The Russell 2000 Index and the IWM ETFs jumped by 13% this year as global stocks continued their uptrend. It has now risen by over 25% in the last five years, underperforming other blue-chip indices like the Dow Jones and the Nasdaq 100. This article explores some of the top gainers in the Russell Index this year.
The Oncology Institute was the top gainer in the Russell 2000 Index
The Oncology Institute, a company serving nearly 2 million cancer patients, was the best-performing company in the Russell 2000 Index this year as it jumped by over 1,090%. It rose to a high of $4.85, up by over 2,100% from the year-to-date low.
The company benefited from the rising revenue growth. It estimates that its annual revenue will jump to $500 million this year from $393 million last year. Most of this revenue came from the specialty pharmacy business, followed by fee for services and capitation.
The Oncology Institute will likely continue doing well as cancer cases in the United States continue growing over time.
The other top gainers in the Russell 2000 Index were companies in the biotechnology industry like Palvella Therapeutics, Cidara Therapeutics, Terns Pharmaceuticals, Nutex Health, and Zenas BioPharma. All these stocks jumped by over 370% this year as they made progress in their research.
Planet Labs (PL)
Planet Labs was the second-best-performing company in the Russell 2000 Index and the IWM ETF which is not in the biotechnology industry. Its stock jumped to a high of $20.90 this year, up by 1,098% from the all-time low.
The company, which is in the satellite imagery industry, surged after the management announced strong earnings and guidance. Its most recent numbers showed that its fourth-quarter revenue will be between $76 million and $80 million, higher than the previous guidance of $73.5 million.
The company also expects that its annual revenue will be between $297 million and $301 million, higher than what analysts were expecting. This growth happened as the company pivoted to government contracts, with its commercial business remaining under pressure.
EcoStar Corporation stock jumps ahead of SpaceX IPO
The other notable gainer was EchoStar, whose stock jumped by 356% this year. This growth happened as the company continued its partnership with SpaceX. Just recently, the company reached a $2.6 billion deal with SpaceX. Under that deal, the firm will receive $2.6 billion in fees for more spectrum from SpaceX.
The company has reached spectrum deals worth over $40 billion with companies like AT&T and SpaceX. Also, analysts expect its deals will accelerate after SpaceX goes public.
ThredUp (UP)
ThredUp, a company offering a platform to second-hand clothes, is another top gainer in the Russell 2000 Index as it jumped by 332% this year. Its growth accelerated as the company continued seeing more demand amid the ongoing inflationary environment.
The stock also jumped as investors saw it as a good turnaround story and the fact that it has established itself as a good asset-light resale infrastructure play. However, its surge has also attracted short-sellers, with its short interest rising to 15%, a sign that some investors anticipate it to retreat soon.
The other top gainers in the Russell 2000 Index were companies like Hecla Mining, Bloom Energy, ViaSat, Better Home & Finance, US Gold, Oklo, and SSR Mining.
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