shouldn’t be a substitute for sound research and due diligence.

Still, it’s also possible – in some limited sense – that you miss 100% of the shots you don’t take. Granted, I’ve got to be careful with this statement. If you take the shots, you’re more likely to miss than hit and those misses start adding up real fast.

As for the topic of this article – penny stocks for 5,000% upside this year – we’re standing on extremely ambitious ground. Basically, think of these ideas as fourth-and-forever plays with only a few seconds on the clock.

You’re hopeful but don’t get your hopes up (too much).

BioLine (BLRX)

Source: John Brueske / Shutterstock

A drug development company, BioLine (NASDAQ:BLRX) utilizes its acumen to power novel drug ideas past the bench. From the clinical development process to approval and commercialization, BioLine helps deliver meaningful therapeutics that address critical needs. Per its website, the company seeks to accelerate innovative ideas into the hands of the people who need them most: desperate patients seeking answers to their conditions.

Fundamentally, BioLine benefits from a massive total addressable market. According to Acumen Research and Consulting, the global drug discovery sector reached a valuation of $81.5 billion in 2022. Further, experts believe that the space could be worth $181.4 billion by 2032. If so, that would translate to a compound annual growth rate (CAGR) of 8.5%.

Given that the market capitalization of BLRX stock is only $96 million, it technically enjoys a robust upside pathway. However, the company will need to print something on the top line eventually to satisfy investors.

Still, H.C. Wainwright’s willing to bet on BioLine, rating shares a “buy” with a $21 target. That comes out to almost 1,594% upside. Therefore, BLRX ranks among the penny stocks to consider.

Tonix Pharma (TNXP)

Source: Vitalii Vodolazskyi / Shutterstock.com

A pharmaceutical company located in Chatham, New Jersey, Tonix Pharma (NASDAQ:TNXP) focuses on repurposed drugs for central nervous system conditions. During the Covid-19 outbreak, Tonix worked to develop a vaccine for the SARS-CoV-2 virus. In addition, the company features an infectious disease unit, which includes solutions for monkeypox and smallpox. Given the frailty of modern society, such biodefense programs saw increased demand during COVID-19.

Moving forward, Tonix’s repurposing – the leveraging of active pharmaceutical ingredients already on the market for a new indication – business may be compelling. Part of the advantage of going this route is cost savings. Essentially, pharmaceutical firms don’t have to deploy costs to conduct preclinical research. Still, it’s not a slam-dunk directive so caution is absolutely necessary.

On the financial front, Tonix recently posted revenue for its third quarter last year, which is encouraging. Still, it’s going to need to continue building momentum to attract new investor dollars. Fortunately, Alliance Global Partners views TNXP stock as a “buy” with a $6 price target. That comes out to almost 1,800% up, making it one of the most attractive penny stocks to consider.

Kezar Life Sciences (KZR)

Hailing from San Francisco, California, Kezar Life Sciences (NASDAQ:KZR) is advancing unique protein-targeting approaches designed to address the limitations of available treatments. As the company’s website points out, proteins are essential to every cell in the body. However, when dysregulated, they can play a role in activating disease-driving cellular pathways.

To that end, Kezar is developing novel, first-in-class small molecule approaches for targeting select proteins to regulate cellular function. These unique approaches are designed to inhibit multiple drivers of disease, resulting in a potentially broad treatment effect, states the company’s website.

Fundamentally, KZR stock benefits from a large addressable market. The Business Research Company notes that the protein inhibitors market size may grow from its current $80.99 billion valuation to $88.74 billion by the end of this year. By 2028, the space could be worth over $125 billion.

H.C. Wainwright believes KZR stock has the potential to reach $20. If so, we’re talking about 2,253% growth, making it one of the top extreme penny stocks to consider.

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.

Read More:Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.

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