It's hard to swim upstream. But that doesn't mean it's impossible to do so.
Sure, the stock market is off to a lousy start in 2022. In particular, stocks that trade on the Nasdaq exchange are languishing. The Nasdaq Composite Index is still in correction territory.
However, several stocks are performing well. And a select few are absolutely knocking it out of the park. Here are three Nasdaq stocks that have soared 132% to 1,278% so far this year.
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1. SQL Technologies
Shares of SQL Technologies (SKYX -2.23%) have skyrocketed a whopping 1,278% so far this year. The company conducted its initial public offering (IPO) on Feb. 10, 2022.
You might think that the company focuses on databases based on its name. However, the "SQL" in SQL Technologies doesn't stand for "structured query language," a programming language commonly used with databases. The company got the "SQL in from its original name of Safety Quick Light. It now does business as Sky Technologies.
SQL Technologies makes smart home products that can be easily and safely installed. It plans to soon launch SkyPlug, a smart plug for use with ceiling fans and lighting fixtures.
2. Voyager Therapeutics
Most biotech stocks have performed dismally this year. Not Voyager Therapeutics (VYGR -1.05%). Its shares are up an impressive 250% year to date.
Voyager delivered this huge gain by striking a deal with a huge drugmaker. Earlier this month, the company announced a licensing agreement with Novartis that could eventually be worth more than $1.5 billion. Granted, only $91.5 million of that total will come in the first 12 months of the collaboration. However, the news nonetheless excited investors.
Novartis isn't the only big pharma company interested in Voyager's adeno-associated virus (AAV) capsid platform. Pfizer partnered with Voyager last October. Both Novartis and Pfizer think that Voyager's platform holds the potential to deliver gene therapies with fewer toxicity issues than conventional AAVs.
3. SOC Telemed
SOC Telemed (TLMD) started off 2022 on a down note with its shares sinking close to 50%. However, the telemedicine stock rebounded sharply in early February after announcing that it was being acquired by healthcare investment firm Patient Square Capital. SOC Telemed's shares are now up 132% year to date.
The company ranks as the largest provider of acute care telemedicine services in the U.S. It has been in business since 2004. SOC's customers include hospitals, health systems, post-acute providers, physician networks, and value-based care organizations.
Patient Square Capital's acquisition of SOC Telemed is expected to close in the second quarter of 2022. SOC Telemed shareholders must first approve the deal.
Are they buys now?
Are any of these high-flying stocks smart picks to buy now? We can definitely scratch SOC Telemed off the list. The stock is trading only a few cents below the $3 offer price from Patient Square Capital. Once the acquisition is finalized, SOC will be privately held.
Voyager Therapeutics' AAV capsid technology certainly looks promising. However, it's only in the very early stages of development. None of the company's pipeline programs have moved into clinical testing yet. The stock remains highly risky.
SQL Technologies looks intriguing. Its SkyPlug will integrate with GE ceiling fans and will be marketed under the GE brand. The company really doesn't have any direct competition at this point.
However, SQL Technologies now has a market cap of close to $1 billion after its sizzling performance this year. I'd prefer to stay on the sidelines to see how the early launch of SkyPlug goes.
It's often too late to buy stocks after they deliver staggering gains. My view is that's the case with all three of these big Nasdaq winners.