In this article, we discuss the 10 best multi-bagger stocks to buy heading into 2025 along with the market conditions post-election.
November has been an eventful month so far for the market as the Fed cut rates by a quarter percentage and president-elect, Donald Trump won the election for the second time. The market reacted positively to these events as the major indices touched all-time highs and even Bitcoin finally broke off its shell after many months, reaching an all-time high of $93,000.
More recently, Federal Reserve Chair Jerome Powell stated that solid economic growth, low unemployment, and inflation above 2% mean there’s no urgency to cut interest rates. Speaking in Dallas, Powell said inflation is on a path toward the Fed’s 2% target, allowing for cautious policy adjustments.
He highlighted the economy’s strong fundamentals but acknowledged persistent inflation pressures. While a rate cut is expected by the market in December, it anticipates fewer cuts next year due to steady inflation and policy uncertainties. According to the CME FedWatch, 62.4% of the interest rate traders expect a 25 bps rate cut in December. However, in January, 55.5% of the market anticipates the rates to remain the same after the December cut.
Powell emphasized that the Fed will monitor inflation closely, especially housing costs, as it aims to reach its target sustainably.
Read Also: 12 High Growth Large Cap Stocks to Buy Now and 10 Best Low Volatility Stocks to Invest in Now.
Election Boosts Market Optimism but Risks Remain
Stuart Kaiser, Citi’s head of equity trading strategy recently joined CNBC’s Closing Bell. In the post-election discussion, Kaiser expressed a generally optimistic outlook, with confidence that the markets have cleared the immediate uncertainties related to the election. Kaiser noted a temporary boost from this event but emphasized that moving forward, market focus will return to U.S. economic growth, the Fed’s actions, and corporate earnings.
While he believes valuations are currently more justifiable with expected growth from deregulation and new policy changes, he remains cautious about risks tied to bond market movements and rising yields. He suggested that rising yields linked to economic growth are manageable for equities, but warned against yields climbing due to fiscal or tariff issues, which could unsettle the market.
Regarding equity strategy, Kaiser advocated a cautious approach to small-cap investments, preferring high-quality, profitable small caps due to their domestic focus, which could shield them from trade policy risks impacting larger companies. Additionally, although Kaiser doesn’t handle non-traditional assets directly, he acknowledged that assets like Bitcoin might gain traction in a strong economic or supportive policy environment.
With that, we look at the 10 Best Multibagger Stocks To Buy Heading into 2025.
10 Best Multibagger Stocks To Buy Heading into 2025
Our Methodology
For this article, we used the Finviz stock screener to identify over 350 stocks with share price gains of over 100% in the last 12 months, as of November 13. Next, we narrowed our list to 28 stocks with share price gains of 200% either in the last 12 or 24 months and Buy or better ratings from analysts. From that list, we removed the stocks that had negative share price returns compared to 24 months ago and finally narrowed the list to 10 stocks with an average analyst price target upside of over 100%. The 10 best multi-bagger stocks are listed in ascending order of their average price target upside.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
10 Best Multibagger Stocks To Buy Heading into 2025
10. Aquestive Therapeutics, Inc. (NASDAQ:AQST)
1-Year Share Price Performance: ~195%
2-Year Share Price Performance: ~372%
Average Price Target Upside: 100.60%
Aquestive Therapeutics, Inc. (NASDAQ:AQST) is a pharmaceutical company focused on improving patient care by developing innovative, orally administered therapies that offer alternatives to traditional, invasive treatments. The products include treatments for epilepsy, opioid dependence, nausea, ADHD, and ALS. Its proprietary pipeline includes Libervant (seizures), KYNMOBI (Parkinson’s), Exservan (ALS), AQST-108 (epinephrine for various conditions), and Anaphylm (epinephrine for allergic reactions). Through collaborations with other pharmaceutical companies, the company uses its proprietary technologies, such as PharmFilm, to develop and bring new drugs to market.
