After a period of sustained losses, the stock market has been staging a comeback, with valuations across the board moving in one direction – higher. Between March 14 and March 23, the S&P 500 rose ~8%, while the NASDAQ was up ~12%.
Oppenheimer’s Chief Investment Strategist John Stoltzfus offers an explanation for the powerful rally: “In our view it wasn’t so much that investor sentiment had turned broadly positive last week but rather that enough investors started to see numerous positives among economic data points and corporate management commentaries and actions to offset a deluge of worries that have dogged the markets since early this year.”
In fact, the major equity benchmarks are now above the levels they were when Russia first invaded Ukraine, suggesting to Stoltzfus that “projections of the impact on the US from the hostilities in Eastern Europe have been overblown.”
Investors will be keeping an eye on a range of economic and macro data presented this week to see if that rally was just a one-off or if sentiment has truly turned. In the meantime, Stoltzfus continues to “favor equities in the current transitional environment.”
With this in mind, the stock analysts at Oppenheimer have made it easier to find equites that are particularly promising. They have pinpointed two names which they believe are ready to blast higher – in the order of at least 90%. Using the TipRanks database, we can get idea what the rest of the Street thinks lies in store for these stocks. Let’s take a closer look.
aTyr Pharma (LIFE)
We’re talking about at least 90% gains and the natural place to turn to for such mercurial returns will be the biotech space. aTyr Pharma is an early-stage biotech which aims to turn unique biological pathways into novel medicines for better patient outcomes.
The company is an expert in tRNA synthetase and NRP2 biology; the focus of its research is on the extracellular functionality and signaling mechanisms of tRNA synthetases. With more than 300 protein compositions patented, aTyr has established a global intellectual property estate…