Here’s the deal with stocks to turn $1,000 into $1 million: if you want to play, you gotta pay. I’m not just talking about the price of the securities themselves. Indeed, these lesser-known enterprises are relatively low priced.

No, the cost comes in the fact that extreme speculation such as this involves an inverse relationship. For maximum potential upside, you typically need to absorb the minimal amount of predictability. Let’s consider blue-chip stocks. Generally, you can be profitable with these securities because they’re tied to predictable business models. However, the rewards might not be that grand – maybe beating inflation but that’s about it.

On the flipside, you have high-risk securities. These ideas can potentially give you gargantuan returns; basically beating inflation for the next 100 years. However, you really have no idea whether the underlying business will flourish or will go to zero. And chances are, the latter scenario is likelier than the former.

If you can handle this tough backdrop, maybe these stocks to turn $1,000 into $1 million could be for you. Otherwise, you should consider these dividend darlings instead.

Agenus (AGEN)

A clinical-stage biotechnology firm, Agenus (NASDAQ:AGEN) discovers and develops immuno-oncology products. Per its public profile, Agenus offers Retrocyte Display, an antibody expression platform for the identification of fully human and humanized monoclonal antibodies. It also offers display technologies. Since the beginning of the year, AGEN lost almost 30% of equity value.

Straight up, Agenus is an extremely risky wager. In the past 52 weeks, AGEN suffered a loss of more than 62%. Further, the company’s financials are also noteworthy in a not-so-pleasant way. The average surprise for the past four quarters came out to 37.25% below parity.

Still, analysts believe that for fiscal 2024, the company will post a loss per share of 41 cents on revenue of $191.52 million. Last year, Agenus posted a loss of 69 cents on sales of $156.31 million. If true, AGEN would enjoy a 22.5% top-line growth rate.

Enticingly, covering experts rate AGEN a unanimous strong buy with a $6.33 average price target. That implies 1,026% upside potential, making it one of the stocks to turn $1,000 into $1 million.

Tonix Pharmaceuticals (TNXP)

A biopharmaceutical company, Tonix Pharmaceuticals (NASDAQ:TNXP) focuses on developing, discovering, commercializing and licensing therapeutics to treat and prevent human disease and alleviate suffering. Per its public profile, Tonix markets Zembrace SymTouch and Tosymra for the treatment of acute migraine with or without aura in adults. Mainly, its development portfolio focuses on central nervous system disorders.

Financially, TNXP represents one of the riskiest ideas available. Even under the stated context of stocks to turn $1,000 into $1 million, Tonix requires extreme caution. In the trailing one-year period, TNXP incurred a 91% loss. Also, the financials have been all over the map. Last fiscal year, the average quarterly surprise came out to 1.8%.

That said, for the current fiscal year, experts anticipate Tonix to post a loss per share of $3.14 on revenue of $16.77 million. While tiny on an absolute basis, this is a company that posted no revenue in 2022. On a trailing-12-month (TTM) basis, it has printed just under $4 million in sales.

Analysts peg shares as a moderate buy with a $4.50 price target. That implies 1,206% upside potential.

Biofrontera (BFRI)

Another biopharmaceutical firm, Biofrontera (NASDAQ:BFRI) engages in the commercialization of pharmaceutical products for the treatment of dermatological conditions. The company’s products are used for the treatment of actinic keratoses, which are pre-cancerous skin lesions, as well as impetigo, a bacterial skin infection. As with other stocks to turn $1,000 into $1 million, investors should prep for a wild ride.

I’m not just saying that for its own sake. Since the start of the year, BFRI stock suffered a loss of more than 55%. In the past 52 weeks, shares hemorrhaged nearly 90% of equity value. Unfortunately, the negativity also extends to the company’s earnings performances. Between the first and third quarters last year, the average surprise landed at 41% below breakeven.

That said, in Q4, Biofrontera surprised everyone by posting earnings per share of $1.65. The target was a per-share loss of $1.19. For the current fiscal year, experts believe the company will post a loss per share of $3.24 on revenue of $40.7 million. In 2023, BFRI incurred a loss of $13.02 per share on sales of $34.07 million.

Finally, analysts rate shares a moderate buy with a $16 price target, implying 1,180% 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.