Definitely higher-priced stocks are more profitable.
In fact, one of my personal trading rules: I will not do any research about or trade any stock with a price less than $26.61 U.S.D.

I discovered - THE HARDEST way - throwing money at an inexpensive ["cheap"] stock is nothing but a waste of my valuable time and money and an exercise in futility and frustration. I prefer to invest my time and the money in the account.

I'll give you another fact: One of the investors in our trading group has been trading for many years. One day we were having a conversation about the subject you raised in your Q. "Eric" (not his real name) said to me, "Ron I only made money on one penny stock. That was a big fat $135, which I had to wait a LONG time for the stock to get to the price I thought it was going to get to in a few weeks or months."

Thanks for asking your Q! I enjoyed answering it!

VTY,
Ron Berue
Yes, that is my real last name!

Sources: My wonderful family!

My wonderful coaches and mentors!

TWO [2] of THE ABSOLUTE BEST, MOST wonderful trading groups in the world, which I am most proud to be a member of!

Trading stocks and options more than 2 years.

"THE University of Hard Knocks"

Well I will have to disagree with the other answer. If you get help from a person who knows what they are doing with penny stocks, then you should be able to make money. Try www.thepennystockguru.com. He had a recent pick, I think was LEE, went from like .$60 to $1.40 in a week! Its free, just try him out.