As of the third quarter, Aquestive (NASDAQ:AQST) has made significant progress including the introduction of AQST-108 for alopecia areata, an expanded Libervant (a buccal soluble film formulation of diazepam used to treat seizures in patients with epilepsy) launch for children aged two to five, and advancements in their Anaphylm program. The company confirmed the positive results of the OASIS study for Anaphylm, which demonstrated rapid symptom resolution in allergy patients. Anaphylm is an epinephrine sublingual film designed for the emergency treatment of severe allergic reactions, including anaphylaxis.
The company also received supportive FDA feedback for Anaphylm’s NDA submission and plans a pediatric pharmacokinetic study in 2025. Libervant is now covered by Medicaid in all 50 states, with retail distribution launched in October. For AQST-108, a Phase 2a study is expected in 2025.
Aquestive’s (NASDAQ:AQST) cash and cash equivalents were $77.9 million as of September 30, 2024. The company maintained its 2024 revenue guidance of $57 million to $60 million and an adjusted EBITDA loss of $20 million to $23 million.
9. Perspective Therapeutics, Inc. (NYSE:CATX)
1-Year Share Price Performance: ~330%
2-Year Share Price Performance: ~250%
Average Price Target Upside: 106.39%
Perspective Therapeutics, Inc. (NYSE:CATX) is advancing radiopharmaceutical treatments targeting cancer cells using the alpha-emitting isotope 212Pb. Through proprietary technology, the company aims to deliver precise radiation to cancer cells, using targeting agents that improve accuracy.
Additionally, it is developing imaging diagnostics with the same targeting mechanisms to personalize treatments, combining both visualization and therapy in a “theranostic” approach to enhance effectiveness and reduce side effects. Currently, the company’s melanoma (VMT01) and neuroendocrine tumor (VMT-α-NET) programs are undergoing Phase 1/2a trials, and the company has created a proprietary 212Pb generator to support clinical and commercial needs.
On November 13, Justin Walsh of JonesTrading reaffirmed his Buy rating on Perspective (NYSE:CATX). Walsh expects the company’s upcoming presentation on its Phase 1/2a trial of Pb-212-VMT-α-NET at a medical symposium to underline its potential in treating neuroendocrine tumors, especially those not previously treated with radiotherapy. Although still in the dose-escalation stage, early trial data shows promise in distinguishing this treatment in the field.
The company’s ongoing Phase 1/2a trial for advanced melanoma has also demonstrated encouraging anti-tumor effects, despite a few clinical uncertainties. The therapy’s safety profile is notable, with no significant kidney toxicity seen even at higher doses.
Perspective (NYSE:CATX) increased its cash and short-term investments to $267.8 million as of September 30, 2024, compared to $9.2 million at the end of 2023. This funding is projected to support current clinical programs, pre-IND assets, and regional manufacturing development, extending financial stability through mid-2026.
8. Capricor Therapeutics, Inc. (NASDAQ:CAPR)
1-Year Share Price Performance: ~515%
2-Year Share Price Performance: ~285%
Average Price Target Upside: 110.59%
Capricor Therapeutics, Inc. (NASDAQ:CAPR) is a biotechnology company focused on developing cell and exosome-based therapies for muscular diseases. Its leading candidate, deramiocel, is an allogeneic cell therapy currently in Phase 3 trials for Duchenne muscular dystrophy (DMD).
Deramiocel uses cells from healthy human heart tissue to repair damaged muscle and improve heart function, with potential benefits in both cardiac and skeletal muscles. Early studies suggest it can slow muscle degeneration and improve cardiovascular health.
The company is also advancing its StealthX exosome platform in preclinical stages, which aims to deliver oligonucleotides, proteins, and small molecules for several diseases, with a focus on vaccinology and targeted treatments.
In Q3, Capricor (NASDAQ:CAPR) reported a cash position of $85.0 million as of September 30, 2024, up from $39.5 million at the end of 2023. The company raised $52.2 million in net proceeds through an at-the-market offering and an additional $80.8 million from a public offering in October 2024.
