The article highlights three biotech and semiconductor stocks that have more than doubled in the past 12 months but may have further upside potential. Abivax is advancing obefazimod for ulcerative colitis with strong clinical results. Krystal Biotech is generating strong revenue growth from its approved DEB treatment Vyjuvek with significant market expansion opportunities. Marvell Technology is capitalizing on AI infrastructure spending demand for custom chips as an alternative to Nvidia's GPUs.

Three stocks—Moderna, Krystal Biotech, and AMD—have significantly outperformed the S&P 500 this year and are positioned for continued growth. Moderna is advancing toward approvals for its influenza and norovirus vaccines plus cancer vaccine candidates. Krystal Biotech's gene therapy Vyjuvek for rare skin disease is generating strong earnings with expansion opportunities. AMD is capitalizing on AI growth through its server CPU leadership and gaining market share from Intel.

Krystal Biotech announced it will present on multiple gene therapy programs at scientific conferences in May and June 2026, including presentations on KB409/KB410 for primary ciliary dyskinesia at ASGCT, interim CORAL-1 trial results for KB407 in cystic fibrosis at ATS, and KB707 immunotherapy data at ASCO.

Vertex Pharmaceuticals faces potential competition from newer cystic fibrosis drugs like Krystal Biotech's KB407 gene therapy, which could work for all CF patients versus Vertex's limited mutation coverage. However, the company's core franchise appears safe through the late 2030s due to patent exclusivity, and Vertex is actively diversifying its pipeline with approvals in gene editing and other therapeutic areas.

ACT Capital Management invested $7.25 million in Viking Therapeutics, acquiring 206,100 shares. Viking, a clinical-stage biotech company, is developing obesity and metabolic disorder treatments, with its lead candidate VK2735 showing promising Phase 2 results of up to 14.7% weight reduction. The company has $706 million in cash runway and is advancing multiple clinical programs including Phase 3 trials.

Redmile Group increased its stake in Nurix Therapeutics by 4.4 million shares worth $63.43 million, bringing its total position to 11.31% of its assets. Despite the stock being down 6.5% over the past year, the fund's conviction in the biotech company reflects confidence in its lead BTK degrader program entering a registrational trial with strong Phase 1 data showing 83% objective response rate.

ImmunityBio stock surged 41.36% on Feb. 18, 2026, after the European Commission granted conditional marketing authorization for its Anktiva immunotherapy to treat bladder cancer. The approval expands access to over 30 new countries and positions the drug for accelerated sales growth. Despite the positive news, the stock remains volatile and heavily dependent on Anktiva's continued success.

Soleus Capital Management increased its stake in Celcuity by 629,398 shares, bringing its total holdings to over 1.8 million shares valued at $180.36 million. This purchase elevated Celcuity to Soleus's third-largest holding, representing 6.7% of the fund's AUM. The move signals bullish confidence in the clinical-stage biotech company, which has seen its stock surge 745% over the past year.

Krystal Biotech announced it will report Q4 and full year 2025 financial results on February 17, 2026, with preliminary 4Q 2025 VYJUVEK net revenue of $106-107 million. The company also received FDA RMAT designation for KB707 for advanced or metastatic non-small cell lung cancer treatment, demonstrating progress in its clinical pipeline.

Krystal Biotech reported preliminary 4Q 2025 VYJUVEK net revenue of $106-107 million and full-year 2025 revenue of $388-389 million. The company outlined an ambitious strategic vision to become a global leader in rare disease with plans to launch at least four marketed medicines by 2030, treating over 10,000 patients. The company maintains a strong balance sheet with $955 million in cash and investments, and expects combined non-GAAP R&D and SG&A expenses of $175-195 million in 2026.

S Squared Technology increased its Ambarella position by 35,000 shares (worth $4.8 million) in November, bringing total holdings to $12.7 million. The purchase preceded Ambarella's late-November earnings report, which triggered a 20% stock decline despite record revenue growth of 31% YoY and raised full-year guidance to 38%. The fund's timing suggests confidence in long-term fundamentals despite near-term margin concerns.

Connecticut-based fund Braidwell established a new $50.8 million stake in Acadia Pharmaceuticals, representing 2.1% of its reportable U.S. equity assets, as the company shows strong quarterly performance and potential for growth in neurological disorder treatments.