There are penny stocks and then are penny stock picks that are so outrageously wild that they should never be considered unless one is gambling with pocket change. And by pocket change, I’m talking almost literally. You’ve heard the expression about investing no more than you can afford to lose? Here, you don’t even want to get anywhere near that point.

Let’s consider a standard sports car. Generally, the rev limiter will kick in at around 6,800 revolutions per minute (RPM). Basically, the purpose of a rev limiter is to help prevent the driver from overspinning the engine. With your typical speculative idea, your cut-off capital is the rev limiter. However, with 10-bagger penny stocks, that cut off needs to be lower, say, 4,000 RPM.

Yes, the more you put in, the more you can possibly win. However, it’s also true that the more you put in, the more you can probably lose. In other words, the deck is stacked against you. These ideas won’t pop 900% or more because they’re so impressive; rather, they fell so badly off the mark that folks are banking on the rebound.

If you can handle the high heat, these are the 10-bagger penny stocks to consider.

AlloVir (ALVR)

By a cursory glance at the charts, AlloVir (NASDAQ:ALVR) seems wildly risky, characteristic of the most extreme penny stocks. Since the beginning of the year, ALVR dropped more than 62% of equity value. It also carries a market capitalization of under $225 million. That’s more of micro-cap territory than a small-cap designation, thus further heightening the risk.

Still, the biotechnology firm – which focuses on virus-specific T-cell (VST) therapy – may offer tremendous scientific relevance. Per its website, AlloVir targets 11 different devastating viruses for treatment or prevention. On a broader scale, Acumen Research and Consulting states that the global T-cell therapy market revenue could hit $23.3 billion by 2032.

Fundamentally, the play here is that with AlloVir being practically a pre-revenue enterprise combined with a micro-cap profile, by taking a relatively small piece of the pie, ALVR may potentially skyrocket.

However, for gamblers interested in 10-bagger penny stocks, the deciding factor may be the analyst assessment. With a moderate buy rating and a $20.50 average price target, ALVR is an idea to keep in the back pocket.

PAVmed (PAVM)

One of the most extreme penny stock picks, PAVmed (NASDAQ:PAVM) walks a treacherous path. Priced at only 30 cents per share, PAVM lost nearly 39% of equity value since the January opener. In the trailing 52 weeks, it dipped more than 55%. As you might imagine, since its public market debut, PAVM cratered. Oh yeah, there’s the matter of the $36.2 million market cap, pure nano-cap territory.

I mention these stats because a delisting for PAVmed could be a real possibility. So, please don’t jump into this trade expecting a close-to-guaranteed rocket ship higher. It’s nowhere near a high-probability trade. That said, PAVM has jumped almost 26% in the week ending Friday, demonstrating that perhaps a bottom has been printed.

On the scientific front, PAVmed’s business – a commercial-stage diversified medical technology firm – could offer relevance. Primarily, the company is known for its diagnostics business, providing the first and only diagnostics test to detect esophageal precancer and cancer.

Enticingly, analysts peg PAVM a unanimous strong buy with a $3.17 price target. Thus, it could be one of the 10-bagger penny stocks.

Century Therapeutics (IPSC)

Another incredibly speculative idea among biotech penny stocks, Century Therapeutics (NASDAQ:IPSC) should not be approached lightly. Since the start of this year, IPSC gave up more than 71% of market value. In the past 52 weeks, shares hemorrhaged over 86%, demonstrating just how wildly speculative IPSC is. Of course, the market capitalization of $85 million doesn’t really help bolster confidence.

At the same time, what undergirds Century Therapeutics is its potential to address cancer and autoimmune and inflammatory diseases. Its directive focuses on induced pluripotent stem cell (iPSC)-derived natural killer (NK) and T-cell therapies. According to Grand View Research, the global iPSC production market size reached a valuation of $1.37 billion last year.

Even better, experts project that the sector will expand at a compound annual growth rate of 9.3% from 2023 to 2030, culminating in sector revenue of $2.76 billion. Should Century gain a piece of the pie, IPSC could skyrocket.

Apparently, that’s what analysts have in mind with their strong buy consensus view. With an average price target of $15.50, IPSC could very well be one of the 10-bagger penny stocks.

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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.