Stocks to buy

3 Stock Winners That Are Up 1,000% or More in 2024

Dig deep enough and find a story hot enough, and you can uncover potential stock winners up 1,000%. Look at Advanced Micro Devices (NASDAQ:AMD), for example.

When I first found AMD, it was trading around $10 a share, severely beaten-down and undervalued. Today, thanks to the artificial intelligence boom, it’s one of the most talked about tech stocks in the world. Now at $210, it’s up 2,000%.

Or, look at a stock like Acadia Pharmaceuticals (NASDAQ:ACAD). When I first found the stock, the company was working on a treatment for Parkinson’s disease psychosis. It was trading around $1.50 a share at the time. It would hit a high of $43.65 for a return of 2,804%.

The best part is if you dig deep enough, there are similar opportunities. Here are three recent stock winners up 1,000%. One just ran from a 2023 low of about $8.30 to a high of $99.41 for a return of 1,098%.

Viking Therapeutics (VKTX)

Source: Shutterstock

That 1,098% winner was Viking Therapeutics (NASDAQ:VKTX), whose VK2735 trials have shown a good deal of promise with the treatment of obesity. Granted, VKTX slipped about $17 on Thursday. All after Novo Nordisk (NYSE:NVO) reported positive Phase 1 results for its new obesity drug. But I’d use that weakness as an opportunity.

For one, in Viking’s trial, “Those who received weekly doses of the treatment lost up to 14.7% of their body weight from baseline, or 13.1% when adjusted for placebo, after 13 weeks,” as noted by CNBC

In addition, “Up to 88% of patients who received the drug, known as VK2735, achieved at least 10% weight loss, compared to just 4% of those who didn’t receive the treatment. Notably, there was no evidence of a plateau in weight reduction at week 13 for any dose of the drug, suggesting that ‘further weight loss might be achieved’ by keeping patients on the treatment longer.”

Plus, there are also rumors VKTX could potentially see interest from companies like Pfizer (NYSE:PFE), as studies continue to show positive results. Am I concerned about the Novo Nordisk trial threat? Not really. Viking still has plenty of upside potential remaining.

Carvana (CVNA)

Source: Ken Wolter / Shutterstock.com

Left for dead in early 2023 at $3.62, Carvana (NYSE:CVNA) just hit a high of $80.89. That’s a gain of 2,135% at the moment. Better, the stock could race even higher. All after management refocused on becoming far more efficient

Helping, analysts at Raymond James just upgraded the stock to a Market Perform rating, after recent earnings saw CVNA inching closer to profitability. In its fourth quarter, Carvana posted a total gross profit per unit of $5,283, a $3,063 jump year over year. Also, in its current quarter, Carvana expects to see adjusted EBITDA “significantly” above $100 million.

“While 4Q23 was in line with our expectations, we are raising our 2024 adj. EBITDA forecast to reflect better-than-expected GPU trends QTD in 1Q24,” added Raymond James, as quoted by Seeking Alpha.

We also have to consider that Carvana’s addressable market is large. At the moment, the U.S. used car market is worth about $195.8 billion. From there, it could be worth about $302.47 billion by the time 2027 rolls around. Technically, CVNA is a bit overbought, so I’d wait for pullbacks before buying.

Super Micro Computer (SMCI)

Source: rafapress / Shutterstock.com

Super Micro Computer (NASDAQ:SMCI) doesn’t seem to know the meaning of down. Since mid-2023, the stock ran from about $100 per share to a recent high of $1,161. That’s good for a gain of 1,061%.

The company, which helps “cloud computing firms install servers, and insatiable demand for AI-related gear, has put the Silicon Valley-based company into overdrive. Analysts expect sales to rise another 203% this year, and for earnings to jump 81%,” says Investorplace contributor Thomas Yeung, CFA.

Caught up in a massive AI boom, SMCI has become ridiculously overvalued, and ready to pivot lower. Then again, the ridiculous rally could continue as it attracts blind momentum. But I’d rather be safe and just watch than risk hard-earned money in an inflated situation. Analysts at Wells Fargo are also cautious about the chance for increased competition in the AI server market. 

While investors have certainly enjoyed the 1,061% ride, I’m on the sidelines, waiting for dips.

On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.

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