Despite the recent economic deceleration, positive factors like a tight labor market and strong consumer spending support a resilient U.S. economy. Goldman Sachs predicts increased state and local government spending, and overall expectations suggest that, while there may be a short slowdown, the U.S. economy is anticipated to remain on a positive trajectory in 2024. This positive forecast makes now the best time to invest in these 3 penny stocks.

Penny Stocks: Powerbridge Technologies Co Ltd (PBTS)

Powerbridge Technologies Co Ltd (NASDAQ:PBTS) is a global technology solutions and services provider across multiple industries. The company is engaged in various businesses, from international trade to integrated renewable energy and agribusiness solutions. PBTS has amassed a valuation of $1.06, with a substantial increase of 4.95% in the past five days. 

PBTS is fully established in the market but shows signs of future growth. Valued at $4.95 million in 2023, The global IT services market size was estimated at $1.22 trillion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 9.7% from 2023 to 2030.

Financially, PBTS improved on nearly every metric during 2023. PBTS reported $9.28 million in cash and short-term investments, marking a YoY increase of 34.76%. Total assets and cash from financing also received massive surges of $130.59 million and $12.40 million, respectively, increasing over 8% YoY. Overall, ‘23 proved successful for PBTS, with the company outperforming previous years on cash from investing by 92.77%. 

PBTS is set up for success through recent partnerships and global expansion announcements. Powerbridge will collaborate with smartphone providers across Asia and Europe to optimize the operations of the supply chain. Expect PBTS valuation to climb as more customers gravitate towards the company’s services.

Biodesix Inc (BDSX)

Biodesix Inc (NASDAQ:BDSX) provides blood-based diagnostics services for patients with lung disease. Offering lung disease diagnostics testing products like GeneStrat and VeriStrat, BDSX has amassed a valuation of $1.98 with a strong YTD valuation increase of 11.24%. 

BDSX is fully established in the market but shows signs of future growth. Valued at $179.184 million in 2023, The global biotechnology market was valued at $1.55 trillion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 13.96% from 2024 to 2030.

Financially, BDSX improved on every metric during Q3 2023. BDSX reported $13.49 million in revenue, marking a YoY increase of 21.46%. Net income and net profit margin also received massive surges of $-10.95 million and $-81.16, respectively, increasing over 20% YoY. Overall, Q3 ‘23 proved successful for BDSX, with the company outperforming previous years EPS by 34.24%. 

BDSX is set up for success through recent announcements of a new blood specimen collection method. This new technology simplifies the blood collection process and has already been cleared by the FDA and approved by the New York State Clinical Laboratory Evaluation Program. As Biodesix continues to emphasize innovation, expect BDSX valuation to climb as more customers gravitate towards the company’s services.

Vistagen Therapeutics Inc. (VTGN)

Vistagen Therapeutics (NASDAQ:VTGN) is an American-based biopharmaceutical company focused on the development of drugs relating to anxiety, depression, and the nervous system. Currently, VTGN is valued at a reasonable $4.81, though that valuation is projected to skyrocket in 2024.

Trending towards success in the future, the biopharmaceutical industry is poised with various catalysts. In 2024, the market is projected to have a gross revenue of $516.79 billion, increasing to $761.8 billion in 2029. Over those five years, a CAGR of 8.07% can be expected. Vistagen’s current standings grant a market cap of $129.85 million.

Financially, Vistagen reported green across the board in Q3 2023. Starting with revenue, Vistagen announced $277.7 thousand, marking a YoY increase of 131.11%. Net income also saw growth with -$6.59 million, or 62.32% YoY. The performance did exceed industry projections, seen by forecasts in EPS and revenue being beaten by 2.94% and over 10,000%, respectively.

VTGN is primed for a successful future through various beneficial phase testing results recently. Primarily starting with Vistagen’s Phase 3 PALISADE-2 trial of Fasedienol, a drug used to address social anxiety disorders, Vistagen and its partner AffaMed have seen positive results in the clinical trials. With this nasal spray potentially being a groundbreaking breakthrough in the nervous system medical department and being the first U.S. phase 3 therapy for social anxiety in over 15 years, VTGN is primed to break out shortly.

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

On the date of publication, Michael Que 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.

The researchers contributing to this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.