Carvana and Soleno Therapeutics Outshine Tech Titans with Massive Stock Gains in 2023

In an unexpected twist in the stock market, two companies have remarkably outperformed industry giants. Biotech firm Soleno Therapeutics Inc (NASDAQ: SLNO) and online used-car retailer Carvana Co (NYSE: CVNA) stand out as the top stock performers for the year 2023, with returns that pushed past those of heavyweights Nvidia, Apple, and Microsoft.

Unprecedented Growth

What Happened: The financial landscape of 2023 has witnessed Soleno Therapeutics and Carvana achieving growth that has captured the market's attention. Reporting over 1,900% increase, Soleno's progress was spurred by its new treatment for Prader-Willi syndrome, which demonstrated favorable outcomes. Carvana, on the flip side, saw its value jump by 1,030% as it remarkably navigated through financial turmoil to stabilize its operations and secure its future.

Soleno Therapeutics watched its share price soar from a modest $2.19 to an impressive $39.47 by the end of December 27, 2023. Carvana shared a similar trajectory, with its stock price climbing from $4.63 to $54.39 in the same timeframe.

A Defining Year for Carvana

Reviewing Carvana's monumental success, Mike McKeever, the head of capital markets at the company, dubbed 2023 a 'defining year.' This success story further extends to other market players, like Affirm Holdings, which itself saw an over 400% stock price increase within 2023.

The Market's Peculiar Bull Run

Analysts have termed the 2023 stock market surge as one of the 'weirdest bull markets in decades.' Despite a few stocks experiencing astonishing leaps in their value, the overall market, including the S&P 500 and the Dow Jones Industrial Average, continues to grapple with uncertainty. This scenario has unfolded amidst various policy changes by the Federal Reserve.

For perspective, Nvidia’s shares, which also enjoyed a bullish run, saw a substantial but smaller 245% increase. Tech behemoths Apple and Microsoft experienced gains of 54.47% and 56.14%, respectively, highlighting the exceptional performance of Soleno and Carvana relative to these established names.

Carvana, Soleno, Stocks