Introduction
Many investors seek to start penny stocks' high-risk, high-reward adventure in 2024. If you’re sailing in the same boat but cannot decide which stocks to invest in, this post is for you. It helps you understand what penny stocks are and explores the seven best US penny stocks to invest in 2024.
What are penny stocks?
US penny stocks trade for less than $5 and belong to small-cap firms. Their low share prices, market size, and potential for considerable volatility distinguish them from other shares on the stock market exchanges. Generally, these firms are either in the early development stages or battling financial challenges. An investor can earn significant gains or lose a large amount of money quickly by investing in penny stocks.
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You can find jewels among thousands of subpar penny stocks through rigorous examination and due diligence. Many investors opt to trade in the best penny stocks in the US market, despite the inherent risks, to profit from quick price fluctuations.
Which US penny stocks are the best to add to your portfolio in 2024?
​​​​​​​1. Savara Inc. (SVRA)
Savara is a biopharmaceutical company developing innovative treatments for rare respiratory conditions. It is headquartered in Texas, United States. In December 2023, the company launched aPAP ClearPathâ„¢, a serum-based blood test that allows US physicians to arrive at a definitive diagnosis of aPAP. Savara Inc. had a market capitalisation of $756.56 million and a 52-week growth of 164.93% as of March 8, 2024.
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2. VAALCO Energy (EGY)
VAALCO Energy was founded in 1985. It is an independent energy company focused on producing, developing, and exploring natural gas, crude oil, and natural gas liquids. It is headquartered in Texas, United States. As of March 8, 2024, the company’s market capitalisation was $446.92 million, and its 52-week change was -7.61%.
3. iQIYI Inc. (IQ)
iQIYI is an over-the-top entertainment streaming platform in China. It is owned by Baidu, with headquarters in Beijing. Its content library comprises Asian dramas, Korean dramas, Thai dramas, movies and animes with multiple subtitles. The firm also produces and distributes movies and television series. iQIYI had a market capitalisation of $3.76 billion and a 52-week change of -48.43% as of March 8, 2024.
4. Ardelyx (ARDX)
Ardelyx is a biopharmaceutical company. In March 2022, it launched Ibsrela (tenapanor) in the US to treat irritable bowel syndrome with constipation. Its research and development team aims to discover innovative medicines for gastrointestinal and cardiorenal disorders. As of March 8, 2024, the company had a market capitalisation worth $2.09 billion and a 52-week growth of 151.97%.
5. Iovance Biotherapeutics (IOVA)
Iovance Biotherapeutics is a biopharmaceutical firm established in 2017. It is engaged in developing tumour-infiltrating lymphocyte (TIL) therapies to treat cancer. The company is headquartered in California, United States. Iovance Biotherapeutics reported a market capitalisation of $4.42 billion and a 52-week growth of 167.53% as of March 8, 2024.
6. WiSA Technologies (WISA)
WiSa Technologies develops, manufactures, and sells audio wireless technology for smart devices. Its products are available in Europe and the United States. The company was founded in 2010 and has its headquarters in Oregon, United States. As of March 8, 2024, WiSa Technologies had a market capitalisation of $1.95 million and a 52-week change of -99.27%.
7. Jaguar Health Inc. (JAGX)
Jaguar Health is a commercial-stage pharmaceuticals firm incorporated in 2013. It aims to develop novel proprietary prescription medicines, primarily plant-based techniques, to treat gastrointestinal distress in people and animals. An overactive bowel causes the condition and exhibits symptoms like bowel incontinence, urgency, and chronic deliberating diarrhoea. The company has two segments of operations - human health and animal health. Jaguar Health had a market capitalisation of $4.15 million and a 52-week change of -92.93% as of March 8, 2024.
Wrapping Up
Low prices and high volatility characterise penny stocks. They can generate significant long-term returns. Thus, they are the right choices for investors with a high-risk tolerance. But not all penny stocks are good long-term investments. You have to identify the hidden gems after extensive study and due diligence. The US penny stocks mentioned above are expected to show significant upside potential and bullish ratings in 2024.
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