2 Penny Stocks With Massive Upside Potential to Watch Out for in 2023
26 Januar 2023 - 11:24AM
Finscreener.org
Penny
stocks are a type of investment that is typically characterized
by their low price per share, typically less than $5. Generally,
these stocks trade on over-the-counter (OTC) markets, as opposed to
major exchanges like the NYSE or NASDAQ.
While penny stocks can certainly
offer investors the opportunity for high returns, they also come
with a high level of risk. As these stocks are not listed on major
exchanges, they are not subject to the same level of regulatory
oversight, and hence, the information available to investors about
these companies may be limited.
Another major risk associated
with penny stocks is the potential for fraud. Due to the lack of
regulation and oversight, some unscrupulous companies and
individuals may use these stocks to take advantage of unsuspecting
investors.
Should you invest in penny stocks?
ItU+02019s important to do your
due diligence and research any penny stock investment thoroughly
before putting your money into it. These stocks can be highly
speculative and can experience significant price fluctuations,
making it difficult to predict their value in the short
term.
Additionally, many penny stocks
are issued by small, thinly traded companies that may not have a
proven track record of profitability. While the risks associated
with penny stocks can be significant, investors who are willing to
do their homework and are comfortable with a higher level of risk
may find them to be an attractive investment
opportunity.
However, itU+02019s important to
remember that penny stocks should only make up a small portion of a
diversified investment portfolio.
Keeping these factors in mind,
let’s take a look at two top penny stocks you can buy right
now.
Precigen
Wall Street experts anticipate
great success for Precigen (NASDAQ: PGEN) in 2023. The driving force behind this
optimism is the companyU+02019s cutting-edge platforms, UltraCAR-T
and AdenoVerse, which aim to overcome major challenges in the field
of cell and gene therapy.
UltraCAR-T, for example, has the
potential to reduce the delivery time for next-generation
anti-cancer cell therapies from weeks to just one day. AdenoVerse,
on the other hand, holds the key to creating powerful new genetic
therapies for a wide range of difficult-to-treat
indications.
Analysts following the stock
believe that PrecigenU+02019s shares could experience growth of up
to 264% in the next year.
Rigel Pharmaceuticals
Recently,
Rigel (NASDAQ:
RIGL), a
biopharmaceutical company at the commercial stage, has been gaining
momentum. The companyU+02019s shares have seen a 23% increase since
the beginning of the year. Wall Street is taking notice of Rigel
for several reasons.
One significant factor is the FDA
approval of Rezlidhia for patients with relapsed/refractory acute
myeloid leukemia with a susceptible isocitrate dehydrogenase-1
mutation. Although the drug will be facing competition from
ServierU+02019s Tibsovo, its superior profile could lead to
approximately $90 million in annual sales, as estimated by some
analysts. This is a substantial amount for a company with a market
capitalization of $320 million.
Additionally, RigelU+02019s first
commercial-stage drug, Tavalisse, which is used to treat chronic
immune thrombocytopenia, has been performing well in the market.
Together, Rezlidhia and Tavalisse could help the company achieve a
break-even point in terms of cash flow as early as 2024.
Lastly, Rigel has several
upcoming clinical catalysts that could cause its shares to soar in
the next two years. As of now, the average analyst estimate
suggests that this small-cap biotech stock could appreciate by 98%
in the next 12 months.
Penny stocks can be a high-risk
and high-reward type of investment, but investors should be aware
of the risks involved and should thoroughly research any penny
stock investment before putting their money into it. ItU+02019s
important to remember that penny stocks should only make up a small
portion of a diversified investment portfolio and to invest
wisely.
Precigen (NASDAQ:PGEN)
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