Incredible Growth in Small-Cap Stocks of 2023
In recent years, the crypto market has been known for its rapid surges in asset prices. However, stocks have also demonstrated impressive growth, including major companies like Coinbase. This year, many small-cap stocks experienced significant rises and falls. Finbold has compiled a list of the top performers in this category for 2023.
Soleno Therapeutics (NASDAQ: SLNO)
Soleno Therapeutics is a biopharmaceutical company focused on treating rare diseases. Its shares skyrocketed by over 350% in a single day after the announcement of positive results from a study on its lead candidate. Overall, SLNO has gained up to 1,544% year-to-date and its current price is $36.01. Despite this surge, Soleno Therapeutics remains a small-cap company with a market cap of $1.1 billion.
American Coastal Insurance Corp (NASDAQ: ACIC)
American Coastal Insurance Corp specializes in underwriting casualty and commercial residential property insurance policies in the U.S. The company had a strong 2023 driven by strong financial results, including more than $22 million in net profit despite high catastrophe damage costs and investment losses. ACIC’s stock rose by an impressive 747% since January 1, reaching $8.47 per share.
Ambrx Biopharma Inc. (NASDAQ: AMAM)
Ambrx Biopharma is a clinical-stage firm focusing on antibody-drug conjugates (ADCs) and genetic code technology to develop treatments for breast and prostate cancers. Although it is still below its all-time highs, AMAM has experienced steady growth throughout the year. Its stock price increased by 573% since the beginning of 2023, currently valued at $13.94 per share.
Hot Take: Small-Cap Stocks Showcasing Impressive Performance in 2023
Despite the dominance of cryptocurrencies in terms of rapid price surges, small-cap stocks have also exhibited remarkable growth in 2023. Companies like Soleno Therapeutics, American Coastal Insurance Corp, and Ambrx Biopharma have experienced substantial increases in their stock prices. These success stories demonstrate the potential for significant returns in the stock market, even for smaller companies. Investors should keep an eye on these small-cap stocks as they continue to make waves in the market.
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