Unleash Massive Returns With These 3 Top Penny Stocks

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Despite a recent decline in the leading economic index, the U.S. economy is positioned for a positive future in 2024. Strong employment and robust stock levels contribute to the optimistic outlook. And, while there may be a slowdown in GDP growth in the second and third quarters, the U.S. Federal Reserve’s forecast of 2.9% growth in the first quarter. This indicates a resilient and promising economic landscape for the United States. These top penny stocks will benefit from this strong economy, invest now.

SeaStar Medical (ICU)

Scientist using a microscope

Source: Maksim Shmeljov /

SeaStar Medical (NASDAQ:ICU) is a biotechnology company that focuses on treating excessive inflammation by using extracorporeal therapies.

The biotechnology industry is expected to surpass a value of 3879.51 billion dollars by 2030, for a CAGR of 13.9%. The primary driver of growth for the industry is the amount of chronic diseases, genetic abnormalities and targeted diseases affecting the population. As a result, it is more important than ever to be able to utilize technology to treat them.

SeaStar’s income and revenue have not turned out so well. Its income has shrunk by 400% over the last year. However, it has dedicated more money to research, with its SGA growing by 111.71% in 2022. Additionally, SeaStar’s key catalyst will allow the company to become much more profitable than it currently is.

The firm’s key catalyst is its exciting potential for revenue through its newest product. SeaStar’s Selective Cytopheretic Device has met the requirements to be considered a Humanitarian Device Exemption by the U.S. Food and Drug Administration and is expecting approval soon.

In conclusion, Seastar Medical is one of the rare powerful penny stocks with profit potential.

Adverum Biotechnologies (ADVM)

Scientists in a lab

Source: Matej Kastelic / Shutterstock

Adverum Biotechnologies (NASDAQ:ADVM) is a gene therapy company targeting medical needs for ocular and rare diseases. It is valued at $1.97, marking a YTD increase of more than 130%.

ADVM has shown ample revenue growth of 169.66% from $76.05 million in 2023 to $200 million in 2024. ADVM also boasts an impressive price to sales ratio of 56.67 and capex to sales of 22.25%. Both figures surpass the sector medians. These financials indicate that Adverum is quickly rising, indicating an elevated stock price in the foreseeable future.

Adverum is undergoing the LUNA trials which aim to evaluate the safety and efficacy of various products. Once this data is announced work can be continued on their flagship products leading to an increase in efficiency and eventual profits. The data could potentially be a breakthrough in gene therapy and all eyes are on ADVM to see if it can capitalize. All of these factors make ADVM one of the top penny stocks to keep an eye on.

Grab Holdings (GRAB)

Motorcycle helmet with Grab logo on a motorcycle parked at the road side

Source: Nor Sham Soyod /

Grab Holdings (NASDAQ:GRAB) is a Malaysian technology company that specializes in services throughout Southeast Asia such as ride-hailing, food delivery and digital payments. Its stock is up nearly 5% YTD at $3.45.

GRAB has reported strong financials in the year 2023. Particularly in their report for Q3 2023, its revenue grew to $615 million, marking a 61% increase year-over-year. Additionally, the company announced its first positive EBITDA quarter, which grew to $29 million. This resulted in a 71% improvement YOY in losses. 

GRAB is still not profitable yet because it prioritizes growth, similar to Amazon’s (NASDAQ:AMZN) and Uber’s (NYSE:UBER) business models. However, given its current growth, it could report positive quarterly earnings in 2024 or even its upcoming report of Q4 of 2023. As one of the largest tech companies in SE Asia, this stock is one of the top penny stocks on the market. 

On the date of publication, Michael Que 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 Publishing Guidelines.

The researchers contributing to this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.

Michael Que is a financial writer with extensive experience in the technology industry, with his work featured on Seeking Alpha, Benzinga and MSN Money. He is the owner of Que Capital, a research firm that combines fundamental analysis with ESG factors to pick the best sustainable long-term investments.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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