3 Penny Stocks With 1,000% Upside Potential According To These Analysts

Are These Penny Stocks To Buy Right Now Or Avoid Entirely?

If you’re looking for penny stocks to buy right now, this article discusses three companies that Wall Street analysts have hefty expectations for. While these are some of the most volatile types of companies to trade, the high risk can give way to high reward potential if a trade works out. Last week’s bear market rally following September CPI and PPI data saw markets slip into the end of the week. Starting anew on Monday, however, broader sector trends are in favor of the bulls.

What To Watch In The Stock Market This Week

Over the weekend, we broke down some of the most significant stock market news events that could become active catalysts. If you missed it, you could check out the article “Penny Stocks & The Stock Market This Week: What To Watch Now.” Bank of America (NYSE: BAC) stock broke out early after the company reported better-than-expected earnings results. This optimism has carried across markets, which lifted during the early morning session. With a glimmer of “risk-on” sentiment, traders are beginning to look for other opportunities. One of the popular topics in the stock market today is penny stocks with 1,000% upside potential.

It might sound crazy, but it hasn’t been uncommon this year to see 10x moves for cheap stocks. New IPOs, heavily shorted stocks, and speculation-fueled rallies have fostered this type of climate. Today we see what some of Wall Street’s analysts have to say about a few penny stocks they say are a buy. Price targets are very high, and that, to me, begs the question of whether they are too bullish on penny stocks.

You’ll see what I mean when you read the article. No matter what, the important thing to note is your individual trading strategy and game plan. Analyst information can be helpful but not the ultimate determining factor, so due diligence is crucial.

Penny Stocks With 1,000% Upside Potential According To Analysts

1. Applied Therapeutics (NASDAQ: APLT)

At first glance, you can immediately see how heavy Applied Therapeutics has gotten sold into this year. The penny stock has dropped from over $8 at the end of 2021 to lows this month of around 50 cents. The clinical-stage biotech company is developing a treatment pipeline for multiple indications.

Its lead drug candidate, AT-007, targets central nervous system metabolic diseases. Some of the targeted diseases include Galactosemia, SORD Deficiency, and PMM2-CDG. This is important because earlier this month, the company reported data from a pediatric trial of AT-007 in galactosemia. While the study demonstrated a trend in clinical benefit versus placebo, it didn’t reach its 12-month statistical significance marker. Plans are to meet with the European Medicines Agency to discuss the potential submission of a data package for conditional approval in the EU.

– What to Know About Trading Penny Stocks This Week

Riccardo Perfetti, MD, Ph.D., Chief Medical Officer of Applied Therapeutics, also explained, “The data to date in the ACTION-Galactosemia Kids study provides hope for patients and families living with this disease.”

APLT Stock Forecast

Analysts at Citigroup have a bold outlook on APLT stock. The current consensus at the bank is that the penny stock is a Buy. The most recent price target placed on APLT sits at $23. With current levels around $0.65, that target is over 3,400% higher. It’s also worth noting some insider trading action in APLT stock this month. Check out the article “Best Penny Stocks To Buy Now? 3 With Heavy Insider Trading In October” for the full details on those trades.

2. MindMed Inc. (NASDAQ: MNMD)

Like marijuana stocks, psychedelic stocks, or “mushroom stocks” have garnered some taboo interest. Even with this as a backdrop, the overall stock market crash hasn’t helped when it comes to more risk-on segments of the market. Mushroom stocks are one of these areas, but recent activity may have bred some new life in some of these companies. MindMed has been one of the more popular penny stocks to watch among retail traders.

That’s due, in part, to some of the investors in the company. Earlier this year, shares of Bed Bath & Beyond (NASDAQ: BBBY) stock exploded thanks to a meme stock-fueled rally. News broke that an investor in his 20s cleared nine figures on the trade. That person’s name is Jake Freeman, and the Freeman Capital Management fund he’s a manager of is also managed by his uncle Scott Freeman. Scott is the co-founder of MindMed, and following the BBBY move, some had speculated on MindMed as a penny stock to watch.

Despite this connect the dots exercise, MNMD stock hasn’t performed the way most expected. But after reaching 52-week lows last week, shares have slowly made a rebound.

MNMD Stock Forecast

HC Wainwright analysts adjusted their figures for MindMed following its reverse split earlier this year. Instead of keeping their $5 target, they upped it to $75 to coincide with the share reshuffle. The firm also has a Buy rating on the penny stock. Based on current trading levels around $2.90, that target is more than 2,400% higher.

3. Canoo (NASDAQ: GOEV)

As market trends weigh on growth stocks, electric vehicle stocks have been hot and cold. Canoo has been one of the EV penny stocks to watch over the last few weeks as the market volatility pressured its stock price. The company has reached multiple milestones and inked several contracts since the summer. The deal flow roster includes NASA, the U.S. Army, Walmart, and as of last week, fleet solution company, Zeeba, to name a few.

The milestone trend continues this week after Kingbee placed an order for 9,300 EVs to add to its work-ready van rental portfolio. There’s also an option to increase that figure to over 18,000 vehicles. Commenting on the deal, Tony Aquila, Chairman & CEO at Canoo, explained,” Canoo’s proprietary platform and tophat technology enables Kingbee to adapt their fleet for evolving use cases at a class leading ROI while allowing their customers to benefit from a vehicle that is engineered for workers and optimized for ergonomics, with superior visibility, maneuverability, and safety. “

Thanks to this latest move, GOEV stock saw a spike in trading action on Monday.

GOEV Stock Forecast

Right now, analysts at R.F. Lafferty have maintained the most bullish outlook on the penny stock. Their latest update included a Buy rating and a $15 price target. As of Monday’s opening bell, GOEV stock traded around $1.40. That puts R.F. analysts’ GOEV stock forecast price just shy of 1,000% (971%) higher.

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