The Cheapest Penny Stocks in 2024

Cybin is a biopharmaceutical brand offering various services, including innovative drug delivery, progressing psychedelics, novel formulation approaches, and much more. It’s a good cheap penny stock because it has the potential to spike significantly.

The company has completed 150+ pre-clinical trials and has a few projects in the pipeline. Successful projects could lead to massive interest and the price will skyrocket if they are successful. Cybin leverages a comprehensive approach to supplying mental health products, which sets them apart from the competition.

Aquestive Therapeutics, Inc. is the company behind the stock, focusing on innovative products that address unmet medical needs. Some of the projects currently in development include Suboxone, Libervant, and Zuplenz.

The company is headquartered in Warren, NJ, and was founded in January 2004. The company has completed nearly 5 clinical trials and over the last few years, the review numbers have been trending upward across multiple quarters, so this cheap penny stock might be a good investment if the company continues to move in the same direction.

Verastem is another biopharmaceutical company specializing in commercializing and developing drugs for cancer treatment. The company was founded on August 4th by Richard H. Aldrich, Michelle Dipp, Piyush Gupta, Satish Jindal, Eric S. Lander, Robert F. Weinberg, and Christoph H.

This is an investable cheap penny stock because it has a bigger stock market cap than most other comparable companies on this list, and it has an excellent research strategy. Therefore, the sales of their products are expected to be strong in the coming years. Also, multiple patents relating to their work expired in 2023, opening the door to improving the range and quality of their products. If you're looking to invest in cheap stocks this could be a good starting point for you.

Saipem is a company that provides engineering services in the oil and gas industry. The company was founded in 1957 in San Donato Milanese, Italy. Saipem might be a good stock for investing because the consensus is that it can cap at around $4, which represents a big increase from the current price.

However, it's highly risky as several challenges have caused the stock to plummet. Nevertheless, the company has been around for decades and tends to rebound from challenges. So the current low price of the stock might be a good move for investment.

Integra Resources is a mineral resources company primarily focused on the gold and silver deposits as part of the DeLamar and Florida Mountain projects. The company used to be known as Mag Copper Limited and the name change occurred in August 2017. Furthermore, the corporation was formed in 1997 with headquarters in Vancouver, Canada.

This cheap penny stock can potentially be a good investment because the forecast is that it will reach $2.39 within 12 months, which would be a price increase of over 200%. Meanwhile, the low is forecast to be $0.79, representing a small profit from the current price.

Sientra was founded by Hani M. Zeini on August 29th of 2003, and the headquarters are in Santa Barbara, California. The company develops plastic surgery implantable devices and operates through 2 notable segments- breast products and miraDry.

The penny stock will potentially reach $5.19, which would be an upside of 2797%. Also, it’s one of the cheapest penny stocks on our list, which means you can get started with a small investment and trade penny stocks.

Lighting eMotors focuses on designing and manufacturing zero-emission commercial fleet vehicles. Their battery and charging systems are innovative and bring something new to the stock market. The company was founded in 2008 and the headquarters are in Loveland, Colorado.

The penny stock is predicted to reach a target price of $7.10, an upside of 801.0%. Generally, battery-powered vehicles are receiving a lot of attention and investment, which may contribute to the success of Lighting eMotors. This could be a smart choice to trade penny stocks.

Motus GI develops medical devices that assist with gastrointestinal treatment and surgeries. The company was created in 2016, and its headquarters are based in Fort Lauderdale, Florida. It’s among the smallest companies on this list, but the low profile allows you to invest at the ground level.

The stock has a potential upside of around 500% if it reaches the consensus price target of $5.81. The medical devices industry is lucrative and this could be the next device that doctors widely adopt in the United States.

Compugen is a clinical-stage therapeutic discovery and development company operating in the United States, Europe, and Israel. It was founded in 1993 with headquarters in Holon, Israel.

The company has been performing comprehensive and innovative research that might lead to advancements in the medical field. It has collaborated with Johns Hopkins University for myeloid and signed an agreement with AstraZeneca for developing bi-specific and multi-specific immuno-oncology antibody products.

The consensus target price is $6.67, representing an upside of 671.9%. Also, multiple analysts recommend this cheap penny stock, so it’s among one of the best investment vehicles in this space.

Biolase focuses on the development, manufacturing, marketing, and sales of laser systems in the medicine and dentistry industries. They have a patented design using a mix of laser energy and water to assist with medical procedures including drills, scalpels, etc. The company was established in 1987 with headquarters in Lake Forest, California.

The consensus target price is $9.50, which represents an upside of 1,384.4%. They offer needed technology that improves the quality of medical procedures. However, the success of the company will be determined by the quality of the end product.

Providing a combination of an intuitive user interface, no-commission trading, and far-reaching social trading capabilities, eToro is a top pick for trading cheap penny stocks. While the platform lacks in its research abilities when compared to its peers, it provides industry-grade charting capabilities with the help of ProCharts. Users can benefit from sophisticated tools for historical performance assessment and comparison. High worth users can also access leading publications like Financial Times or Wall Street Journal for making better-informed decisions.

TradeStation is an award-winning stock trading platform that has been around since 1982. The platform regularly ranks as one of the best cheap penny stock trading platforms due to its solid user interface and excellent mobile app. In addition to this, the trades are executed quickly, which is perfect for active traders prioritizing speed.

Furthermore, TradeStation offers advanced technical analysis and research tools, allowing you to learn more about cheap penny stocks before making the trade. Beginners can take advantage of the webinars, community forums and market insights to learn the basic trading principles.

Fidelity is a top-tier cheap penny stock trading platform that regularly ranks tops the lists. The Fidelity Active Trader Pro platform allows users to access their advanced research and analysis tools, which are among the best in the business. Access to these features is provided to users who execute over 36 trades within 12 months. This functionality is also available in their mobile app, which you can download on Google Play or App Store.

Overall, this platform makes it easier to find potentially good cheap penny stocks that can provide a return. Sign up for an account and see what all the fuss is about for yourself.

Now let’s take a closer look at the pros and cons of cheap penny stocks to determine if they are a good match for your portfolio. This balanced overview will help determine if your next trade should involve a cheap penny stock or not. Thorough consideration is required before you trade penny stocks.