However, the company experienced a decline in revenues, which were $2.3 million for Q3 2024, down from $6.2 million in Q3 2023. Operating expenses for Q3 2024 totaled $15.3 million, resulting in a net loss of $12.6 million. The company projects its current financial resources will sustain operations through 2027, excluding additional milestone payments or strategic capital use.
Capricor (NASDAQ:CAPR) is also preparing for the expansion of its manufacturing capacity and has secured a binding term sheet with Nippon Shinyaku for the European commercialization of deramiocel. This agreement includes a $20 million upfront payment, potential milestone payments of up to $715 million, and a double-digit percentage of product revenue.
On November 14, The Fly reported that Cantor Fitzgerald raised its price target for Capricor (NASDAQ:CAPR) to $30 from $25, maintaining an Overweight rating on the stock. The firm noted that the company’s third-quarter earnings report did not reveal any major surprises, but it provided additional insights into its regulatory and commercial plans.
Moreover, the company has attracted significant interest from new investors, many of whom were impressed by the high royalty expectations from its partnership. Cantor Fitzgerald believes the company could achieve annual peak revenues of approximately $1 billion in the U.S. alone.
7. Delcath Systems, Inc. (NASDAQ:DCTH)
1-Year Share Price Performance: ~226%
2-Year Share Price Performance: ~224%
Average Price Target Upside: 122.45%
Delcath Systems, Inc. (NASDAQ:DCTH) specializes in interventional oncology, focusing on treating liver cancers, including those that are primary or metastatic. Its key products are the HEPZATO KIT and CHEMOSAT Hepatic Delivery System, both designed to deliver high-dose chemotherapy to the liver while managing systemic exposure during percutaneous hepatic perfusion (PHP) procedures.
In the U.S., the HEPZATO KIT, a drug-device combination regulated by the FDA, includes the chemotherapy drug melphalan and Delcath’s Hepatic Delivery System (HDS). The HDS isolates liver blood flow from the systemic circulation and filters it during treatment, enabling high-dose, targeted therapy with reduced risk of systemic side effects and liver toxicity.
The treatment is approved for adults with metastatic uveal melanoma affecting the liver under specific conditions. In Europe, Delcath offers the HDS as the CHEMOSAT system, a Class III medical device approved for PHP procedures at medical centers treating several liver cancers.
In the third quarter, Delcath (NASDAQ:DCTH) achieved $11.2 million in revenue, marking a 44% increase from the prior quarter. This included $10 million in U.S. sales from HEPZATO KIT and $1.2 million from European sales of CHEMOSAT. With 12 active HEPZATO treatment centers in the U.S., the company aims to have 15 by year-end and reach 30 by the end of 2025. Additionally, a $10 million revenue milestone triggered a $25 million funding influx from exercised warrants.
In Europe, CHEMOSAT revenue grew 100% year-over-year, though it remained stable compared to the prior quarter. The company is expanding CHEMOSAT’s presence in France, Italy, and Spain to support research and trials.
Furthermore, Delcath’s (NASDAQ:DCTH) gross margin reached 85% for the quarter. R&D expenses declined to $3.9 million from $4.6 million due to lower access program costs, while SG&A costs rose to $7 million due to commercial launch activities. With $14 million in cash, no outstanding debt, and recent warrant exercises adding $25 million, the company anticipates achieving profitability while funding further clinical trials.
6. Rezolute, Inc. (NASDAQ:RZLT)
1-Year Share Price Performance: ~573%
2-Year Share Price Performance: ~265%
Average Price Target Upside: 126.48%
Rezolute, Inc. (NASDAQ:RZLT) is a late-stage rare disease company focused on improving outcomes for individuals with hypoglycemia caused by hyperinsulinism (HI). Its lead clinical asset, ersodetug, is an intravenous human monoclonal antibody designed to treat hypoglycemia caused by various forms of HI. The antibody works by binding to a unique site on the insulin receptor, reducing insulin’s effect and helping restore glucose balance.
Rezolute (NASDAQ:RZLT) provided fiscal Q1 2025 results and business updates on November 7. The company’s focus for 2025 will be on advancing its Phase 3 programs for congenital and tumor hypoglycemia (HI) patients. CEO Nevan Elam highlighted the progress made in enrolling patients for the sunRIZE trial, a global Phase 3 study for ersodetug in congenital HI, and the upcoming U.S. enrollment expected in early 2025.
