But while penny stocks can bring triple-digit returns in a matter of weeks, they are also speculative investments that can see big pullbacks after making large gains. Now that you know the risks and potential rewards, here are three of the top penny stocks so far this year. This pharmaceutical company’s share price has skyrocketed 219.68% so far in 2017. PIRS shares are up 68.82% since May 1, which is when the company announced that it was entering a collaboration agreement with AstraZeneca Plc.(NYSE: AZN). The new partnership is developing a treatment for respiratory disease.

45 million upfront and will work on an asthma treatment called PRS-060. 12.5 million payment from AstraZeneca. 2.1 billion available for future milestones and royalties. AVEO Pharmaceuticals Inc. (Nasdaq: AVEO) is another top performer to put on your penny stocks to watch list. The company’s share price has soared 468.5% so far this year, with 321.8% of those gains accumulating since June 23. On that date, AVEO received approval in Europe for its cancer drug called Tivozanib. Tivozanib is a drug that treats advanced renal cell carcinoma, which is the fastest-growing type of kidney cancer.

The drug failed to receive FDA approval in 2013, but it was recommended for European approval this summer. Related: These 4 States Could Legalize Marijuana in 2018! The performance of Marinus Pharmaceuticals Inc. (Nasdaq: MRNS) in 2017 is testament that you can certainly make money with penny stocks. 8.41, for a gain of 513.87% over little more than five months. In fact, this pharmaceutical company’s share price is up 205.45% since Aug. 21 alone, which is the date that it announced successful clinical trials of its epilepsy treatment, Ganaxolone.

The new drug treats the CDKL5 disorder, which is a rare, severe genetic form of epilepsy that results in early onset seizures and disabling behavioral issues. In addition to CDLK5 disorder, MRNS plans to develop a treatment for patients suffering from Lennox-Gastaut syndrome (LGS), another severe form of epilepsy. Even though these biotech penny stocks have returned some explosive gains to their investors, we aren’t recommending them as stocks to buy now, since their gains are in the rearview mirror.

The true money to be earned lies in finding a stock that is poised for growth in a strong or resilient market. This is where Money Morning Small-Cap Specialist Sid Riggs comes in. 74.43, for a 727% gain. This company was the first to create an at-home HIV test kit. 3.4 billion, within the next three years.

The small-cap medical profit play is OraSure Technologies Inc. (Nasdaq: OSUR). This is a company that focuses on developing and marketing medical devices aimed at detecting serious conditions such as influenza, HCV, and HIV. The company also sells products that detect drugs and alcohol in the body. One of OraSure’s best-selling products is its line of cryosurgical devices.

These are an over-the-counter portable solution to the removal of lesions, warts, and other spots on the skin using intense cold technology. Sid also likes OSUR because it seems to have a knack for getting its products approved by the FDA. Between 2010 and 2011, the company received FDA approval for its OraSure blood and fingerstick HCV tests, respectively. In 2012, it received approval for the first-ever home HIV test.

Sid continues to recommend OraSure because it’s been consistently flying under the radar of analysts, which means it’s still trading at a value. Since Q4 2016, OSUR has beat earnings estimates by 40.5% on average. As the market for home diagnostic tests, and particularly HIV tests grows, Sid anticipates that OraSure will continue to reap the rewards.

Aphria Inc (OTCMKTS:APHQF): This company is, without a doubt, a unique success story within the legal cannabis industry and it continues to exhibit massive growth potential. Its solid financial position can be attributed to a strong portfolio of innovative products. In 2017 alone, the Aphria Inc. stock rose by over 150% and the company seems poised to continue on its upward trajectory in 2018, as Canada continues to inch towards the legalization of recreational marijuana. Medical Marijuana Inc (OTCMKTS:MJNA): Medical Marijuana Inc. operates as an investment and holding company with its primary focus being the medical marijuana market.

It comes as little surprise to analysts and investors in the marijuana space that the company’s share price is continuously rising, considering 2017 and December, in particular, were very positive for the company. EVIO Inc (OTCMKTS:EVIO): The company is a classic turnaround play; 2017 was a bad year for EVIO, with its shares steadily declining during the course of the year.