While people tend to avoid price hikes, certain stocks up 100% this year just might provide an exception to the rule. Basically, not even two months have passed by. If these securities are already up by a blistering magnitude, there could be more rewards in store.
Put another way, robust strength may beget even more strength. Broadly speaking the fear of missing out (FOMO) represents a powerful catalyst, especially in the post-pandemic cycle. For example, we’ve already seen how struggling gaming retailers and cineplex operators can change lives. Ditto for the sustained stratospheric run in cryptocurrencies.
People have already seen how quickly popular assets can rise. What’s more, they might know people that have bought a new car – or a new house – because of their speculative activity. That only drives up FOMO even more, which might cynically benefit these stocks up 100%.
Pixelworks (PXLW)
At first glance, you might not see anything that remarkable about Pixelworks (NASDAQ:PXLW). Originally set up in 1997, Pixelworks provides video and pixel-processing semiconductors and software. In addition, the company provides digital display projection devices and digital signage solutions. It’s an interesting business. However, it wasn’t that appealing to investors until several weeks ago.
Slowly at first but accelerating rapidly later, PXLW started on its journey as one of the stocks up 100% in late January. What’s odd here is that at this moment, I don’t see an immediate contrarian catalyst. For example, short interest of float is less than 1%. So, the retail players might not be driving this narrative.
Instead, it’s possible that the big money is targeting PXLW stock. Specifically, its options flow screener – which exclusively focuses on major derivative transactions – showed high volume of now-expired calls.
For those who still want to wager on Pixelworks, analysts rate shares a unanimous strong buy. Also, the average price target lands at $3.50, implying 33% upside potential.
Ocular Therapeutix (OCUL)
Based in Bedford, Massachusetts, Ocular Therapeutix (NASDAQ:OCUL) is a biopharmaceutical company developing transformational treatments that enhance people’s vision and quality of life through consistent and sustainable drug delivery. Now, one thing’s for certain. OCUL stock has been enhancing investors’ portfolio through robust gains. Whether that upside is sustainable is another story.
However, the narrative is a compelling one. Ocular levers a proprietary biocompatible and bioresorbable hydrogel matrix that encapsulates a drug to provide sustained and localized delivery. The aim is to provide a targeted therapeutic delivery while minimizing systemic exposure. Fundamentally, the profile of the innovation should improve efficacy while keeping side effects and procedural recovery time to a minimum.
What’s really eye opening (no pun intended) is Ocular’s three-year revenue growth rate. At 88.5%, this metric ranks better than over 88% of its rivals. Now, I expect the top-line expansion to slow but the performance demonstrates that we’re not talking about some nonsense penny stock here.
Lastly, analysts peg shares a unanimous strong buy with a $13.40 target, projecting 38% growth. Thus, it’s one of the stocks up 100% this year that can still move higher.
Sensus Healthcare (SRTS)
One of the riskiest ideas on this list of stocks up 100% in 2024, Sensus Healthcare (NASDAQ:SRTS) has been all over the map. Indeed, in the past 52 weeks, SRTS lost more than 32% of market value. However, the security began forming a “rounding bottom” pattern if you will last November. It later started rounding fairly sharply, leading to its outsized performance so far in 2024.
Headquartered in Boca Raton, Florida, Sensus specializes in superficial radiotherapy. Per its website, Sensus levers a non-invasive treatment protocol for non-melanoma skin cancer and keloids. What works in the company’s favor is its potential leadership in the underlying ecosystem. According to Future Market Insights, the superficial radiation therapy system space may be worth $58.2 million by 2030.
Yes, it’s a small market and therefore, Sensus presents high risks. However, as the research firm points out, there are two key players in the space – and one of them is Sensus.
Analysts anticipate great things, rating shares a unanimous strong buy. As well, the average price target clocks in at $7.13, implying nearly 51% upside potential.
On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.