You want speculative stocks with upside potential up to 3X returns? I’m going to give them to you. But you have to accept the risk.

There’s (usually) no such thing as a free lunch and that especially applies on Wall Street. No one’s just going to give you stocks with upside potential to 200% or more. There’s a reason why three-pointers statistically have lower odds of success than making a layup.

Then again, you don’t see people getting up out of their seats for a layup. Three-pointers have color nicknames like trey, long ball, downtown, bomb, and my favorite, money ball. Layups? It’s just not a celebrated course of action unless it wins a big game.

So, that’s the appeal of speculative stocks with upside potential. Below are three intriguing ideas if you want to take that shot.

US Gold (USAU)

Headquartered in Elko, Nevada, US Gold (NASDAQ:USAU) bills itself as a gold exploration and development company. To be sure, it’s a lesser-known enterprise within the metals and mining industry. However, H.C. Wainwright’s Heiko Ihle believes USAU stock can reach $11. If so, we’re talking almost 220% upside potential. In July of last year, Alliance Global Partners projected shares to hit $18. If USAU hit that price, we’d be looking at over 423% returns.

Now, the big question: is this truly one of the stocks with upside potential? Circumstances don’t look that great on the surface. Since the start of the new year, USAU fell nearly 19%. Per investment data aggregator Gurufocus, US Gold hasn’t generated any revenue since fiscal year 2017 (ended April). As a exploration and development (upstream) specialist, I don’t expect sales but it’s worth pointing that out.

However, USAU stock may benefit from two fundamental catalysts. First, we have the monetary policy dynamic where inflation may be stickier than previously thought. Second, advanced industries such as electric vehicles require precious metals, including gold. So, it’s not impossible for the company to provide 3X returns.

Aeva Technologies (AEVA)

A lidar specialist, Aeva Technologies (NYSE:AEVA) provides next-generation sensing and perception systems. It uses its proprietary 4D lidar sensors to detect velocity and range simultaneously. It could be a groundbreaking innovation to facilitate autonomous devices like vehicles and robots. Indeed, smart sensors shouldn’t just see like humans; they should also anticipate where objects will be based on their trajectory.

Think of a wide receiver in (American) football. They don’t just see the ball nor do they typically stand around and wait for the ball to come to them. Instead, they run often-complex passing routes and anticipate where the ball will be. Aeva is doing just that for the autonomy industry and it could change the game.

Not surprisingly, analysts rate shares a consensus moderate buy with a $3.50 price target. That implies over 230% upside potential. Further, the high-side target lands at $5. Still, the problem is that AEVA suffered a roughly 37% loss over the past 52 weeks. Investors don’t trust it.

Then again, it’s been flying since the beginning of January. If you believe in the narrative, AEVA could be one of the stocks with upside potential.

Stoke Therapeutics (STOK)

Anytime you get into 3X-return territory, you can’t ignore the biotechnology space. Based in Bedford, Massachusetts, Stoke Therapeutics (NASAQ:STOK) addresses the underlying cause of severe diseases by upregulating protein express with RNA-based medicines. Given the advancements that accelerated the development of the Covid-19 vaccine, Stoke’s RNA-based approaches may offer much promise.

Here’s the thing: investors have struggled with extending patience to STOK. Since the start of the year, shares slipped 10%. In the past 52 weeks, the company lost almost 40% of its market value. Slowing revenue growth combined with widening net losses have unfortunately clouded the otherwise compelling science. That’s the reality with stocks with upside potential in biotech – it really can be feast or famine.

Nevertheless, the analyst community believes that STOK will eventually do right by shareholders. With a strong buy assessment targeting a $19.17 price, we’re talking almost 264% upside if the estimate comes true.

Also, I can’t help but notice that STOK carries a short interest of 12.67% of its float. And its short interest ratio stands at 16 days to cover. There could be some pressure here, meaning it’s one of the stocks with upside potential.

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.