As bad a year as the Nasdaq Composite is having (it's down 31.6%), that's still nothing compared to Cathie Wood's Ark Innovation ETF (ARKK 1.77%), which has collapsed 65%. The fund is full of growth stocks, which investors shunned in 2022, and many of the stocks in the ETF are at or near their lows.

In some cases, the price drop could set these stocks up for big rallies and recoveries in 2023. The Cathie Wood stocks I see as the most likely to make big comebacks next year include Roku (ROKU 1.00%)Teladoc Health (TDOC 0.26%), and CRISPR Therapeutics (CRSP -0.88%). Let's find out a bit more about these three comeback-worthy stocks.

1. Roku

Shares of streaming company Roku are down 81% this year. The stock hit a new 52-week low this week as its tailspin doesn't look to be over just yet. It hasn't been trading at these levels since early 2019. The drop represents a massive overreaction in the markets, one that could set up Roku for a very low price point to start 2023 and a strong rally.

Roku's streaming sticks and TVs make it easy for consumers to watch their favorite streaming service. And while it offers free content via the Roku channel, an important distinction is that Roku main business segments don't compete head-on with Netflix or Walt Disney for streaming subscribers (it offers a streaming channel, but doesn't rely on the income it generates). It works with the companies, and that makes it a safer buy than investing in a business that offers streaming services.

The company has struggled this year and has incurred losses in three of its past four quarters as businesses have cut back on ad spending due to an uncertain future ahead in the economy. That drop in ad revenue has affected Roku's growth. But that's just a temporary problem for Roku. If the economy starts to show signs of stabilizing next year, which it could as some analysts are expecting only a mild recession, then there could be a recovery sooner rather than later. Roku could have plenty to gain if that happens.

2. Teladoc Health

Telehealth company Teladoc Health is another popular Cathie Wood stock that went into free fall this year. Its 71% stock price decline is only slightly better than Roku's crash, but Teladoc still had an absolutely awful year. Impairment charges involving writing down its acquisition of Livongo Health have made its bottom line look brutal -- Teladoc's net loss over the trailing 12 months totals nearly $10 billion despite the company reporting revenue of only $2.3 billion.

Those impairment charges stopped and in Teladoc's latest quarter (ended Sept. 30), the numbers look a lot better. During the period, the company's revenue totaled $611.4 million, growing 17% year over year. And its $73.5 million net loss was 13% lower than the $84.3 million net loss Teladoc reported in the prior-year period.

The company isn't achieving profitability yet, but it is showing signs of progress and the business is still growing at a time when many are struggling. It's mind-boggling to think the stock is trading at levels last seen in 2017, when few investors would have even known about telehealth or had the opportunity on their radars. At such a beaten-down price, it's hard to imagine Teladoc not having a much better year in 2023.

3. CRISPR Therapeutics

The stock price of gene-editing company CRISPR Therapeutics is down only 40% this year, which makes it look like a big winner compared to Teladoc and Roku. But it's still around multiyear lows -- the last time it was trading at lower levels than this was in 2020.

The company is arguably the riskiest buy on this list as its revenue over the past four quarters totals just $12.8 million while it has reported losses of $680.8 million.

But the positive is that CRISPR is working with biotech company Vertex Pharmaceuticals on exa-cel, a functional cure for rare blood disorders beta thalassemia and sickle cell disease that could generate billions in revenue for the businesses. In 2023, the Food and Drug Administration may approve exa-cel, and if that happens, CRISPR's future will suddenly become a lot stronger, leading to better top and bottom lines, and it will become a more tenable investment for growth-oriented investors. It could even potentially lead to an acquisition, as CRISPR's valuation is less than $4 billion, which wouldn't be a big purchase for a large healthcare company looking to expand into gene-editing therapies.