Penny Stocks That Have The Potential To Make You Very Rich 

Penny stocks are stocks that are priced very low, which trade on the market at under $5 per share. These types of stocks have a negative reputation among investors because they are often associated with struggling businesses that have a bleak future.

The bear market in 2022 has led to a situation where many promising, early-stage companies have seen their stock prices drop significantly, causing them to become penny stocks. This has created a unique opportunity within the high-risk penny stock market.

There are several newly minted penny stocks that may offer attractive risk-to-reward ratios. Two such stocks that seem to be close to a trend reversal are Bionano Genomics and Tilray Brands. Both of these stocks are in the healthcare industry and are currently undervalued. Below, we’ve touched on what you should know about these stocks. 

Tilray Brand: potential increase above 210%

Tilray Brands is a Canadian company that is licensed to cultivate and sell cannabis. Despite the legalization of recreational marijuana use in Canada a few years ago, Tilray’s stock price has declined significantly, losing 97.5% of its value. This is likely due to the fact that the legalization of marijuana in Canada has not resulted in profitable free cash flows for the top cannabis cultivators in the country.

There are a couple of reasons to believe that Tilray may have reached the bottom of its financial struggles. The first reason is that the company is well represented in global markets, particularly in Germany, which is expected to legalize recreational marijuana use soon. This would create a significant market valued at $4.6 billion per year, and Tilray is well positioned to take advantage of this opportunity. The second reason is that Tilray has adapted its overall strategy so as to shake things up and improve its business outlook and performance, which may help the company recover.

Another factor that could potentially contribute to Tilray’s recovery is its readiness to enter the U.S. market as soon as it becomes legally permitted to do so. This possibility may be approaching, as President Biden recently initiated a review of cannabis scheduling, which could lead to changes in federal laws regarding marijuana use and sales.

Overall, it is possible that Tilray’s stock could see significant growth in the next 12 months, with some analysts predicting a potential increase of 219%. While this forecast is optimistic, Tilray does have the resources to capture a large share of the German cannabis market and to enter the U.S. market quickly once federal prohibition ends. Given these factors, some investors who are willing to take on a high level of risk may find Tilray’s stock to be a worthwhile speculative buy.

Bionano Genomics: potential price increase above 280%

Bionano Genomics is a company that provides genome analysis solutions, including optical genome mapping (OGM), software, and diagnostic services. The company’s primary product is the Saphyr system, which is a hardware device that uses optical genome mapping to analyze ultra-high molecular weight DNA. This system is intended to improve life science research by allowing the study of structural variations in genetics that have clinical significance. 

In addition to its core business of genome analysis, Bionano Genomics also offers diagnostic testing services for patients with autism spectrum disorder and other neurodevelopmental conditions. The company’s BioDiscovery division also provides next-generation sequencing and microarray data analysis services. 

Bionano Genomics has seen strong financial growth in recent quarters, particularly in its life science research business. In the third quarter, sales in this area increased by 55% compared to the same period the previous year. Additionally, analysts are predicting that the company’s annual sales will increase significantly in the coming year, with an estimated growth of 72.5%.

Despite its strong financial growth, Bionano Genomics’ stock price has declined by 25% this year. This may be due to the fact that the company operates in a highly competitive market, the market for OGM devices and services is still emerging, and the company has not yet reached profitability. These factors may have caused some investors to be cautious about buying the company’s stock. However, the company’s strong financial growth and the potential for further expansion suggest that it may be a good investment opportunity for those willing to take on some risk.

According to analysts, Bionano Genomics’ stock has the potential to increase significantly in value, with an average price target that implies an upside potential of 288% from its current price. However, for the company to reach this level of growth, it will need to convince investors that its OGM platform is the best in a market that is currently valued at around $8 billion per year.

Although Bionano Genomics has seen strong financial growth recently, it still has a lot of work to do in order to establish itself as the leading OGM provider. If you are considering buying shares in the company, it may be wise to build your position gradually over time as the business continues to grow.