5 Best Performing NASDAQ Stocks in 2022

In this article, we discuss 5 best performing NASDAQ stocks in 2022. If you want to see more stocks in this selection, check out 12 Best Performing NASDAQ Stocks in 2022. 

5. CTI BioPharma Corp. (NASDAQ:CTIC)

Number of Hedge Fund Holders: 23

YTD Share Price Gain as of December 27: 126.10%

CTI BioPharma Corp. (NASDAQ:CTIC) was incorporated in 1991 and is headquartered in Seattle, Washington. It is a biopharmaceutical company focused on the acquisition, development, and commercialization of novel targeted therapies for blood-related cancers in the United States. On November 8, CTI BioPharma Corp. (NASDAQ:CTIC) traded 17.5% higher after the company posted better-than-anticipated Q3 results. In the third quarter, CTI BioPharma Corp. (NASDAQ:CTIC) commercially launched VONJO in the United States, reporting net revenue of $18.2 million, a 48% increase in sales compared to the second quarter of 2022. It is one of the best performing NASDAQ stocks in 2022.

On October 17, SVB Securities analyst Andrew Berens initiated coverage of CTI BioPharma Corp. (NASDAQ:CTIC) with an Outperform rating and a $13 price target.

According to Insider Monkey’s third quarter database, 23 hedge funds were bullish on CTI BioPharma Corp. (NASDAQ:CTIC), compared to 17 funds in the prior quarter. Mark Lampert’s Biotechnology Value Fund / BVF Inc is the largest stakeholder of the company, with 8.81 million shares worth $51.3 million. 

4. Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Number of Hedge Fund Holders: 23

YTD Share Price Gain as of December 27: 203.55%

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) is a Pennsylvania-based clinical-stage biopharmaceutical company focused on the development and commercialization of therapeutic candidates for the treatment of cardiovascular, metabolic, and liver diseases. On December 19, Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) stock climbed after releasing late-stage results on resmetirom for nonalcoholic steatohepatitis (NASH) and liver fibrosis. In response to the data, Goldman Sachs raised its probability of success for resmetirom to 90% from 75% and lifted its price target to $375 from $178. Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) is one of the performing stocks in 2022. 

On December 20, Cowen analyst Ritu Baral raised the price target on Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) to $309 from $129 and maintained an Outperform rating on the shares. The analyst said its data strongly supports US/EU approval for resmetirom in F2/F3 NASH and a $2 billion market opportunity. He noted the company is guiding to an NDA submission in the first half of 2023.

According to Insider Monkey’s data, 23 hedge funds were bullish on Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) at the end of Q3 2022, compared to 18 funds in the prior quarter. 

3. Target Hospitality Corp. (NASDAQ:TH)

Number of Hedge Fund Holders: 24

YTD Share Price Gain as of December 27: 312.20%

Target Hospitality Corp. (NASDAQ:TH) is a Texas-based specialty rental and hospitality services company in North America. The company operates through four segments – Hospitality & Facilities Services – South, Hospitality & Facilities Services – Midwest, Government, and TCPL Keystone. Target Hospitality Corp. (NASDAQ:TH) is one of the best performing NASDAQ stocks this year, with shares up over 312% as of December 27. 

On July 12, Oppenheimer analyst Scott Schneeberger raised the price target on Target Hospitality Corp. (NASDAQ:TH) to $18 from $9 and kept an Outperform rating on the shares after updating the firm’s model for Target’s recently announced contract extension/expansion of its West Texas government facility. 

According to Insider Monkey’s data, 24 hedge funds were bullish on Target Hospitality Corp. (NASDAQ:TH) at the end of September 2022, compared to 46 funds in the prior quarter. Gregg J. Powers’ Private Capital Management is the biggest position holder in the company, with 5.7 million shares worth $72.2 million. 

2. Akero Therapeutics, Inc. (NASDAQ:AKRO)

Number of Hedge Fund Holders: 27

YTD Share Price Gain as of December 27: 125.12%

Akero Therapeutics, Inc. (NASDAQ:AKRO) is a California-based cardio-metabolic nonalcoholic steatohepatitis (NASH) company engaged in the development of medicines for the restoration of metabolic balance and improving overall health. On December 8, the U.S. Food and Drug Administration granted breakthrough therapy designation to Akero Therapeutics, Inc. (NASDAQ:AKRO) efruxifermin to treat nonalcoholic steatohepatitis (NASH). The company added that it expects to report results from an ongoing phase 2b study, dubbed SYMMETRY, in the second half of 2023. It is one of the best performing NASDAQ stocks to invest in. 

On November 7, H.C. Wainwright analyst Ed Arce raised the firm’s price target on Akero Therapeutics, Inc. (NASDAQ:AKRO) to $64 from $62 and kept a Buy rating on the shares following the Q3 results.

According to Insider Monkey’s data, 27 hedge funds were bullish on Akero Therapeutics, Inc. (NASDAQ:AKRO) at the end of September 2022, compared to 19 funds in the prior quarter. Alkeon Capital Management is the largest stakeholder of the company, with 3.16 million shares worth $107.6 million. 

1. Constellation Energy Corporation (NASDAQ:CEG)

Number of Hedge Fund Holders: 54

YTD Share Price Gain as of December 27: 109.62%

Constellation Energy Corporation (NASDAQ:CEG) is a Maryland-based company that generates and sells electricity in the United States. The company operates through five segments – Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions. Constellation Energy Corporation (NASDAQ:CEG) stock has climbed nearly 110% year-to-date as of December 27, which merits its inclusion on our list of the best performing stocks for 2022. 

On December 14, Mizuho analyst Anthony Crowdell raised the price target on Constellation Energy Corporation (NASDAQ:CEG) to $94 from $54 and maintained a Neutral rating on the shares. The analyst updated his model to reflect the most up-to-date commodity prices and Q3 hedge disclosures for Constellation Energy Corporation (NASDAQ:CEG). He continues to view the stock’s valuation as fair.

According to Insider Monkey’s data, 54 hedge funds were long Constellation Energy Corporation (NASDAQ:CEG) at the end of Q3 2022, compared to 43 funds in the prior quarter. John Smith Clark’s Southpoint Capital Advisors is the largest stakeholder of the company, with 3.50 million shares worth $291 million. 

Alger Capital made the following comment about Constellation Energy Corporation (NASDAQ:CEG) in its Q3 2022 investor letter:

“Constellation Energy Corporation (NASDAQ:CEG) is America’s leading clean energy company, based on carbon-free production. The company is the largest supplier of clean energy and sustainable solutions to homes, businesses, governments, community aggregations, and a range of wholesale customers (such as municipalities, cooperatives, and other end markets) across the continental U.S., backed by approximately 32,400 megawatts of generating capacity consisting of nuclear, wind, solar, natural gas and hydroelectric assets. Constellation produces nearly 10% of the nation’s carbon-free energy.

Shares outperformed during the third quarter primarily due to the Inflation Reduction Act (IRA). Signed into law in august, the bill provides a nuclear production tax credit of approximately $43.75 per megawatt hour of energy generated. This credit favorably impacted earnings, resulting in an increase in Constellation’s share price.”

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