The Best-Performing Stocks In 2023

These stocks have earned the highest gains so far in 2023.

The S&P 500 followed its most excellent January performance since 2019, with a decline in February, as investors believe the current inflation statistics will lead to an increase in interest rates. Investors are anxious that the Federal Reserve will not guide the U.S. economy to a smooth landing. The top achievers on the stock market in 2023 are healthcare equities with unique catalysts and artificial intelligence-exposed stocks. These are the best-performing stocks of 2023 among firms with market capitalizations of at least $1 billion that trade on major U.S. exchanges. The return deadline is February 28.

Revance Therapeutics Inc.

Revance Therapeutics is a biotechnology business in the clinical stage that develops and commercializes innovative botulinum toxin products for cosmetic and therapeutic uses. In September 2022, the Food and Drug Administration authorized Daxxify by Revance, an injectable face medication indicated to treat moderate to severe frown lines. Botox from AbbVie Inc. (ABBV) now leads the face injections market, but Daxxify may reduce wrinkles for up to six months, three months longer than Botox. Revance said in February that the complete commercial launch of Daxxify would occur in the first or second quarter, and investor confidence has sent Revance shares up 87.9% so far in 2023.

TravelCenters of America Inc.

TravelCenters of America Inc. manages a network of 281 travel centers nationwide. In February, the firm announced that oil giant BP PLC (BP) would acquire it for $1.3 billion, or $86 per share. The shares ended on February 28 at $84.35, a small markdown from the sale price. The acquisition enables BP to increase its network of electric car charging stations. Shareholders and authorities must still authorize the transaction, resulting in an 88.4% year-to-date return for TA stockholders.

Carvana Co. 

Carvana is an online marketplace for selling secondhand automobiles that enable purchasers to have vehicles delivered straight to their homes. Two years after Reddit stock traders drove shares of ailing meme stocks GameStop Inc. (GME) and AMC Entertainment Holdings Inc. (AMC) soaring, social media traders rallied behind Carvana in January, resulting in a short squeeze despite the company’s dismal financial performance. In November 2022, Carvana announced 1,500 layoffs. It also reported a 24% decline in sales and a net loss of $806 million in the fourth quarter, indicating that its 98.7% year-to-date increase may be temporary.

Sotera Health Co.

Sotera Health supplies the medical device and pharmaceutical sectors with sterilization, laboratory testing, and consulting services. On January 9, Sotera stated that it had resolved litigation over allegedly hazardous emissions from its Illinois operation. The announcement that the corporation agreed to pay a $408 million settlement to “virtually all” of the plaintiffs in the litigation almost quadrupled the company’s stock price in a single day. As part of the deal, Sotera neither admits guilt nor that the emissions posed a health risk. Shares of Sotera are up 100.4% year-to-date.

C3.ai Inc.

C3.ai is a corporate software provider that focuses on developing large-scale artificial intelligence systems to improve business processes. OpenAI’s ChatGPT’s success has made AI a hot trend on Wall Street in 2023, propelling the share price of C3.ai. C3.ai announced the debut of C3 Generative AI for Corporate Search at the end of January. According to the business, its AI product line will include cutting-edge AI capabilities from OpenAI, Google, and academia, including the most recent ChatGPT and GPT-3 models. C3.ai has ridden the AI wave to a 101.8% increase in 2023.

Aurinia Pharmaceuticals Inc.

Aurinia Pharmaceuticals is a biopharmaceutical business in the trial stage that develops treatments for autoimmune illnesses. In February, the firm posted impressive fourth-quarter results for Wall Street. Yearly sales increased by 194%, while fourth-quarter revenue increased by 21% compared to the previous year. Lupkynis, the only FDA-approved oral treatment for the autoimmune disease lupus nephritis, led the strong quarter. In January, Aurinia also resolved a significant patent dispute with Sun Pharma. In 2023, Aurina’s stock price increased by 110.4% due to the excellent news coverage.

NerdWallet Inc.

NerdWallet is an online marketplace for consumer and small business financial goods. The stock surged in February after NerdWallet announced fourth-quarter results and sales that exceeded expectations. Impressive growth figures for NerdWallet include a 52% increase in credit card income and a 9% increase in monthly unique users. In 2022, NerdWallet’s loan income decreased 24% year-over-year owing to increasing interest rates, causing a dramatic slowdown in the housing industry, but registered user revenue increased by 80%. Also, NerdWallet has a spotless balance sheet with no outstanding debt. The momentum of the corporation has propelled the stock price up by 115% so far in 2023.

Scilex Holding Co.

Scilex buys, develops, and markets non-opioid pain management solutions for treating acute and chronic pain. Scilex is publicly listed, while Sorrento Therapeutics Inc. has significant ownership (SRNE). Scilex reported on January 3 that it anticipates sales between $37 to $42 million in 2022, up from $31.3 million in 2021. Last year, the ZTLido therapy for postherpetic neuralgia was a significant growth driver, contributing to a 53% increase in sales. Scilex and Sorrento said in February that Sorrento’s bankruptcy would not harm Scilex’s operations. Scilex shares have gained 116.8% so far in 2023.

Oscar Health Inc.

Oscar Health is a 1.1 million-member health insurer focusing primarily on Affordable Care Act marketplaces. The Oscar stock price increased in February after the business announced a 93% increase in membership in 2022 and projected direct and assumed insurance premiums of between $6.4 billion and $6.6 billion for 2023. This year, the firm intends to lower its adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) deficit to between $75 million and $175 million, representing a significant step toward profitability. The price of Oscar shares has increased by 125.2% this year.

CinCor Pharma Inc.

CinCor Pharma is a clinical-stage biopharmaceutical firm focusing on developing Baxdrostat to treat hypertension and other cardio-renal disorders. CinCor shares surged on January 9 when pharma behemoth AstraZeneca PLC (AZN) announced an acquisition of the company for an upfront price of $1.3 billion, more than twice the previous week’s closing price. Before the news of the investment, CinCor’s shares dropped 47% in a single day in November 2022 after Baxdrostat’s clinical studies encountered a setback—the stock price increased by 136.5% in 2023 due to the announcement of the acquisition.