Whether you're new to investing or have been doing it for a very long time, the vast majority of the stocks in your portfolio are probably in the red this year. Rising interest rates are pushing growth stocks out of favor -- but not all of them.

This year, shares of the following three biotech stocks have soared in the opposite direction of the overall market. Moreover, Wall Street analysts think they could climb a lot higher.

Belite Bio

Belite Bio (BLTE -1.35%) stock is up by about 179% this year in response to progress for its lead candidate. The clinical-stage biotechnology company is developing an experimental retinol-binding protein antagonist called LBS-008.

Stargardt disease is a rare inherited disease that causes people to lose their vision and currently lacks treatment options. Patients suffer from a buildup of excess retinol, an enzyme cofactor more commonly known as vitamin A. The stock soared earlier this year because 8 of the first 13 Stargardt patients treated with LBS-008 achieved measurably improved scores on a visual-acuity test.

Analysts at investment banks up and down Wall Street think this biotech stock has a lot more fuel in the tank. The average price target on Belite Bio suggests it could rise another 95% in the near term.

In addition to a phase 3 trial with Stargardt patients, the company will explore LBS-008 as a treatment for dry age-related macular degeneration (AMD). Dry AMD is a condition that affects millions of Americans. Since it lacks effective treatment options, success for LBS-008 could lead to several billion in annual sales down the line.

CinCor Pharma

Shares of CinCor Pharma (CINC) are up 113% this year, and analysts who follow the stock think it can climb a lot higher. The average price target on this clinical-stage biotech stock right now suggests it still has another 80% of upside.

Wall Street analysts are reacting to a successful clinical-trial readout the company reported regarding its lead candidate, an experimental new hypertension drug called baxdrostat. This is a potential first-in-class treatment that selectively inhibits aldosterone production and appears to work as intended. Patients with persistently high blood pressure, despite treatment with at least three medications, showed significant improvement after treatment with baxdrostat.

The drug could generate blockbuster sales as a treatment for millions of Americans who can't keep their blood pressure down to a safe level with available drugs. We'll find out more about its chances soon. Before the end of 2022, the company will present results from a phase 2 trial with somewhat more cooperative patients who failed to control their blood pressure following treatment with up to two other hypertension drugs.

Pliant Therapeutics

Pliant Therapeutics (PLRX 3.61%) stock has gained 77% this year, and analysts think it has a lot more fuel in the tank. The consensus price target on this biotech stock is about 80% above its recent closing price.

Investment-bank analysts are bullish about Pliant Therapeutics' lead candidate, PLN-74809. This is an orally available candidate that inhibits a pair of proteins that cells use to stick to each other and form scar tissue. The stock shot up this July when results of a phase 2 trial suggested 12 weeks of treatment with PLN-74809 helped improve lung capacity for patients with idiopathic pulmonary fibrosis (IPF).

Savvy biotech investors will note that 12 weeks probably isn't long enough to measure a benefit for patients with a disease that progresses as slowly as IPF. It's also troubling that among the three dosage strengths tested, only the mid-sized dose led to a measurable improvement.

All three of these biotech stocks are extremely risky investments and could quickly see severe losses if their lead candidates can't repeat their previous successes. That said, some are more risky than others. With Pliant's less-than-convincing phase 2 results, it's probably a good idea to watch the company from a safe distance for now.