Nearly any stock could double your money. You just might have to wait a long time, potentially even decades.

For investors who don't want to wait that long and have a high tolerance for risk, there are several stocks that could double in a much shorter time frame. Celldex Therapeutics (NASDAQ:CLDX), Dynavax Technologies (NASDAQ:DVAX), and Idera Pharmaceuticals (NASDAQ:IDRA) are three biotech stocks that could possibly rack up 100% returns in the not-too-distant future. Here's how.

Hand with shining dollar sign

Image source: Getty Images.

Celldex Therapeutics: Rising from the ashes

A huge failure by experimental brain cancer drug Rintega in a late-stage study in March 2016 left Celldex reeling. Its stock collapsed in the wake of the stunning clinical setback. However, Celldex at least had some reason to hope for better days ahead with several other promising pipeline candidates. Glembatumumab vedotin (glemba) and varlilumab (varli) stand at the top of the list.

Celldex reported encouraging results from a phase 2 study of glemba in treating metastatic melanoma on June 5. Additional results from the study evaluating a combination of glemba with varli or a checkpoint inhibitor are expected later this year. The biotech hopes that data from another study of glemba in treating breast cancer that wraps up next year will lead to approval of the drug.

In addition to the study with glemba, varli is being evaluated in combination with Bristol-Myers Squibb's (NYSE:BMY) Opdivo in treating several types of cancer. Preliminary results from this study should be available in 2019. If glemba and/or varli prove to be successful, Celldex's share price should skyrocket. 

Dynavax Technologies: Third time's the charm

Dynavax is looking better than it has in a long time. The stock took a beating last year after the U.S. Food and Drug Administration didn't approve experimental hepatitis B vaccine Heplisav-B. However, positive results for toll-like receptor 9 (TLR9) agonist SD-101 presented earlier this month at the American Society of Clinical Oncology (ASCO) excited investors -- and turbocharged Dynavax stock.

SD-101 isn't the only potential catalyst for Dynavax, though. Despite the earlier FDA rejection (actually, there were two previous rejections), Heplisav-B has another chance. The FDA is scheduled to make yet another decision on approval of the vaccine by August. 

There's an old saying that "the third time's the charm." If Dynavax wins approval for Heplisav-B in a few months, there's a reasonable chance that the stock could soar by 100% or more.

Idera Pharmaceuticals: Yoked with Yervoy

What investors think about Idera probably depends heavily on whether they see a glass of water as half-full or half-empty. So far in 2017, Idera stock is up 14%. However, it was up around 70% in April, which means the share price has plunged in recent weeks.

Idera has a couple of promising candidates with toll-like receptor (TLR) agonist IMO-2125 and TLR antagonist IMO-8400. The main problem for the small biotech, though, is that it has limited financial resources to fund research on both drugs.

Preliminary data from a phase 2 study of IMO-2125 in combination with Bristol-Myers Squibb's Yervoy in treating PD-1 refractory melanoma is expected in the first quarter of 2018. If those results are positive, expect the stock to take off in a big way. In the meantime, Idera is talking with regulatory agencies about a pathway to approval for the IMO-2125/Yervoy combo. 

Best chance of doubling?

Celldex could very well have winners in glemba and varli. Idera could finally see success with IMO-2125. However, because of the possibility of approval for Heplisav-B and the solid potential for SD-101, I think Dynavax has the best chance of doubling in value among these three biotech stocks.

In the past, I thought Dynavax had a good shot at winning approval for Heplisav-B and was dead wrong. Maybe I'm just a glutton for punishment, but I think the company will get a hit instead of strike out this summer.