Sure, it happens. I remember one OTC stock (Homeland Security something or other) went up about 5,000% in a couple of months. There is also Taser (which isn't really a penny stock but close enough) that went up about 10,000% over an 18 month period.
Can't think of any others off the top of my head but it does happen. More often than not they come right back down to below where they started. Pennies are tough.
better go with stock with price above $10. Hard to dig gold in the sands.
anybody have another rino lined up ? @)