This article presents an overview of the 5 Best Booming Stocks to Buy Right Now. For a detailed overview of such stocks, read our article, 13 Best Booming Stocks to Buy Right Now.
5. Alpine Immune Sciences Inc (NASDAQ:ALPN)
Number of Hedge Fund Investors: 33
Seattle, Washington-based Alpine Immune Sciences Inc (NASDAQ:ALPN) ranks fifth in our list of the best booming stocks to buy right now. Earlier this month, Wolfe started covering the stock with an Outperform rating. Wolfe cited upcoming catalysts for the stock in 2024, which include Phase 2b results for catalystin in mid-2024 and opportunities for Alpine Immune Sciences Inc’s (NASDAQ:ALPN) oral dermatology products with growing revenue for Dupixent/Rinvoq.
Wolfe set a $39 price target on the stock.
Insider Monkey’s database of 933 funds shows that 33 funds had stakes in Alpine Immune Sciences Inc (NASDAQ:ALPN) as of the end of 2023.
4. Cogent Biosciences Inc (NASDAQ:COGT)
Number of Hedge Fund Investors: 33
Earlier this month, Citi started covering Cogent Biosciences Inc (NASDAQ:COGT) with a Buy rating. Citi cited the potential of Cogent’s drug bezuclastinib for the treatment of systemic mastocytosis and gastrointestinal stromal tumors. Citi set an $11 price target on Cogent Biosciences Inc (NASDAQ:COGT).
The stock is up 37% year to date.
Insider Monkey’s database of 933 hedge funds shows that 33 funds had stakes in Cogent Biosciences Inc (NASDAQ:COGT) as of the end of the fourth quarter of 2023.
3. Merus NV (NASDAQ:MRUS)
Number of Hedge Fund Investors: 36
Netherlands-based biotechnology company Merus NV (NASDAQ:MRUS) ranks third in our list of the best booming stocks to buy now. TD Cowen earlier this month said Merus NV (NASDAQ:MRUS) was one of the biotech stocks likely to outperform this year.
In November, Merus NV (NASDAQ:MRUS) posted Q3 results. GAAP EPS in the period came in at -$0.43, beating estimates by $0.27. Revenue in the quarter jumped about 67.6% year over year to $11.03 million, surpassing estimates by $0.62 million.
The stock is up 56% year to date.
Insider Monkey’s database of 933 funds shows that 36 hedge funds had stakes in Merus NV (NASDAQ:MRUS).
2. Applovin Corp (NASDAQ:APP)
Number of Hedge Fund Investors: 38
Applovin Corp (NASDAQ:APP) shares have gained about 47% year to date through February 21.
The stock jumped after the company recently posted Q4 results, beating estimates for both EPS and revenue. Jefferies analyst Andrew Uerkwitz increased his price target on the stock to $70 from $60.
Oppenheimer has also increased its price target on the stock to $70.
ClearBridge Mid Cap Growth Strategy made the following comment about AppLovin Corporation (NASDAQ:APP) in its Q3 2023 investor letter:
“Stock selection in the IT sector was the main detractor during the quarter, as the prospect of a higher-for-longer rate environment weighed on longer-duration, higher growth stocks. Despite these challenges, there were also strong positive contributions from Splunk and AppLovin. Splunk’s price rallied on the news of its acquisition by Cisco, and investors applauded AppLovin Corporation’s (NASDAQ:APP) new, AI-enabled platform which is improving productivity in its mobile games ad network.”
1. Super Micro Computer Inc (NASDAQ:SMCI)
Number of Hedge Fund Investors: 40
Super Micro Computer Inc (NASDAQ:SMCI) shares have gained about 170% year to date in 2024.
Bank of America recently started covering the stock and said AI is causing a “meaningful shift” in the market.
“We think this provider of server and storage solutions will be a beneficiary of AI-driven demand growth (>50% of revenues now tied to accelerators like GPUs. We believe the market for AI servers is much larger than is factored in Street models,” BofA analysts led by Ruplu Bhattacharya said in a note.
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