There are some similarities between gambling and buying high-risk, high-reward stocks. In both scenarios, you could make a great deal of money or you could lose all of it. With this list of the best stocks to buy in June, all have greater than 50% odds of success, despite the high risk. That’s because they all have strong, potential, positive catalysts. Moreover, none of these valuations are ridiculously high.

Novavax (NVAX)

Analysts expect Novavax (NASDAQ:NVAX) to lose $2.12 per share this year and $1.49 per share in 2024. Further, the company is raising doubles about its ability to stay in business, as noted by CNBC. In fact, “The company said there is significant uncertainty around its 2023 revenue, funding from the U.S. government, and pending arbitration with global vaccine alliance GAVI.” However, the company’s cash flow forecast does indicate it has enough capital to fund operations over the next few months.

We also have to consider that Novavax just reported strong, positive results for its flu and coronavirus vaccine. Meanwhile, its competitor, Moderna (NYSE:MRNA) is still struggling with its combo vaccine. As a result, Novavax could have the upper hand here.

Luckin (LKNCY)

Chinese coffee retailer Luckin (OTC:LKNCY) reported very strong first-quarter results on May 1, as its revenue soared 85% year-over-year to $646 million. EPS came in at 24 cents. In the quarter, the company also opened over 1,130 net new stores and said its same-store sales were up 24.6%. Even better, Luckin has expanded into Singapore and signed a deal to move into the Middle East.

However, there are still lingering concerns over fraud. Worse, the Chinese economy appears to be slumping. Also noteworthy is that Luckin faces an array of tough competitors in China, including, of course, Starbucks (NASDAQ:SBUX). However, demand for coffee is still growing, which could eventually boost shares.

ImmunityBio (IBRX)

Over 90% of the patients treated with ImmunityBio’s (NASDAQ:IBRX) protein treatment “were able to avoid having their bladder removed [while] none of the patients died,” I’ve reported previously. Those are astoundingly excellent numbers for a dangerous type of cancer. Unfortunately, the US FDA declined to approve thanks to issues with its manufacturing partner’s facilities. The US FDA also sought additional safety and efficacy data. While I believe the manufacturing issues can be remedied in a relatively short amount of time, IBRX could run out of money beforehand.

DraftKings (DKNG)

DraftKings (NASDAQ:DKNG) has a sizable opportunity in the online sports betting space. And I believe, its brand name has become fairly strong among sports fans. Better, its top line is climbing rapidly, with revenues jumping to $2.24 billion last year from $1.3 billion in 2021. Unfortunately, the company did lose $1.3 billion last year, little changed from the $1.38 billion of red ink that it spilled in 2021. Worse, it’s facing some very deep-pocketed competition from casino powerhouses MGM (NYSE:MGM) and Caesar s Entertainment (NASDAQ:CZR), among others.

Carvana (CVNA)

Online car seller Carvana (NYSE:CVNA) recently thrilled the Street with Q2 EBITDA guidance and raised its second-quarter “total gross profit per unit” outlook to $6,000 from $5,000. However, positive adjusted EBITDA and significant adjusted gross profits do not equate to real profitability. Indeed, analysts, on average, still expect the company to lose a huge $5.85 per share this year and post a per-share loss of $4.72 in 2024.

Perhaps more importantly, I fear that the firm could potentially be in a no-win situation. That’s because, if its business model does not become more popular over the long term, the company will fail. And if the model does become more widely accepted, many other auto sellers will probably adopt the system, making CVNA an “also-ran” that could lose a great deal of market share.

vTv Therapeutics (VTVT)

vTv Therapeutics (NASDAQ:VTVT) developed a potential insulin substitute, TTP399, that performed very well in clinical trials. In fact, according to the company, it showed a “40% reduction in hypoglycemic episodes” in diabetes patients. It also received breakthrough designation from the US FDA. Further, the firm says that it will begin Phase 3 trials of the drug in the second half of this year. However, the company is on its third CEO since the end of 2021. In light of those points, it’s reasonable to be skeptical about the company’s prospects going forward.

Upstart Holdings (UPST)

Upstart (NASDAQ:UPST) “uses artificial intelligence to identify reliable borrowers who often cannot receive loans.” The company was very successful in 2020 and 2021, as its top line soared in those years and its operating income came in at an impressive $145.4 million in 2021.

But the company ran into big problems as interest rates rose, and it reported an operating loss of $103 million last year as its top-line growth slumped tremendously. UPST says that it has made moves to remedy the problems, but it still generated an OI loss of $54 million last quarter, while its revenue was lower than both the preceding quarter and the same quarter a year earlier.

I was a big believer in AI long before it became popular at the end of last year, so I do believe that UPST can be successful. But its recent financial results give me serious doubts. Upstart’s market capitalization is a relatively tiny $2.7 billion, so if it does become successful, UPST stock can indeed generate huge rewards for its owners.

As of the date of publication, Larry Ramer owned shares of NVAX, VTVT, and LKNCY. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.