Wall Street analysts aren't always right. They can have biases for or against certain stocks. In some cases, they have a clear motivation to serve as cheerleaders for specific stocks. But these knocks against analysts don't mean that they don't often make good calls.

Sometimes, analysts are super-bullish about individual stocks that really are promising picks. Here are three stocks to buy that Wall Street analysts think will soar 50% or more.

Three blue lines with arrows pointing up

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Nano-X Imaging

The average analysts' one-year price target for Nano-X Imaging (NNOX -1.31%) (Nanox) reflects a 70% premium to the current price of the stock. There's a pretty clear path for Nanox to hit that target.

Earlier this month, the company received U.S. Food and Drug Administration (FDA) clearance for its single-source Nanox.ARC digital X-ray device. Nanox plans to begin shipping systems in the fourth quarter of this year. Even more importantly, Nanox expects to file for FDA clearance of its multi-source Nanox.ARC X-ray device this year. This is the system that the company hopes will be its real commercial winner. 

The opportunities for Nanox are ginormous if it gets a green light from the FDA for its multi-source device. Current X-ray systems cost millions of dollars and have a large footprint. Nanox's digital X-ray device will cost significantly less (in the tens of thousands of dollars) and are small. The company's technology could greatly expand the $21 billion global medical imaging market. 

To be sure, Nanox remains a risky stock that isn't well suited for all investors. There's a possibility that the company won't secure FDA clearance for its multi-source Nanox.ARC device. However, for aggressive investors, this stock could deliver massive gains that are a lot bigger than Wall Street analysts project if all goes well.

Novavax

Novavax (NVAX 0.87%) shares have soared more than 70% so far this year. Wall Street thinks there's more room to run: The average price target for the biotech stock is over 50% higher than Novavax's current price.

Analysts' bullish takes on Novavax appear to be warranted. The company reported positive results from a late-stage study of its COVID-19 vaccine in March, with an overall efficacy of 89.7% and efficacy of 96.4% against the original COVID-19 strain. 

Novavax hopes to win Emergency Use Authorization (EUA) in the U.K. soon. It would like to be able to file for EUA in the U.S. based on the late-stage results from its U.K. study. Even if the FDA doesn't allow that to happen, though, the biotech should wrap up another late-stage study of its COVID-19 vaccine conducted in the U.S. and Mexico in the second quarter of 2021. 

Big bucks will pour into Novavax's coffers if it secures authorizations from regulatory agencies for its COVID-19 vaccine. The company already has supply deals in place for around 300 million doses.

Trupanion

Analysts also foresee success for Trupanion (TRUP 0.65%). The average Wall Street price target for the pet medical insurance stock reflects a 60% upside potential.

Trupanion was a lot closer to analysts' target earlier this year. However, the company reported mixed fourth-quarter results in early February and said that its spending would increase in 2021 on pre-revenue initiatives. That update combined with a market rotation away from growth stocks caused Trupanion's shares to plunge more than 35%.

However, the growth prospects for Trupanion are still very good. Pet ownership is increasing. The U.S. and Canadian pet medical insurance markets are greatly underpenetrated. Trupanion expects its subscription revenue to jump around 25% this year.

Beyond 2021, Trupanion's relationship with Aflac could begin to pay off. The big supplemental insurance company bought nearly 10% of Trupanion last year. Aflac plans to offer Trupanion's pet insurance to large and medium-sized businesses beginning in 2022 and subsequently expand into the small business market. This stock shouldn't remain beaten down for much longer.