Topline results for the congenital HI study are expected in the second half of 2025. For tumor HI, the Phase 3 study is progressing with enrollment expected in 2025, and topline results anticipated in 2026.
As of September 30, 2024, Rezolute (NASDAQ:RZLT) reported $117.8 million in cash, cash equivalents, and marketable securities, down from $127.1 million on June 30, 2024. On November 8, The Fly reported that JMP Securities analyst Jason Butler increased the price target for the company to $8 from $7 while maintaining an Outperform rating on the stock after the company’s Q1 results.
The analyst noted that the Phase 3 trial for ersodetug in congenital hyperinsulinism is progressing with patient enrollment, and the results are expected to be released in the second half of 2025.
5. GigaCloud Technology Inc. (NASDAQ:GCT)
1-Year Share Price Performance: ~143%
2-Year Share Price Performance: ~245%
Average Price Target Upside: 138.74%
GigaCloud Technology Inc. (NASDAQ:GCT) provides end-to-end B2B technology solutions for large parcel goods through its “GigaCloud Marketplace,” a platform that combines tools for product discovery, payments, and logistics. This marketplace primarily connects manufacturers in Asia with resellers in regions like the U.S., Asia, and Europe, facilitating efficient and secure cross-border transactions. Initially, the platform focused on furniture and expanded to include home appliances and fitness equipment.
On November 7, GigaCloud (NASDAQ:GCT) reported Q3 revenue of $303.3 million, surpassing the consensus estimate of $279.57 million, and was up over 70% year-over-year. The company achieved record highs in net income at $40.7 million and adjusted EBITDA at $48.8 million. The company continued to expand its marketplace, with active third-party sellers surpassing 1,000 and the buyer base reaching 8,535. Marketplace GMV grew 80% year-over-year, with 72% of GMV from third-party sellers. The company also saw a 140% year-over-year revenue increase in Europe.
GigaCloud (NASDAQ:GCT) also initiated a $46 million share repurchase program on September 3 and has already purchased about $11.4 million in shares as of November 6, 2024. The company intends to retire these shares, reducing the total issued shares to improve long-term shareholder value.
In November 2023, GigaCloud (NASDAQ:GCT) completed the $85 million acquisition of Noble House Home Furnishings, a leading B2B distributor of home furnishings. At its latest earnings call, the company mentioned that it is on track to break even with its Noble House acquisition by year-end.
4. Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)
1-Year Share Price Performance: ~250%
2-Year Share Price Performance: ~195%
Average Price Target Upside: 146.77%
Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) is a clinical-stage biopharma company focused on creating new treatments for brain health disorders. Aiming to lead in this field, it is developing a range of product candidates that influence key neurotransmitter pathways, some with and some without perceptual effects. It is working to address brain health challenges with its pipeline, designed to improve patient outcomes in challenging neurological conditions.
The company shared its third-quarter 2024 financial results and updates on its clinical programs on November 7. The company is preparing for its first Phase 3 trial, Voyage, to evaluate MM120 ODT, a form of lysergide D-tartrate (LSD), for generalized anxiety disorder (GAD) by late 2024, with a second GAD trial, Panorama, planned for 2025.
It also plans to launch Emerge, its first Phase 3 trial of MM120 ODT for major depressive disorder (MDD), in early 2025. The company anticipates initial data from these GAD and MDD trials in 2026.
MindMed (NASDAQ:MNMD) is also progressing with MM402, a modified form of MDMA aimed at treating autism spectrum disorder (ASD). Following a Phase 1 study completed in October 2024, further studies are planned to assess MM402’s potential for reducing ASD symptoms. MM120 is designated a breakthrough therapy by the FDA for GAD due to high unmet needs, especially in treatment-resistant cases.
