Today we're bringing you a top penny stock to watch with the potential to skyrocket over 900% over the next year.
When Money Morning reported 10 of the top penny stocks to watch in November, roughly half of the best-performing companies were in the healthcare field, specifically biopharmaceutical firms.
One of the reasons that this a booming industry, especially for penny stock traders, is because prescription drug use among Americans has skyrocketed close to 100% over the past two decades. Last year alone, Americans filled close to 4.5 billion prescriptions.
What is even better news if you invest in penny stocks is that this growth isn't expected to slow in the near term. This is an industry predicted to grow by 5% in 2019, which amounts to 225 million more prescriptions annually.
While this creates an amazing profit opportunity for investors, there is also a dilemma. You see, there are more than 2,800 penny stocks to choose from, so it can be a challenge to find the best penny stock to trust with your investment dollars. Plus, penny stocks are notoriously risky and volatile.
In order to find companies worth your money, you want a reputable company that trades on a major exchange, but also one with the potential to grow.
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This is why we have done the heavy lifting for you and used our proprietary stock rating system to find the best penny stock in the pharmaceutical industry.
This pharmaceutical company has been flying under the radar so far. But this firm is a big deal because it is developing cutting-edge treatments for a variety of medical issues.
Plus, every investment bank covering the stock rates it as a buy.
And they are giving it price targets nearly 1,000% higher than its current share price...
The Top Penny Stock to Watch Now for Explosive Returns
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Massachusetts-based EyeGate Pharmaceuticals Inc. (NASDAQ: EYEG) is a pharmaceutical firm focusing on developing solutions for the treatment of eye diseases and disorders.
The company has developed an Ocular Bandage Gel (OBG), and it's a groundbreaking treatment. It is applied to the eye topically with an eye drop and is meant to treat certain injuries to the eye, and it can also be used for post-surgical care. It is being closely studied for the post-surgical treatment of photorefractive keratectomy (PRK) and punctate epitheliopathies (PE).
The OBG program is in clinical trials for both PE and PRK treatments. There was a recent announcement of positive data from both clinical studies, and the company could follow with FDA filings shortly. While there are often requirements for long-term studies, it believes that there may be ways to bypass these since there are FDA pathways of like-kind therapies.
On Nov. 13, EYEG announced its data from an initial pilot study of OBG in PE and a second human study of OBG in PRK. According to both studies, the treatment was more effective than the current standard of care.
It is also working on the development of a treatment for various eye inflammatory conditions, including anterior uveitis and pain and inflammation in post-surgical cataract patients. Another project is a drug delivery system referred to as "EyeGate II."
EyeGate also holds licensing agreements with several other companies and schools. These include Valeant Pharmaceuticals International Inc., the University of Utah Research Foundation, and the University of Miami School of Medicine.
The company has beat earnings estimates over the past four straight quarters. EYEG's shares soared 35% on the day following its third-quarter financials release. The results revealed that quarterly revenue was $0.315 million compared to $0.75 million the prior year.
There could be even more massive gains for this firm on the horizon. This is particularly the case if its latest treatment is successful.
Analysts at HC Wainwright have provided a 12-month price target of $6.00 per share for EYEG stock. This is a mind-blowing gain of over 1,000% higher than today's price of $0.42. But the average price target of all analysts is $2.50 a share, a 500% gain from today's price.
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Global Market Insights sees this market worth over $80 billion by 2024. Technology giants like Apple and Microsoft are making huge multimillion-dollar investments in this space. Defense contractors and the U.S. military are using this market's technology to give soldiers a competitive "advantage at sea, land, and air." And one company is at the center of it all. See it here...