3 Top Penny Stocks to Skyrocket Your Wealth in 2024


  • The three best penny stocks have more potential than ever before to take their revenue to the next level.
  • Uranium Energy (UEC): UEC is a uranium supplier with a massive inventory waiting to be sold and big plans to stock up even further as uranium prices bounce back.
  • Iovance Biotherapeutics (IOVA): Exciting new data from clinical trials could herald significant advancements for this emerging biotech stock.
  • 3D Systems (DDD): Despite losses in recent years, this 3D printing veteran has secured its most significant contract since its origin.
Penny Stocks to Buy - 3 Top Penny Stocks to Skyrocket Your Wealth in 2024

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Many people overlook penny stocks due to the inherent risk of investing in them. The stocks are infamous for producing poor results and being too hard to trade profitably. While this is mainly true, there are exceptions, and within those rare few, there are penny stocks riddled with potential.

These three penny stocks to buy, each with unique opportunities, are experiencing exciting new developments that could propel them to new heights. Investors willing to accept some risk and uncertainty with penny stocks can see huge profits if they play their cards right. 

We’ll detail the exciting news from each stock and how these companies plan to succeed in the near future to show why now is a better time to buy than ever. 

Uranium Energy (UEC)

uranium, a mineral used in nuclear research
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Uranium Energy (NYSEMKT:UEC) is America’s leading uranium mining company, with one of the largest physical uranium portfolios in the Western Hemisphere. The price of uranium fell significantly in the early 2010s after many world governments began to rethink the safety of nuclear power.

However, over the last year, prices have climbed back to a stable base, reaching a peak of over $100 in January/February. Uranium Energy is in a great position to benefit from stabilizing uranium prices as the company holds a massive inventory of uranium waiting to be sold. 

Throughout 2023, the company sold $163.95 million worth of uranium from its inventory, reporting a gross profit margin of 30.2% at the end of the year. The company buys uranium at around $29 per pound to maintain its inventory and sells it at around $43 per pound, which has worked to sustain itself so far.

However, the company’s true goal is to maintain a steady flow of uranium from mining projects around North and Central America. Earlier this year, the company announced its plans to restart 100% production at its mining facility in Wyoming. Estimates indicate the company can mine upwards of 60 million pounds of uranium starting with the reopening set for August.

The company’s future plans may prove difficult, as there are many hoops to jump through for authorization for mining uranium. In addition, future volatility with uranium prices may be unavoidable. Despite this, Uranium Energy certainly has potential, and if all goes according to plan, the company will increase its margin and capacity to supply uranium exponentially.

Iovance Biotherapeutics (IOVA)

OLK Stock. Modern Medical Research Laboratory: Two Scientists Wearing Face Masks use Microscope, Analyse Sample in Petri Dish, Talk. Advanced Scientific Lab for Medicine, Biotechnology. Blue Color. KZR stock. RSLS stock. Best Biotech Stocks to Buy
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Biotech is more popular than ever, and investors love betting on the latest treatments from these companies. Iovance Biotherapeutics (NASDAQ:IOVA) is a stock investors have looked at for quite some time. The company specializes in treating melanoma. Its only treatment available, Amtagvi, is currently undergoing clinical trials. 

Iovance recently released the exciting news that any biotech investor waits for — positive data. Amtagvi received FDA accelerated approval in February to treat melanoma but is currently undergoing more trials to examine the effect of Amtagvi in combination with Merck’s (NYSE:MRK), another biotech company, melanoma treatment called Keytruda.

The trial is in phase 2, but recent results showed a 65.2% response rate among patients, including 30.4% of patients who showed a complete response. These numbers encourage Iovance and investors looking to find the right biotech stock to bet on. 

The only challenge Iovance faces is the cost of manufacturing Amtagvi, given the unique nature of the treatment. However, in its most recent earnings, Iovance declared its intention to increase manufacturing and efficiency, hoping to reach a capacity of 5,000 patients per year in the next few years.

If Iovance can adhere to this goal and clinical trials continue to show positive results, there is little reason to doubt this biotech will soon earn excellent profits.

3D Systems (DDD)

3D Systems (NYSE:DDD) has fallen far from its peak in 2021 and has not gained real upward traction since. As one of the original companies offering 3D printing services, the company’s continuous net losses over the last two years disappointed investors. However, after recent news, 3D Systems looks like it’s on its way to an epic comeback this year.

The trigger? A four-year contract for $250 million with an undisclosed dental industry partner. The product is clear aligners, and the company is more confident than ever in its ability to be the leading provider of solutions for digital dentistry. 3D Systems reports the market to be worth over $14 billion by 2032.

Considering the company reported $488 million in total revenue for the year 2023, this contract represents a sizeable boost in cash flow for the company. While the full effects of this contract may take some years to materialize, the potential 3D Systems holds within the digital dentistry niche could mean big things. 

If you are willing to wait and watch, an investment in 3D Systems now could be a huge payoff later on down the road.

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

On the date of publication, Joel Lim did not hold (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.

Joel Lim is a contributor at InvestorPlace.com and a finance content contractor who creates content for several companies like LTSE and Realtor, along with financial publications, including Business Insider, Yahoo Finance, Mises Institution and Foundation for Economic Education.

Article printed from InvestorPlace Media, https://investorplace.com/2024/06/3-top-penny-stocks-to-skyrocket-your-wealth-in-2024/.

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