This week, the U.S. Federal Reserve prepares to cut interest rates at its quarterly FOMC meeting. That means a potential windfall for the top penny stocks to watch this week.

But it could produce even greater profits – returns near 100%, in fact – for our best penny stock.

If the Fed pulls the trigger, this will be the first time it's slashed rates since the 2008 financial crisis.

This cut is likely lead to a flood of cheap money into the markets, sending stocks higher. But the best stocks will get the biggest gains.

And the top penny stocks could see some of the biggest returns.

The low market price of a penny stock allows it to generate huge percentage gains for shareholders, even from small price movements.

But there's a catch. With over 2,500 penny stocks trading on the markets right now, it can be incredibly difficult to identify which penny stocks will jump when volatility rises.

So, to help our readers find the next top penny stock, we use the Money Morning Stock VQScore™ system.

The proprietary VQScore system scans major indexes for stocks that have the highest chance at earnings growth. That's how we came upon our best penny stock to buy this week.

And we'll show you our top penny stock. But first, here are the best penny stocks from last week:

Penny StockCurrent Share PriceLast Week's Gain
Achillion Pharmaceuticals Inc. (NASDAQ: ACHN)$4.6595.38%
SigmaTron International Inc. (NASDAQ: SGMA)$4.9592.61%
Taronis Technologies Inc. (NASDAQ: TRNX)$0.4956.82%
Harvard Bioscience Inc. (NASDAQ: HBIO)$2.7038.46%
Acasti Pharma Inc. (NASDAQ: ACST)$2.3135.09%
Durect Corp. (NASDAQ: DRRX)$0.9834.19%
BioHiTech Global Inc. (NASDAQ: BHTG)$2.3932.78%
DelMar Pharmaceuticals Inc. (NASDAQ: DMPI)$1.6629.69%
VolitonRX Ltd. (NYSE: VNRX)$4.4025.71%
Sellas Life Sciences Group Inc. (NASDAQ: SLS)$0.1624.80%

Last week's penny stocks delivered strong returns for investors. But our top penny stock to buy this week is on the verge of a 100% profit.

The VQScore has found the best penny stock to own right now as the Fed gets ready to lower interest rates.

It's a steel company cashing in on the booming demand for steel production.

And a VQScore of 4.75 means it's ready to soar.

In fact, you can pick it up right now for only $2.48…

Top Penny Stock to Buy This Week

AK Steel Holding Corp. (NYSE: AKS) is a steel manufacturing company headquartered in Butler County, Ohio.

The firm currently operates eight steel plants across the Midwest and is a significant supplier of steel to the American automobile industry.

While growing demand from the auto industry is certain to boost the company's bottom line, its real profit potential is in rising global steel demand.

Analysts expect global steel demand will rise by 1.6% over the next year. The nation of India alone is anticipated to grow in demand for steel by over 5%.

And as Chinese steel producers are brought to heel by Washington's trade maneuvers, American companies like AK Steel will be able to pick up the slack and fulfill growing global demand.

And it's currently perfectly positioned to do so. Over the last three years, AK's gross profits have risen 37%. This kind of jump in profits enables the company to invest aggressively in expansion and reward shareholders.

Wall Street even thinks this company is a buy. Analysts believe the company's stock could jump as much of $5 in the next year.

That's a return of nearly 100% from today's price of $2.48.

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