Everyone enjoys a good bargain, especially when the item can multiply your wealth over time. That's what investors get when they buy quality stocks at a bargain. Although it isn't always easy to find good candidates along these lines -- as the market tends to bid up shares of companies with excellent prospects -- there are stocks that fit the bill.

If you have $5,000 you aren't saving for a rainy day, here are two stocks to invest in that qualify as bargains: Novo Nordisk (NVO 1.14%) and Tandem Diabetes Care (TNDM 1.79%).

1. Novo Nordisk

Novo Nordisk has trounced the stock market over the past year. It even defied the bear market of 2022. The drugmaker isn't far from its 52-week high of about $172 per share.

Then what exactly makes Novo Nordisk a bargain buy? It's because it still has substantial upside potential. As one of the undisputed leaders in the diabetes care market, Novo Nordisk is getting closer to launching what could be its next blockbuster product, icodec.

Last year, the pharma giant made impressive headway with its six-part phase 3 study for this potential once-weekly insulin product, with excellent results. Novo Nordisk said it would send regulatory applications for icodec in various countries, including the U.S., Europe, and China, in the first half of 2023.

Here's why icodec could be such a big deal. There are about 37 million people in the U.S. who have diabetes, and of those, 90% to 95% have type 2. People with type 2 diabetes don't always need insulin, but those who do typically take it daily.

Assume there's a potential market of just 5% of the total number of diabetics in the U.S. who could benefit from icodec. That's 1.85 million people who would gladly ditch daily insulin for a more convenient weekly option that would also cut down on the potential for human error. And again, that's just looking at the U.S. market. The worldwide opportunity is massive.

Of note, Eli Lilly is developing a competing weekly insulin option. But Novo Nordisk has remained near the top of this market despite competition from Eli Lilly and French-based biotech Sanofi.

As of February, Novo Nordisk had a 46.3% share of the global insulin market although that declined by almost 1 percentage point year over year. The company had a 32.2% share of the worldwide diabetes market as of February, an increase from 30.5%, one year prior.

Icodec should improve Novo Nordisk's overall prospects, and its current crop of approved medicines will also continue to drive growth. The company has other candidates that extend beyond diabetes and into rare diseases, Alzheimer's disease, and more. That's why there's still plenty of room to grow for Novo Nordisk, even at its current levels.

With $5,000, investors can get 30 shares of the company at its current price, which would be a great move. 

2. Tandem Diabetes Care

Tandem Diabetes Care has lost nearly 62% of its value over the past year. The diabetes-focused medical device specialist, best known for its t:slim X2 insulin pump, has seen its revenue growth decline as it remains unprofitable. But the recent sell-off looks way overdone. Tandem is well-positioned to rebound and deliver solid returns over the long run. 

That's first due to the vast opportunity at its disposal. Tandem Diabetes Care estimates that the type 1 diabetes pump market in the U.S. is only 39% penetrated. That number is even lower abroad.

But why would diabetes patients switch to pumps? Because relying on multiple daily injections (MDIs) is painful and far less convenient than insulin pumps. That's why about half of Tandem Diabetes Care's new customers are migrating from MDIs.Still, there are many options on the market. Can Tandem's t:slim X2 continue to attract enough customers?

The device has many features that patients find attractive, including its relatively smaller size. Tandem estimates that it is up to 38% smaller than those of competitors. But perhaps one of the best things about the t:slim X2 is that it can be paired with some continuous glucose monitoring (CGM) devices, such as DexCom's G6.

Once paired with CGM technology, the t:slim X2 can predict blood glucose levels and adapt insulin delivery accordingly. Tandem Diabetes Care reports that 50% of its customers switch from another pump. The company currently has an installed base of 430,000, a number that should continue growing. 

Tandem's vast opportunity and brilliant technology make it an attractive stock. Investors can buy 192 shares of the company at about $26 apiece with an initial capital amount of $5,000.