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The S&P 500 finished the year on a high note in December as positive economic data, falling inflation and the possibility of 2024 interest rate cuts boosted investor sentiment. After a strong December performance, the S&P 500 finished 2023 up more than 24% and within striking distance of all-time highs. Top 2023 stock market performers included artificial intelligence stocks, cryptocurrency miners and health care stocks with unique catalysts.
Here are the 10 best-performing stocks of 2023 among companies that traded on major U.S. exchanges and had market capitalizations of at least $1 billion:
| Stock | 2023 Performance* |
| 1. Jin Medical International Ltd. (ticker: ZJYL) | 3,020.1% |
| 2. Soleno Therapeutics Inc. (SLNO) | 1,932.8% |
| 3. Carvana Co. (CVNA) | 1,016.9% |
| 4. Cipher Mining Inc. (CIFR) | 637.5% |
| 5. Marathon Digital Holdings Inc. (MARA) | 586.8% |
| 6. ImmunoGen Inc. (IMGN) | 497.8% |
| 7. MoonLake Immunotherapeutics (MLTX) | 475.1% |
| 8. CleanSpark Inc. (CLSK) | 440.7% |
| 9. BridgeBio Pharma Inc. (BBIO) | 429.8% |
| 10. Affirm Holdings Inc. (AFRM) | 408.2% |
*Based on adjusted closing prices on Dec. 30, 2022, to Dec. 29, 2023.
10. Affirm Holdings Inc. (AFRM)
Affirm is a leading “buy now, pay later” (BNPL) services provider. BNPL loans are short-term installment loans that allow customers to pay for purchases over time with no interest. Rather than collecting interest from borrowers, BNPL companies make the majority of their money by charging merchant fees, which typically range from 4% to 9.5%. In November, Affirm reported fiscal first-quarter gross merchandise value (GMV) of $5.6 billion, up 28% from the fourth quarter. Revenue less transaction costs (RLTC) was up 16% from a year ago, while total revenue was up 37%. The stock was up 408% in 2023.
9. BridgeBio Pharma Inc. (BBIO)
BridgeBio Pharma is a biopharmaceutical company focused on treating genetic diseases and cancers that have a single genetic driver. The stock jumped more than 60% in early March when BridgeBio released positive results from its phase 2 clinical trials of infigratinib in treating children with achondroplasia. The stock got another big boost in July when BridgeBio reported positive phase 3 data for its clinical trials of acoramidis in treating transthyretin amyloid cardiomyopathy (ATTR-CM). BridgeBio’s $7 billion market cap also makes it a potentially attractive buyout candidate. Investors expect more positive data ahead, and BBIO shares gained nearly 430% in 2023.
8. CleanSpark Inc. (CLSK)
CleanSpark is a Bitcoin mining and energy technology company and is one of several Bitcoin miners that rode the 2023 crypto bull market wave and generated top market performances this year. In November, CleanSpark reported 28% year-over-year revenue growth in fiscal 2023. The company also nearly doubled its Bitcoin production in 2023, mining 6,903 BTC. Traders didn’t mind the company’s $137 million net loss on the year and focused instead on its impressive growth. CleanSpark has also improved efficiency, surpassing a hashrate of 10 exahashes per second. The stock was up 440% in 2023.
7. MoonLake Immunotherapeutics (MLTX)
MoonLake Immunotherapeutics is a clinical-stage biotechnology company investigating novel nanobody sonelokimab in treating inflammatory diseases. MoonLake shares gained nearly 80% in just four days in late June after the company reported positive mid-stage results from trials testing sonelokimab in treating patients with moderate to severe hidradenitis suppurativa (HS). In the third quarter, MoonLake released additional positive 24-month data from its sonelokimab HS trials and announced landmark Phase 2 results for sonelokimab in treating active psoriatic arthritis. Wall Street has high hopes for the drug and the company, and MoonLake’s share price finished 2023 up 475%.
ImmunoGen is a biotech company that targets cancer using antibody-drug conjugates, select cancer-killing toxins attached to specific antibodies using a biodegradable linker. The stock rallied in May when ImmunoGen reported positive phase 3 data for Elahere (mirvetuximab soravtansine) in treating folate receptor alpha (FRα)-positive platinum-resistant ovarian cancer in patients who have received prior chemotherapy. The stock skyrocketed more than 80% on the final day of November, when pharmaceutical giant AbbVie Inc. (ABBV) announced a $10.1 billion buyout of ImmunoGen priced at $31.26 per share. Following the buyout news, IMGN shares gained 497% overall in 2023.
5. Marathon Digital Holdings Inc. (MARA)
Marathon Digital is one of the largest Bitcoin miners in North America. Marathon shares have gotten a big 2023 boost from the rebound in the crypto market. In November, Marathon reported net income of $64.1 million in the third quarter and said Bitcoin production was up 467% year over year to 3,490 BTC. It also said its energized hashrate increased 403% and its combined cash and Bitcoin holdings now exceed its debt for the first time ever. Bitcoin mining was far more profitable in 2023 than in 2022, and Marathon’s stock price gained 586% on the year.
4. Cipher Mining Inc. (CIFR)
Cipher Mining operates a U.S. Bitcoin mining business. BTC prices rose 154% in 2023, so it’s easy to understand why Cipher shares have performed extremely well. In the third quarter, Cipher completed the buildout of its Odessa data center and reached an all-time-high self-mining hashrate capacity of up to 7.2 exahash per second. The company has 70,000 deployed mining rigs and mined 433 Bitcoin in November. Cipher also has a relatively high short interest, and another significant rise in Bitcoin prices could trigger a significant short squeeze. The stock finished 2023 up 637%.
Carvana is an online used car sales platform that allows buyers to have cars delivered directly to their homes. Two years after Reddit stock traders sent shares of struggling meme stocks GameStop Corp. (GME) and AMC Entertainment Holdings Inc. (AMC) skyrocketing, social media traders have once again rallied behind Carvana in 2023, triggering a short squeeze in the stock despite its lackluster business performance. Carvana reported $741 million in net income in the third quarter, but revenue dropped 18% and retail units sold dropped 21%. Regardless of its underwhelming business fundamentals, Carvana’s 1,017% gain in 2023 was certainly impressive.
2. Soleno Therapeutics Inc. (SLNO)
Soleno Therapeutics is a clinical-stage biopharmaceutical company focused on treating rare metabolic and neurobehavioral disorders. The stock skyrocketed more than 372% on Sept. 26 after Soleno reported its lead therapy, diazoxide choline controlled-release (DCCR), performed well in a long-term study treating Prader-Willi syndrome (PWS). The company said it is now preparing a new drug application for DCCR to submit to the U.S. Food and Drug Administration in mid-2024. Soleno also recently completed a public offering and concurrent private placement to help it prepare for potential commercialization of DCCR. Following the DCCR news, SLNO shares are up 1,932% year to date.
1. Jin Medical International Ltd. (ZJYL)
In a year of strong market performances, none were better than Chinese wheelchair and living-aid product company Jin Medical. Jin went public in March 2023, pricing its initial public offering at $8 per share. Jin reported 8.3% revenue growth and $1.7 million in net income for the six months ended March 31, 2023. Jin Medical has a float, or number of free-trading public shares not held by company insiders, of just 1.8 million shares, making it extremely volatile. Since its IPO, Jin shares have exploded higher by 3,020% to above $240 per share.
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