5 Best Performing NASDAQ Stocks in 2023

In this piece, we will take a look at the five best performing NASDAQ stocks in 2023. If you want to see how the NASDAQ has been one of the best performing stock indexes this year, then check out 12 Best Performing NASDAQ Stocks in 2023.

5. Ambrx Biopharma Inc. (NASDAQ:AMAM)

Year To Date Share Price Gains: 334%

Ambrx Biopharma Inc. (NASDAQ:AMAM) is a biotechnology company that is developing cancer treatments. Its shares are rated Strong Buy on average and analysts have set an average share price target of $25.29.

As of June 2023 end, 15 hedge funds out of the 910 part of Insider Monkey’s survey had bought Ambrx Biopharma Inc. (NASDAQ:AMAM)’s shares. Abhishek Trehan’s Darwin Global Management owns the biggest stake among these which is worth $274 million.

4. Tempest Therapeutics, Inc. (NASDAQ:TPST)

Year To Date Share Price Gains: 393%

Tempest Therapeutics, Inc. (NASDAQ:TPST) is a small biotechnology company headquartered in Brisbane, California. The firm is developing cancer treatments by leveraging the human body’s immune system. The firm released data for its cancer medication in July 2023 which saw the drug stop the action of lipid compounds that are responsible for cancer growth.

During this year’s second quarter, six out of the 910 hedge funds polled by Insider Monkey had held a stake in Tempest Therapeutics, Inc. (NASDAQ:TPST).

3. MoonLake Immunotherapeutics (NASDAQ:MLTX)

Year To Date Share Price Gains: 410%

MoonLake Immunotherapeutics (NASDAQ:MLTX) is another small biotechnology company. The firm is currently developing a drug that treats inflammatory diseases. It has been doing well on the financial front as of late since the company has beaten analyst EPS estimates in all four of its latest quarters. This seems to have impressed Wall Street, as analysts have rated the shares Strong Buy on average. Furthermore, Wedbush rated the shares as Outperform in October 2023, along with an $86 share price target.

After digging through 910 hedge fund holdings for 2023’s second quarter, Insider Monkey discovered that 29 were the firm’s investors.

2. American Coastal Insurance Corporation (NASDAQ:ACIC)

Year To Date Share Price Gains: 648%

American Coastal Insurance Corporation (NASDAQ:ACIC) is a financial company that provides property and casualty insurance products. The firm is the holding company for the now defunct United Property & Casualty Insurance which was unable to meet its claims after the devastating Hurricane Ian in Florida. American Coastal Insurance Corporation (NASDAQ:ACIC)’s shares started trading under the ACIC ticker symbol on the NASDAQ exchange in August 2023.

American Coastal Insurance Corporation (NASDAQ:ACIC)’s largest hedge fund shareholder in Insider Monkey’s database is Dov Gertzulin’s DG Capital Management as it owns $1.5 million worth of shares.

1. Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Year To Date Share Price Gains: 988%

Soleno Therapeutics, Inc. (NASDAQ:SLNO) is a biotechnology company that is headquartered in Redwood City, California. The firm’s shares are rated Strong Buy on average and analysts have set an average share price target of $37.

During Q2 2023 five out of the 910 hedge funds profiled by Insider Monkey were Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s investors. Joseph Edelman’s Perceptive Advisors is the biggest shareholder out of these, courtesy of its $9.4 million stake.

Disclosure: None. You can also take a look at 13 Best Defense Stocks To Buy Now and NATO Military Spending by Country: Top 20 Countries.

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