As of September 30, 2024, the company held $295.3 million in cash and cash equivalents, up from $99.7 million at the end of 2023. The company expects this cash to fund operations through at least 2027, extending over a year beyond its anticipated first Phase 3 data readout for MM120 ODT in GAD.
3. Larimar Therapeutics, Inc. (NASDAQ:LRMR)
1-Year Share Price Performance: ~233%
2-Year Share Price Performance: ~159%
Average Price Target Upside: 182.59%
Larimar Therapeutics, Inc. (NASDAQ:LRMR) is a biotechnology company at the clinical stage, focusing on therapies for rare and complex diseases. Its main candidate, nomlabofusp, is in development to potentially treat Friedreich’s ataxia.
Friedreich’s ataxia is a rare genetic disorder that affects the nervous system and muscles, leading to progressive movement and coordination difficulties. The disorder primarily impacts the spinal cord and peripheral nerves, which help control muscle movement. Symptoms usually appear in childhood or adolescence and may include loss of coordination, muscle weakness, difficulty walking, speech problems, and heart disease. The company also aims to expand its intracellular delivery platform to create fusion proteins for other rare diseases that involve intracellular bioactive compound deficiencies.
Larimar (NASDAQ:LRMR) shared its third-quarter 2024 financial and operational updates, emphasizing the progress of nomlabofusp. The company has activated all trial sites for its open-label extension (OLE) study, where patients receive a daily 25 mg dose of nomlabofusp to assess safety, pharmacokinetics (PK), and frataxin levels. The company expects to present data in December 2024 and provide enrollment updates. Additionally, in November, it will present new findings at the ongoing International Congress for Ataxia Research (ICAR) based on its completed dose exploration studies.
Regulatory developments include receiving the U.K.’s ILAP designation from the MHRA, which could expedite nomlabofusp’s market access in the U.K. Larimar has also begun engagement with the FDA’s START pilot program. The company aims to refine its market strategy by consulting with stakeholders and is on track to submit a Biologics License Application (BLA) in the latter half of 2025 to pursue accelerated approval.
Future plans include a PK run-in study with adolescents by year-end and younger children next year, followed by a larger confirmatory study across the U.S., Europe, and additional locations in mid-2025. As of September 30, 2024, Larimar (NASDAQ:LRMR) held $203.7 million in cash, cash equivalents, and marketable securities, supporting operations into 2026.
On October 31, Citi initiated a “90-day positive catalyst watch” on Larimar (NASDAQ:LRMR), as reported by The Fly. The firm maintained a Buy rating with a $14 price target on the stock. It expects initial data from the open-label extension study of nomlabofusp to be released mid-December.
The data is anticipated to provide valuable information on long-term frataxin concentration kinetics and safety, extending beyond the 28-day dosing from the Phase 2 study. Citi sees potential gains for the stock if the results confirm a strong safety profile, sustained frataxin levels, and early indications of positive treatment outcomes.
2. Jasper Therapeutics, Inc. (NASDAQ:JSPR)
1-Year Share Price Performance: ~262%
2-Year Share Price Performance: ~255%
Average Price Target Upside: 192.52%
Jasper Therapeutics, Inc. (NASDAQ:JSPR) is a clinical-stage biotech company focused on developing treatments for hematopoietic stem cell transplants and gene therapies. Its main candidate, briquilimab, is an antibody designed to clear bone marrow stem cells in preparation for allogeneic stem cell or gene therapy.
The company is advancing treatments for conditions such as chronic spontaneous urticaria (a skin condition characterized by the sudden, recurring appearance of itchy hives), myelodysplastic syndrome (group of disorders caused by poorly functioning blood cell production in the bone marrow), and stem cell transplant conditioning. It is also exploring stem cell therapies for rare diseases, including sickle cell disease, Fanconi anemia, and a few others.
On November 7, Jasper (NASDAQ:JSPR) reported its third-quarter 2024 results and provided an update on its clinical programs. The company announced the closure of its legacy study in lower-risk myelodysplastic syndromes (LR-MDS) and highlighted progress in its mast cell disease development programs. Preliminary data from the SPOTLIGHT study showed that 93% of patients treated with briquilimab for cold urticaria and symptomatic dermographism responded clinically, with no serious adverse events.
