7 Stocks Under $20 That May be Getting Ready to Double

Mental health continues to be a growing focus of biotechnology. However, even as more attention is being paid to mental health, there are still few approved treatments That’s where Canadian-based Mind Medicine, Inc. (NASDAQ: MNMD) comes in.   

Mind Medicine, or MindMed, is a clinical-stage biotechnology company that is developing therapies and treatments to treat brain health disorders related to psychiatry (ADHD, anxiety, etc.), addiction, pain, and neurology.

Its lead candidate, MM-120, has entered Phase 3 clinical trials for the treatment of Generalized Anxiety Disorder (GAD), which the company notes is a condition that is frequently underdiagnosed.  In its January 2025 investor presentation, MindMed announced it was expecting the readout from this trial sometime in the second half of 2026. That’s significant because MindMed is not profitable and is pre-revenue.  

However, the stock was up over 60% in 2024, and analysts remain bullish. In early 2025, analysts give the stock a Buy rating with an upside of over 300%.

One of the most intriguing applications for artificial intelligence (AI) is in biotechnology. That’s why investors looking for stocks under $20 with 2x upside should consider AbCellera Biologics, Inc. (NASDAQ: ABCL). The company has an AI-powered engine for antibody drug discovery and development. AbCellera is looking for antibodies from natural immune responses that are pre-enriched for antibodies.   

Cash is always a concern for clinical-stage biotech companies, but it appears to be less of a concern for AbCellera. At its current run rate, the company has five years of funding for its operations. AbCellera’s two lead candidates are currently in Investigational New Drug (IND)-enabling studies. And it is partnering with larger companies to get its pipeline candidates (which are still in the pre-clinical stage) through the clinical trial stage.   

Despite the fact that the company will not generate revenue for several years, let alone post a profit, analysts give ABCL stock a Moderate Buy rating with a 178% upside, making it one of the largest potential gainers for stocks under $20.   

Artificial intelligence is also a catalyst for Cenovous Energy Inc. (NYSE: CVE) but for a different reason. The world is clearly moving towards renewable energy, which is becoming more cost-competitive with fossil fuels. However, the pressing and insatiable demand that data centers will require will increase the demand for oil for years to come.  

Cenevous is an integrated oil company headquartered in Canada. It focuses on what it describes as the best oil sands assets in the United States and Canada but also has crude oil and natural gas wells in Canada, China, and Indonesia. 

At a time when oil prices may be under pressure as both supply and demand increase, Cenovous stands out for its ability to make efficient use of its capital. The company will complete a three-year growth cycle by the end of 2025, which should allow revenue that is currently going to capital expenditures to turn into free cash flow.  

Analysts give the stock a Moderate Buy rating. Energy stocks are notoriously cyclical, but nimble traders can buy stocks like CVE stock during the downturns and reap the rewards.  

Surgery Partners Inc. (NASDAQ: SGRY) is a leader in mobile healthcare. The company operates a network of surgical facilities that offer non-emergency procedures and provides surgical centers that handle other procedures lik diagnostic imaging, obstetrics, oncology, and urgent care.  

SGRY dropped over 35% in 2024, but analysts are shrugging that off, giving the stock a Moderate Buy rating with up to 87% upside. One reason for the optimism is that after the sell-off, SGRY stock is trading at an attractive valuation due to the company’s leadership in a sector that’s going through significant consolidation.  

However, that consolidation means that there will be fewer names, while the total addressable market for these companies is growing. It was about $90 billion at the start of 2024 but is expected to grow by another $60 billion in the coming years.  

Ero Copper Corp. (NYSE: ERO) stock is trading under $20 but holds significant upside potential due to the expected rise in copper demand over the next decade. This increased demand is driven by applications such as electric vehicles (EVs) and data centers.

ERO stock along with many copper stocks underperformed the market in 2024. It didn’t help that the company was in the middle of a capital expenditure plan. Increasing production at a time of falling copper prices makes for tough math.

However, with copper prices expected to rise, Ero Copper is poised to benefit from its investments, and investors will also note that the company also mines for gold. This is why analysts have given ERO stock a Buy rating with a price target that gives investors an 83% upside in the next 12 to 18 months.  

If your risk tolerance allows for speculating in penny stocks, Globalstar Inc. (NYSEARCA: GSAT) may be the kind of stock you’re looking for. The company provides Low Earth Orbit (LEO) communications with its Always On and Always Reliable proprietary satellites that can allow connectivity in remote areas.  

At the end of 2024, Globalstar announced a strategic partnership with Apple Inc. (NASDAQ: AAPL) that will provide $1.5 billion in funding, which Globalstar will use to expand its current network to nearly double its side. It also announced a partnership with Peiker Holding Gmbh that will allow it to expand into the coveted automotive market.  

The company is well-capitalized with operational cash flow at $99 million by the end of 2024. That's up from $22 million at the end of 2020. Globalstar also has reduced its net leverage from 10x to 3x in that same period.  

In the first quarter of 2025, Globalstar will begin trading on the NASDAQ exchange. In conjunction with this move, the company will perform a reverse stock split of anywhere from 1-for-10 to 1-for-25. This will be done to improve liquidity and marketability as well as to ensure the company meets the NASDAQ requirements. Interested investors may want to wait for the split to occur before jumping in.  

https://www.marketbeat.com/stocks/NYSEARCA/GSAT/forecast/

Topgolf Callaway Brands Corp. (NYSE: MODG) was formed by the merger of Topgolf and Callaway in 2021. However, one reason that investors believe MODG stock can be a doubler is that in September 2024, the company announced that the two companies were splitting up.  

At face value, this news is an admission that the merger may have been a mistake. But analysts are already seeing the bright side. MODG stock dropped 46% in 2024, primarily due to weak same-store sales at Topgolf entertainment venues. Analysts are cautiously optimistic that this trend will reverse. The debut of the Tiger Woods Golf League (TGL) is likely to expand interest in fast-paced simulator golf. 

In January 2025, Jefferies upgraded the stock from a Hold to a Buy and raised its price target from $11 to $13. And that’s below the $14.83 consensus price target from the MODG stock analyst forecasts on MarketBeat as of January 15, 2025.