Stone Energy Corporation (NYSE:SGY) recently made a massive overnight move when it jumped 300% in a day. Traders looking for stocks to buy that could double in a single day are always on the hunt for names like SGY. It’s impossible to reliably predict stocks that will make these massive moves, but there are two metrics in particular that indicate a stock with explosive potential.
Other stocks that have delivered 300% to 1000% short-term gains in recent months, including DryShips Inc. (NASDAQ:DRYS), EnteroMedics Inc (NASDAQ:ETRM), all have extremely low floats and extremely high short interest. Those two metrics aren’t necessarily the catalysts that drive a stock higher, but they can indicate that, if the stock gets moving in the right direction, it may take off like a rocket.
If you can stomach the extreme risk, here are three stocks that could double at any time.
Stocks to Buy That Could Double: Cesca Therapeutics (KOOL)
I included Cesca Therapeutics Inc (NASDAQ:KOOL) on my last list of stocks to buy with major short squeeze potential. Since that time, the market has crammed even more gunpowder into KOOL stock. At this point, all it needs is a spark.
Cesca is a biotechnology company that develops blood and bone marrow processing systems. For traders looking for stocks that could double, it doesn’t actually matter what these companies do. In fact, most of the low-float, high-short companies are running terrible businesses. If they weren’t, they wouldn’t have so many short sellers betting against them.
KOOL stock has a miniscule float of only about 1.5 million. However, it has a huge short interest of about 29.3% of float. That number is up from about 26% since January.
The company has a history of huge short-term moves. Last year the stock climbed from a May low of $1.85 to an August high of $7.39. It nearly doubled in three days in December as well. As a long-term investment, KOOL stock may be a terrible, but when it comes to stocks that could double overnight, it’s got to be at the top of the list.
Stocks to Buy That Could Double: Cellectar Biosciences (CLRB)
Cellectar Biosciences Inc (NASDAQ:CLRB) is…
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