Are penny stocks really worth the risk? While penny stocks are notorious and known to be illiquid, a select few have the ability to deliver substantial gains in a short span.This is a question a lot of people ask and it seems there are many answers to this. As you know, like every other asset class, investing in penny stocks brings with it risks. A lot of them.Mind you, this space has often seen stocks come down as much as 80-90% in a short span of time. Take the example of Ozone World, PALM Jewels, and Evexia Lifecare. Look at the price charts of all these companies and you'll see they are down over 80% from the levels they were trading a year ago.And there are more on this list… While penny stocks are notorious and known for their illiquid status, a select few have the ability to deliver massive gains in a short spanIt's not unusual for a penny stock to climb as much as 5x, 10x or a whopping 100x in a short span.We ran a query for stocks trading between Rs 100 between 23 Ma