After a blowout first-quarter performance, stocks have pulled back slightly from their all-time highs this April – and some of Wall Street’s favorite momentum-fueled names have corrected even more sharply from their recent peaks. If you’ve been waiting to buy the dip on growth stocks, opportunities are cropping up across the market; several outperforming stocks are currently priced at a significant discount not only to their own 52-week highs, but to analysts’ consensus price target estimates, as well.
Here are five “strong buy” growth stocks you can consider buying in May 2024.
1. Viking Therapeutics Stock
Valued at a market cap of $8 billion, Viking Therapeutics (VKTX) is a clinical-stage biopharmaceutical company that develops therapies for metabolic and endocrine disorders. It is currently developing anti-obesity medicines – a market that is forecast to expand to $77 billion by 2030, up from $2.4 billion in 2022, according to a Morgan Stanley (MS) report.
Viking’s weight-loss drug VK2735 is in the clinical trial stage. Its phase 2 clinical trial data showed a 14.7% decline in body mass for patients over a 13-week period.
VKTX stock is up 315% on a YTD basis, but can currently be scooped up at a 24% discount to its 2024 highs.
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