The Nasdaq Composite has been on a tear this year and is poised to have its best first half in four decades. The tech-heavy index has rallied 27.41% so far this year, as of Monday’s close. If it holds above a 27.31% gain before the week’s end, it will be the best first half since 1983, when the Nasdaq added 37.13%. If it falls below a 27.31% gain but above 24.14%, it would be the best first-half performance since 1991. Tech stocks have rebounded this year as investors bet on the Federal Reserve ending interest rate hikes and the potential of artificial intelligence. That rotation back into growth names has helped push the Nasdaq higher. Mega-cap names have seen large gains, with AI darling Nvidia spiking more than 175%, Meta jumping about 135% and Amazon adding more than 50%. Yet, it is the smaller stocks that have been the biggest winners. Here are the Nasdaq names that brought in the largest gains so far this year, all with market caps above $500 million. “Practice-changing” results of ImmunoGen ‘s phase three trial for its experimental drug for ovarian cancer helped fuel the biotech’s rally this year. The trial showed the drug demonstrated a “statistically significant and clinically meaningful improvement” in prolonging the lives of patients, ImmunoGen said . The stock has an average rating of buy, but 6% downside to the average analyst price target, according to FactSet. ImmunoGen has a $4.8 billion market cap. Applied Digital also has an average rating of buy, but there’s about 44% upside to the average analyst price target, per FactSet. On Tuesday, the stock shed a fraction of its nearly 400% run-up this year after the company gave guidance following the bell Monday that missed analyst expectations. Applied Digital’s fiscal fourth-quarter estimate for adjusted earnings with interest, taxes, depreciation and amortization was $2.7 million to $3.2 million, below the $3.7 million anticipated by analysts polled by StreetAccount. Its fourth-quarter revenue forecast was $22 million, versus the $23.1 million expected.
This story originally appeared on CNBC
