Top Penny Stocks 2014: 102% Gains This Week

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Many investors turn to penny stocks because they have the potential to bring huge gains in a short period of time, and the top penny stocks this week have done just that.

Every stock here has posted a gain of at least 41% in just one week - one is up 102%.

Penny stock investing is not without its risks, and finding the right penny stock can be hard. But the risks paid off for investors who picked up one of these five penny stocks...

Top 5 Penny Stock Gains This Week

OXiGENE Inc. (Nasdaq: OXGN) is the biggest penny stock gainer this week, up 102%. OXiGENE is a clinical-stage biopharmaceutical company that develops cancer treatments. The stock jumped on news that its experimental drug Zybrestat slowed the progression of ovarian cancer when it was combined with Roche Holding's (VTX: ROG) drug Avastin. OXGN ended the week trading near $4 per share. With a market cap of just $45 million, OXiGENE is the type of biotech penny stock investors look to for quick gains. The company is not profitable and employs just seven people, but when good news strikes, the stock surges.

Celsius Holdings Inc. (OTCMKTS: CELH) has posted a gain of 82% in the last week. Celsius develops, markets, and sells a line of calorie-burning beverages. CELH began the week trading at $0.55 per share and closes the week at $1. Investors who bought CELH stock 12 months ago have seen their investment gain 388%. Based in Boca Raton, Fla., Celsius has a market cap just over $20 million. The company sells its line of beverages under the Celsius brand name.

Applied Energetics Inc. (OTCMKTS: AERG) is by far the cheapest stock on this list, trading at $0.03 per share. Because AERG is so cheap, its value is measured in fractions of pennies. Regardless, investors who added AERG stock to their portfolios this time last week have reaped a gain of 98%. Applied Energetics designs and develops ultra-short-pulse lasers for commercial and military use. The stock once traded over $14 per share back in 2006, but in the last 52 weeks AERG has a range of $0.01 to $0.05.

Clean Diesel Technologies Inc. (Nasdaq: CDTI) sells vehicle emissions control systems to automakers and retrofitters. Shares of CDTI jumped 53% this week when the company announced that it would be providing catalysts that will be used in the new Honda Acura TLX model, which is Acura's successor to the TSX and TL models. While this week's bump has certainly helped, CDTI stock is up 225% in 2014. The stock trades just below $5.

Ubic Inc. (Nasdaq: UBIC) has rewarded shareholders with a 41% gain in the last week. Ubic provides digital forensic services to clients across the world. Its services are used primarily for international litigation, corporate investigations, and intellectual property disputes. UBIC is on the expensive side for a penny stock, as it traded just below $5 last week. Today it trades just below $7 per share. The stock has a 52-week range of $4.23 to $12.66.

Do you trade penny stocks? What penny stocks have the potential to take off next week? Let us know on Twitter @moneymorning using #PennyStocks.

Most stocks have one strong profit catalyst that entices us. This biotech has an incredible 18. You don't want to miss this...