 Since June 8, stocks have been moving, but theyve been going in a sideways direction. While this movement combined with low expectations for Q2 earnings is concerning, one Wall Street pro believes this stock-market action will get resolved to the upside. Whats behind his bullish thesis? Unprecedented levels of credit and liquidity.Canaccord chief market strategist Tony Dwyer wrote, Over the past week, the economic data continued to surpass expectations at a historic rate, there was further indication of a broad recovery in the global economy, and excess liquidity that has supported financial assets surged to an even more historic level. All of this comes as the rate of new COVID-19 cases spikes and Democratic presidential nominee Joe Biden leads in the polls, which has kept the markets in a consolidation pattern.Further supporting his optimism, Dwyer cites the recent positive economic data, evidence that real liquidity has notched an all-time high as well as signs that the global economy is bouncing back.To this end, risk-tolerant investors are looking for compelling names that wont break the bank, namely penny stocks. These tickers going for less than 5 apiece have earned a reputation for their risky nature, so we narrowed our search to include only those scoring Wall Streets stamp of approval. Using TipRanks database, we pulled three penny stocks that have earned a Strong Buy consensus rating from the analyst community. Not to mention each offers up massive upside potential and could climb to 10, or even more. Checkpoint Therapeutics CKPTFounded by Fortress Biotech, Checkpoint Therapeutics focuses on the development of cutting-edge therapies to improve the lives of patients battling solid tumor cancers. After a recent regulatory win for its peer, several members of the Street believe that its 1.65 share price presents investors with an opportunity to get in on the action. On June 24, it was announced that Mercks Keytruda product had been approved for the treatment of patients with recurrent or metastatic cutaneous squamous cell carcinoma cSCC that is not curable through surgery or radiation.What does all of this mean for CKPTs asset, Cosibelimab? According to 5-star Ladenburg analyst Wangzhi Li, two positives come from this regulatory win. The first is that it validates the regulatory path of Cosibelimabs ongoing single arm pivotal trial in cSCC with similar design to those of Libtayo and Keytruda. As for the second, the development reduces the ORR bar for approval in cSCC and the clinical risk for Cosibelimabs pivotal trial given that the therapy has produced an interim ORR of 50 from its ongoing Phase 1 trial.If that wasnt enough, so far, Cosibelimab has shown a more robust safety profile. To this end, Li tells clients he is optimistic ahead of the companys data update later this summer from the ongoing pivotal trial and the completion of enrollment for the pivotal trial around YE2020. Thus, we see low regulatory and clinical risks now for potential approval of Cosibelimab in cSCC in 1H2022... With an estimated 7,000 deaths per year in the U.S., mCSCC presents a significant 1 billion-plus market opportunity. CKPT plans to grab market share for Cosibelimab through substantially lower pricing, for which big biopharma companies could be difficult and unwilling to match such competitive pricing in a small indication like cSCC which could lead to substantial loss for their big franchise revenue in many other larger indications such as NSCLC, Li commented.To this end, Li rates CKPT a Buy rating along with a 20 price target. This puts the upside potential at a massive 1,115. To watch Lis track record, click hereJudging by the consensus breakdown, other analysts also like what theyre seeing. 3 Buys and no Holds or Sells add up to a Strong Buy consensus rating. Based on the 14.33 average price target, the upside potential comes in at 773. See CKPT stock analysis on TipRanksOptinose Inc. OPTNMoving right along, we come across Optinose, which wants to provide better treatments for ear, nose and throat ENT diseases and allergies. Based on its strong growth prospects and 4.60 share price, Wall Street focus has locked in on this healthcare name.Representing Cowen, analyst Ken Cacciatore tells clients that OPTN has regained its footing. It has done this through its impressive virtual marketing program, which has led to a nice reacceleration of Xhance Rxs, and a co-promotion deal with kaléo.As per the terms of the agreement, kaléo will use its 100-person salesforce that is primarily focused on allergy specialists to promote Xhance to approximately 6,000 clinicians, half of which are outside of Optinoses current prescriber base, increasing the reach by 30.At the moment, the companys salesforce targets nearly 10,000 prescribers, split evenly between ENT and allergy specialists, with the goal of eventually targeting about 15,000 ENTallergy specialists that treat 85 of the 3.5 million chronic rhinosinusitis patients who seek care. We believe this partnership will efficiently expand Optinoses promotional reach for what we understand to be relatively inexpensive economics, Cacciatore said.Going back to the Q2 Xhance prescription rates, momentum is ramping up, with the total estimated Rxs increasing by 15-plus quarter-over-quarter. Cacciatore added, With what should be improving pricingdiscounting from the seasonally low Q1, we anticipate that Optinose will likely meet, or modestly beat, our and the Streets 10 million Q2 sales estimate.Offering additional explanation for his bullish stance, Cacciatore commented, With managed care coverage now at 75-80, as well as a still steady increase in clinician adoption, we believe that management might soon be in a position to get more aggressive and initiate a broader DTC program... We believe this agreement with kaléo will further accelerate the progress we have been observing, and although we clearly still anticipate sales for the balance of the year to be below our original expectations pre-COVID-19, we do expect a nice reacceleration in 2021. If our expectations prove anywhere near accurate, at the current valuation, we believe the riskreward remains compelling.With everything that OPTN has going for it, it makes sense why Cacciatore left an Outperform rating and 20 price target on the stock. Should the target be met, a twelve-month gain in the shape of a whopping 335 could be in store. To watch Cacciatores track record, click here Do other analysts agree with Cacciatore? They do. Only Buy ratings, 4, in fact, have been issued in the last three months, so the consensus rating is a Strong Buy. At 18.50, the average price target implies shares could climb 302 higher in the next year. See Optinose stock analysis on TipRanksAllena Pharmaceuticals ALNAHoping to address the unmet needs of patients with rare and severe metabolic disorders that affect the kidney, Allena Pharmaceuticals develops innovative, oral enzyme therapeutics. Combine its positioning for success with its 1.42 share price, and you get a thumbs up from the analyst community.Writing for H.C. Wainwright, five-star analyst Edward White cites its reloxaliase therapy as a major component of his bullish thesis. The candidate is an orally administered enzyme designed for the treatment of enteric hyperoxaluria EH, with it currently being evaluated in the Phase 3 URIROX-2 study, which followed up the Phase 3 URIROX-1 trial.We are unaware of any other companies that trade at a market cap of under 50 million that are in the second of two Phase 3 studies that could lead to an FDA filing in 2022, White commented.Speaking to the market opportunity, the size of the EH population in the U.S. lands at about 250,000 people. In addition, during the URIROX-1 trial, reloxaliase was able to generate a statistically significant reduction in urate oxalate UOx, with it also shown to be well-tolerated.As a result, White has high hopes ahead of the URIROX-2 trial. The trial will feature an identical primary endpoint to URIROX-1, with it also using common enrollment criteria. He expects the product to launch at the end of 2023, with sales landing at 18 million in 2023 and 350 million in 2028.To this end, White rates ALNA a Buy along with a 10 price target. Shares could appreciate by 604, should the analysts thesis play out in the coming months. To watch Whites track record, click here Overall, the bulls have it on this one. Out of 5 total reviews published in the last three months, all 5 analysts rated the stock a Buy. Given the 11.80 average price target, shares could soar 731 in the next twelve months. See ALNA stock analysis on TipRanksTo find good ideas for penny stocks trading at attractive valuations, visit TipRanks Best Stocks to Buy, a newly launched tool that unites all of TipRanks equity insights. 