3 Overlooked Stocks Set to Soar in 2026

Axsome Therapeutics won FDA approval for Auvelity in agitation associated with Alzheimer's disease, with a June launch ahead, while 2025 Auvelity sales rose 74% to $507.1 million and total revenue increased 66% to $638.5 million. NovoCure also received FDA approval for Optune Pax in advanced pancreatic cancer and reported Q1 revenue up 12% to $174 million, though losses remain sizable. MBX Biosciences has $459.1 million in cash and is expecting a fourth-quarter readout on its monthly obesity candidate, but it remains pre-revenue and unprofitable.

Analysis

The tape is not yet pricing the shift from binary clinical stories to capital-efficient commercialization. AXSM is the clearest winner because a second label can extend the same commercial infrastructure across multiple CNS franchises, which is the kind of operating leverage the market usually underestimates until SG&A decelerates faster than revenue. The second-order effect is pressure on smaller psychiatry and Alzheimer’s symptom-management peers: a differentiated, non-amyloid behavioral readout gives physicians a practical alternative to a crowded dementia narrative, and payers may be more willing to reimburse symptom relief that delays institutionalization.

NVCR’s setup is different: the approval is less about a single indication than about validating an installed-base model that can compound through provider certification and referral flow. The key underappreciated variable is utilization, not headline approvals; if treated sites keep ramping, revenue can inflect with less trial risk than the market assumes. The counterpoint is that the stock still trades like a platform story with pharma-like optionality but medtech-like adoption friction, so any slowdown in reimbursement, patient adherence, or prescriber conversion can cap the rerating quickly.

MBX is the highest convexity, but also the most duration-sensitive. The cash runway reduces financing risk into 2029, which should compress the usual biotech discount rate, yet the stock likely needs only one clean obesity readout to reprice because the market still grants very little value to monthly dosing versus weekly incumbents. The missing consensus piece is that obesity is becoming a cadence war as much as a weight-loss war; if MBX can show even modest efficacy with materially better convenience, the addressable pool may expand beyond current GLP-1 users into switchers and treatment-intolerant patients.

Key Decisions for Investors

• Long AXSM on a 3-6 month horizon into the first post-launch quarters of the new Alzheimer’s indication; upside is a multiple expansion if revenue growth remains >50% while operating losses narrow, with downside limited unless uptake disappoints or payer coverage stalls.
• Use AXSM call spreads rather than stock if liquidity allows; the risk/reward is favorable into launch milestones, but implied volatility should stay elevated around early sales prints.
• Maintain a tactical long NVCR only on evidence of sustained provider certification and utilization growth over the next 1-2 quarters; this is a reopen-the-multiple trade, not a straight-line growth story.
• Pair long AXSM / short a basket of slower-growth CNS names with weaker launch momentum; the relative-value angle is that AXSM is transitioning from pipeline optionality to revenue compounding faster than peers.
• Speculative long MBX only as a catalyst-driven position into the obesity readout; size small because the binary can work both ways, but the cash runway makes this one of the cleaner upside-to-dilution profiles in late-stage biotech.