The company also received regulatory clearance in the U.S. and EU to expand its BEACON study in chronic spontaneous urticaria (CSU) and launched an asthma challenge study. In the LR-MDS study, briquilimab was well-tolerated but did not improve hematopoiesis, leading to the discontinuation of development for this indication. The company anticipates presenting further data in early 2025.
Jasper (NASDAQ:JSPR) reported cash and cash equivalents of $92.5 million as of September 30. Research and development expenses totaled $14.5 million, which included $0.6 million in stock-based compensation. General and administrative expenses were $5.4 million, with $1.4 million allocated to stock-based compensation. The company posted a net loss of $18.6 million or a basic and diluted net loss per share of $1.24.
JMP Securities keeps an optimistic outlook of the company’s latest results as its analyst Silvan Tuerkcan maintained a Buy rating on Jasper Therapeutics with a $70.00 price target, as reported by TipRanks on November 8. The rating reflects optimism surrounding the company’s briquilimab program, especially the BEACON Phase 1b/2a study, which shows promise for CSU treatment. Initial data from this study is expected in early 2025.
Despite halting the LR-MDS program due to limited benefits, positive insights into briquilimab’s safety profile continue to support its potential. Early results from the SPOTLIGHT study also highlight briquilimab’s efficacy in treating mast cell-mediated diseases. The company’s solid cash reserves further support its ability to continue its studies and support future growth.
1. aTyr Pharma, Inc. (NASDAQ:ATYR)
1-Year Share Price Performance: ~226%
2-Year Share Price Performance: ~47%
Average Price Target Upside: 455.56%
aTyr Pharma, Inc. (NASDAQ:ATYR) focuses on developing therapies targeting unique immune pathways. Its main drug candidate, efzofitimod, aims to treat pulmonary sarcoidosis and other interstitial lung diseases (ILDs) and is currently in advanced clinical trials. The company is also working on ATYR0101, a preclinical candidate for fibrosis(thickening or scarring of connective tissue in the body), and ATYR0750 for liver disorders.
Its primary candidate, Efzofitimod is an innovative biologic immunomodulator being developed to treat ILD. Derived from tRNA synthetase, efzofitimod works by targeting neuropilin-2 on myeloid cells to control inflammation without suppressing the immune system, potentially slowing fibrosis.
aTyr Pharma, Inc. (NASDAQ:ATYR) recently shared its third-quarter 2024 updates, including progress on key clinical trials for its lead candidate, efzofitimod. The company has completed patient enrollment for the Phase 3 EFZO-FIT study, which evaluates efzofitimod for pulmonary sarcoidosis, and expects preliminary results by Q3 2025.
As of the third quarter, the company held $68.9 million in cash, equivalents, restricted cash, and investments. After the quarter ended, the company raised an additional $19.4 million from an at-the-market offering with Jefferies LLC, before deducting related expenses.
The company expects these funds to support its operations until it files a Biologics License Application (BLA) for efzofitimod in pulmonary sarcoidosis. Research and development expenses for Q3 2024 were $14.8 million, driven largely by clinical trials, manufacturing for efzofitimod, and other research activities. General and administrative expenses totaled $3.3 million for the same period.
On November 8, TipRanks reported that H.C. Wainwright analyst Joseph Pantginis reaffirmed a Buy rating on aTyr (NASDAQ:ATYR), setting a $35 price target. Pantginis highlighted the company’s solid financial footing, ending Q3 2024 with $68.9 million in cash, anticipated to reach $87 million after recent ATM proceeds, which secures funding past the expected Phase 3 trial data release and BLA filing.
The ongoing Phase 3 EFZO-FIT trial for efzofitimod in pulmonary sarcoidosis is pivotal for the company, as there are no FDA-approved treatments for this condition affecting many in the U.S. Early trial enrollment completion also suggests strong interest and significant potential in the upcoming data.
While we acknowledge the potential of aTyr Pharma, Inc. (NASDAQ:ATYR) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than ATYR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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