My Top Three Stocks Worth Investing in Currently
Struggling to find compelling investments for your portfolio? You're not the only one. Market favorites are seemingly out of favor, and many stocks appear overextended. However, looking beyond the beaten path can lead to hidden value and opportunities. Here are three stocks to consider:
Uber Technologies
Uber Technologies (UBER 0.12%) recently missed its fourth-quarter profit estimates, earning $0.23 per share rather than the expected $0.50. Despite this, investors recognized the company's strength. Uber's bookings were still up 18% year over year, and EBITDA grew by 44% for the quarter, extending healthy growth trends. Furthermore, Uber dominates the U.S.'s ride-hailing market with a three-quarters share, and has a strong presence in Europe. According to Straits Research, the ride-hailing market is expected to grow at an annualized pace of more than 11% through 2032.
Iovance Biotherapeutics
Iovance Biotherapeutics (IOVA -0.71%) is a biopharma stock with significant growth potential. Its drug Amtagvi, which was approved to treat unresectable or metastatic melanoma, is expected to generate substantial revenue by 2029, according to Global Data. While shares have declined from their early 2021 peak, analysts maintain a positive outlook. The consensus price target is $23.50, more than 300% above the stock's present price.
Axon Enterprise
Axon Enterprise (AXON -8.70%) is a company with a diverse product line. It owns the Taser brand and offers body-worn cameras, security software, and is even venturing into surveillance drones. The need for accountability and transparency in law enforcement interactions is driving growth, with FY2024 revenue on pace to grow nearly 33% year over year. Despite its high valuation and volatility, it still may be worth considering as a potential investment.
Enrichment Insights
Iovance Biotherapeutics (IOVA) is expected to experience significant growth, driven by its tumor-infiltrating lymphocyte (TIL) therapy, Amtagvi. According to analysts, the company's fourth-quarter revenue is expected to grow by 135-165%, while FY2025 revenue is projected to be between $450 million and $475 million. The drug is currently generating quarter-over-quarter growth of approximately 31%, and is expected to contribute $75 million in revenue by 2024.
Analysts have a generally positive outlook for Iovance Biotherapeutics. Stifel maintains a Buy rating with a $21.00 price target, reflecting confidence in the company's ability to meet its financial goals and sustain its market position. The consensus recommendation is 1.57, with a price range from $7.50 to $34.00. However, some analysts have expressed concerns about competitive dynamics and the potential challenges in achieving revenue estimates.
Sources:[1] [https://www.barrons.com/news/iovance-biotherapeutics-stock-surges-after-earnings-10-09-2023-2430671?mod=topics_mergers_and_acquisitions][2] [https://www.ig.com/en/forex-shares-rates/stocks/US/IOVA-Iovance-Biotherapeutics-Inc-331409][3] [https://www.yahoo.com/news/iovance-biotherapeutics-jumps-10-09-230812902.html][4] [https://www.globenewswire.com/news-release/2023/09-10/2690234/0/en/Global-Data-Forecasts-Annual-Sales-of-Iovance-Biotherapeutics-AMTAGVI-to-Exceed-800-Million-by-2029.html]
- Despite the current market trends underestimating potential investments, looking beyond common stocks might uncover hidden value and opportunities, such as in Uber Technologies or Iovance Biotherapeutics.
- To bolster your portfolio, you might want to consider Uber Technologies, whose strong market position and healthy growth trends could make it a valuable investment.
- While investing in certain stocks may require considering factors like Uber's missed profit estimates or Iovance Biotherapeutics' volatile nature, considering their long-term potential in areas like ride-hailing and cancer treatments, respectively, could lead to profitable returns.
- Along with Uber, incorporating biopharma stocks like Iovance Biotherapeutics could lead to diversification in your portfolio, as the company's anticipated growth in its metastatic melanoma treatment could bring substantial revenue and returns.
