5 OTC Stocks With The Potential To Explode In 2024

Despite the risk, investing in over-the-counter (OTC) stocks remains popular for one reason: the potential for a massive return on investment. 

While there's no way of knowing what 2024 will hold — especially in regards to the economy — some OTC stocks are poised for more growth than others. 

Investors who are ready to dive into the OTC pool have more options than ever, both with the number of stocks to choose from and available investing platforms. 

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OTC Stocks To Watch Over The Near-Term

OTC stocks are fickle. One day they're up big, the next down they're down big. One day they look like they're headed for a major exchange. The next day they look like they're going out of business.

An extreme amount of due diligence is important, but if you're looking for a jumping-off point, here are five OTC stocks to get you started. 

VAALCO Energy Inc. EGY

VAALCO Energy, an independent oil and gas company, capitalizes on high-yield dividends and positive production growth despite the volatility in commodity prices. It boasts an attractive forward price-to-earnings (P/E) ratio of 2.45 and supports its growth prospects with a strong dividend yield of 5.6%. However, the company must navigate the risks of fluctuating oil and gas prices and the evolving regulatory landscape affected by global climate change initiatives.

Ardelyx Inc. ARDX

Ardelyx has made significant strides with its launch of Ibsrela for irritable bowel syndrome in the U.S. and the subsequent Food and Drug Administration (FDA) approval of Xphozah for kidney disease patients on dialysis. The company’s drugs have seen progressive quarter-over-quarter growth, with expansion into international markets on the horizon. However, financial performance reflects a net loss, with negative investor sentiment shadowing the stock because of potential risks from drug trial data.

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Savara Inc. SVRA

Savara’s leading drug candidate, molgramostim, has gained significant regulatory endorsements, boosting its phase 3 clinical trial journey for automatic positive airway (APAP) treatment. With sufficient cash to run through 2025 and its stock price trending upward, Savara positions itself as an emerging name in rare respiratory disease treatment. Yet, the company’s future depends on its clinical trial outcomes, with the potential for downside if results do not meet expectations.

Iovance Biotherapeutics Inc. IOVA

Iovance Biotherapeutics targets solid tumor cancers with its standout product, lifileucel for advanced melanoma and cervical cancer. Analyst optimism is reflected in the strong buy recommendations despite the current lack of profitability and negative earnings. The delay in FDA review of lifileucel and a substantial decrease in cash reserves represent current challenges.

iQIYI Inc. IQ

As a leader in Asian streaming content, iQIYI has shown revenue growth and improved operating margins, hinting at a promising trend in cash flow and operational efficiency. The improved financial health marks a shift toward potential profitability, although it operates with a background of market performance concerns reflected in its year-to-date decline. The platform’s success hinges on its ability to convert free users to paid subscribers and to keep growing amidst competitive and regulatory pressures.