The S&P 500 gave up more of its yearly gains in October as concerns over the U.S. economic outlook, persistent inflation and war in the Middle East weighed on investor sentiment. But even after a disappointing October, the S&P 500 remains higher by 9.2% year to date. Top 2023 stock market performers include health care stocks with unique catalysts and stocks exposed to artificial intelligence technology.
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Here are the 10 best-performing stocks of 2023 among companies that trade on major U.S. exchanges and have market capitalizations of at least $1 billion. Returns are through Oct. 31.
| Stock | YTD return |
| Carvana Co. (ticker: CVNA) | 469.6% |
| MoonLake Immunotherapeutics (MLTX) | 393.4% |
| AppLovin Corp. (APP) | 246.1% |
| BridgeBio Pharma Inc. (BBIO) | 241.7% |
| ImmunoGen Inc. (IMGN) | 199.6% |
| MicroStrategy Inc. (MSTR) | 199.1% |
| Super Micro Computer Inc. (SMCI) | 191.7% |
| Riot Platforms Inc. (RIOT) | 188.5% |
| Vertiv Holdings Co. (VRT) | 187.5% |
| Structure Therapeutics Inc. (GPCR) | 185.8% |
10. Structure Therapeutics Inc. (GPCR)
Structure Therapeutics is a clinical-stage biopharmaceutical company developing oral therapeutics to treat chronic metabolic and pulmonary diseases. In late September, Structure’s stock price surged after the company reported positive trial data for its GSBR-1290 drug for treating obesity. GSBR-1290 is similar to weight-loss and diabetes drugs Wegovy and Mounjaro, both of which are already approved by the U.S. Food and Drug Administration. Investors are particularly optimistic about GSBR-1290 because it is administered as a daily pill, while Wegovy and Mounjaro are administered by injection. The stock is up 185.8% year to date.
9. Vertiv Holdings Co. (VRT)
Vertiv produces power and thermal management, information technology management, and related services, primarily for data center customers. Vertiv has ridden the AI stock wave so far in 2023 as investors are betting the massive data center workloads required by AI models will be good news for Vertiv. The stock jumped nearly 30% in a single day in August when Vertiv reported 24% revenue growth in the second quarter. The company recently reported 18% third-quarter revenue growth and a $171 million year-over-year increase in operating profit. It also raised its full-year profit guidance. The stock is up 187.5% year to date.
8. Riot Platforms Inc. (RIOT)
Riot Platforms is a Bitcoin (BTC) mining company. Cryptocurrency-related stocks tanked during 2022’s “crypto winter.” Rising interest rates triggered a broad market rotation out of cryptocurrency in 2022, sending Bitcoin prices tumbling and making mining far less profitable. So far in 2023, Bitcoin is up 108.8%. Riot reported 1,775 Bitcoins produced in the second quarter and now holds more than 7,265 BTC on its balance sheet. Riot has a deployed fleet of 95,904 Bitcoin miners with a hash rate capacity of 10.7 exahashes per second. The stock is up 188.5% in 2023.
7. Super Micro Computer Inc. (SMCI)
Super Micro Computer is a tech company that produces a wide range of computer hardware products, including servers, networking equipment, motherboards and chassis. As the broad tech sector has recovered in 2023, investor enthusiasm for stocks exposed to cloud computing, AI, blockchain and autonomous vehicles has surged. Super Micro Computer rewarded investors’ positive sentiment by reporting impressive 37% revenue growth in fiscal 2023, including 32.9% year-over-year revenue growth in the fourth quarter. Given the company’s exposure to some of the highest-growth technology fields, it’s understandable why investors are buying the stock. Super Micro Computer shares are up 191.7% in 2023.
6. MicroStrategy Inc. (MSTR)
MicroStrategy’s core offering is a business intelligence software platform, but cryptocurrency enthusiasts know the company because MicroStrategy is also the largest corporate investor in Bitcoin. As of the end of July, the company held 152,800 BTC on its balance sheet, a stake worth nearly $5.3 billion at today’s Bitcoin prices. With the price of Bitcoin up about 109% year to date, it’s easy to see why MicroStrategy shares have soared. MicroStrategy’s business intelligence hasn’t performed particularly well, so investors should expect the stock to trade mostly in line with Bitcoin moving forward. MicroStrategy shares are up 199.1% year to date in 2023.
[See: 10 of the Best Stocks to Buy This Year.]
5. ImmunoGen Inc. (IMGN)
ImmunoGen is a biotech company that targets cancer using antibody-drug conjugates, which are cancer-killing toxins attached to specific antibodies using a biodegradable linker. The stock rallied in May when ImmunoGen reported positive phase 3 data for Elahere to treat folate receptor alpha (FR?)-positive platinum-resistant ovarian cancer in patients who have received prior chemotherapy. In its first two quarters of sales in the first half of 2023, Elahere generated $106.9 million in revenue. Investors are hoping more positive data and an expanded label for Elahere could propel the stock even higher. IMGN shares are up 199.6% year to date.
4. BridgeBio Pharma Inc. (BBIO)
BridgeBio Pharma is a biopharmaceutical company focused on treating genetic diseases and cancers that have a single genetic driver. The stock jumped more than 60% in early March when BridgeBio released positive results from its phase 2 clinical trials of infigratinib for treating children with achondroplasia. The stock got another big boost in July when BridgeBio reported positive phase 3 data for its clinical trials of acoramidis in treating transthyretin amyloid cardiomyopathy. BridgeBio’s $4.3 billion market cap makes it a potentially attractive buyout candidate as well. BBIO shares are now higher by 241.7% so far in 2023.
3. AppLovin Corp. (APP)
AppLovin provides software to app developers used for app discovery and monetization. AppLovin shares have trended steadily higher in 2023 as investors have become more optimistic about the company’s outlook. In August, AppLovin reported that revenue dropped 3% year over year in the second quarter, but software platform revenue was up 28% from the same quarter in 2022 to a record $406 million. Adjusted pre-tax operating earnings were also up 24% from the previous year. The company said its AI-based advertising engine AXON 2.0, which powers its AppDiscovery platform, has performed well since its recent launch. AppLovin shares are up 246.1% this year.
2. MoonLake Immunotherapeutics (MLTX)
MoonLake Immunotherapeutics is a clinical-stage biotechnology company investigating novel nanobody sonelokimab for treating inflammatory disease. MoonLake shares gained 97% in just four days in late June after the company reported positive mid-stage results from trials testing sonelokimab for treating patients with moderate-to-severe hidradenitis suppurativa, or HS. In October, MoonLake released positive 24-month data from its sonelokimab trials and said it will discuss phase 3 development plans by the end of 2023. Wall Street has high hopes for the drug and the company, and MoonLake’s shares are up 393.4% so far in 2023.
1. Carvana Co. (CVNA)
Carvana is an online used car sales platform that allows buyers to have cars delivered directly to their homes. Two years after Reddit stock traders sent shares of struggling meme stocks GameStop Corp. (GME) and AMC Entertainment Holdings Inc. (AMC) skyrocketing, social media traders have targeted Carvana in 2023, triggering a short squeeze in the stock despite its poor business performance. Carvana reported a 24% drop in revenue, a 35% drop in retail units sold and a net loss of $105 million in the second quarter. Regardless of its underwhelming fundamentals, Carvana’s 469.6% year-to-date gain has certainly been impressive.
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2023’s 10 Best-Performing Stocks originally appeared on usnews.com
Update 11/01/23: This story was previously published at an earlier date and has been updated with new information.
