Will SpaceX Stock Double Anytime Soon? No -- but These 3 Stocks Could

Even after its sharp pullback, Space Exploration Technologies' (NASDAQ: SPCX) market cap still hovers around $2 trillion. That's an astronomical (no pun intended) valuation for a company that generated revenue of $18.7 billion last year and posted a loss of nearly $5 billion.

Could SpaceX double anytime soon? It's highly unlikely. Maybe over a long period of time, the company will open up exciting new markets that could lead to its share price gaining 100% or more. However, its premium pricing and the prospects of near-term insider selling after the lockup period expires present significant hurdles to the stock doubling over the next two or three years.

Investors who want explosive upside don't need to bet on science fiction valuations. Here are three stocks that have realistic paths to doubling relatively quickly.

Image source: Getty Images.

1. ADMA Biologics

Unlike SpaceX, ADMA Biologics (NASDAQ: ADMA) is already profitable. And its earnings are growing. The company posted net income of $407 million in the first quarter, up 22% year over year.

ADMA markets three approved products, all plasma-derived immunoglobulin (IG) therapies. Asceniv is its flagship product, generating roughly 86% of total revenue. It was approved by the U.S. Food and Drug Administration (FDA) in 2019 for treating primary humoral immunodeficiency, a group of genetic disorders in which the body's immune system can't make enough antibodies, called immunoglobulins, to defend against infections.

The consensus analysts' 12-month price target for this biotech stock is almost exactly double the current share price. Raymond James (NYSE: RJF) recently initiated coverage of ADMA Biologics with a buy recommendation and a price target that implies potential upside of around 140%.

What's behind Wall Street's optimism about ADMA? For one thing, the company has captured only around 4% of its total addressable market so far. That market is expected to grow at a compound annual rate of 10% through 2033. ADMA has also developed technology that delivers IG production yields 20% or more higher with the same quantities of plasma, which should boost both revenue and earnings.

2. EyePoint Pharmaceuticals

EyePoint Pharmaceuticals (NASDAQ: EYPT) and SpaceX share at least two things in common. Both stocks are up around the same percentage year to date. Both companies are losing money. But EyePoint has a better excuse for its lack of profitability: it doesn't yet have an approved product.

That could change soon. EyePoint expects to report top-line results from two late-stage clinical studies evaluating Duravyu for the treatment of wet age-related macular degeneration (AMD) any day now (the company told investors the trials are "on track for data readouts beginning mid-year"). Enrollment in another Phase 3 study of the drug for the treatment of diabetic macular edema (DME) should wrap up in the third quarter of 2026.

Wet AMD and DME represent a combined global market opportunity of over $15 billion. These markets are currently dominated by three drugs: Bayer's (OTC: BAYRY) and Regeneron's (NASDAQ: REGN) Eylea, Roche's (OTC: RHHBY) and Novartis' (NYSE: NVS) Lucentis, and Roche's Vabysmo. EyePoint's Duravyu uses a sustained-release formulation that can reduce injection frequency, making the therapy highly attractive to physicians and patients if approved.

Because of Duravyu's tremendous potential, Wall Street is overwhelmingly bullish about EyePoint. All 12 analysts surveyed by S&P Global (NYSE: SPGI) in June rated the stock as a "buy" or "strong buy." The consensus 12-month price target is 165% higher than EyePoint's current share price.

To be sure, FDA approval of Duravyu isn't a slam dunk. Neither is commercial success. However, EyePoint's prospects of doubling over the next couple of years appear much higher than SpaceX's.

3. Viking Therapeutics

When most people think about investing in GLP-1 stocks, Eli Lilly (NYSE: LLY) and Novo Nordisk (NYSE: NVO) probably come to mind first. But another stock appears to be on track to give Lilly and Novo a run for their money: Viking Therapeutics (NASDAQ: VKTX).

Viking Therapeutics is in the same boat as EyePoint Pharmaceuticals in some respects. The company remains unprofitable because it doesn't yet have an approved drug. However, like EyePoint, Viking could have good news on the way. It's evaluating the lead obesity candidate, subcutaneous VK2735, in two Phase 3 trials. The drugmaker plans to begin another late-stage study of oral VK2735 in the fourth quarter of 2026. Both formulations of VK2735 have shown significant promise in earlier clinical trials.

In addition, Viking's pipeline includes three other experimental therapies in clinical development. VK2809 completed a Phase 2 study targeting metabolic steatohepatitis (MASH), a fatty liver disease. VK-0214 is in early stage testing as a potential treatment for X-linked adrenoleukodystrophy, a rare genetic disease. Viking also recently initiated a Phase 1 study of VK3019 as a weight-loss treatment.

Investing in Viking Therapeutics comes with risks. However, the upside is enormous. As a case in point, the average price target for the stock is 146% higher than Viking's current share price.

Keith Speights has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Adma Biologics, Regeneron Pharmaceuticals, and S&P Global. The Motley Fool recommends Roche Holding AG and Viking Therapeutics. The Motley Fool has a disclosure policy.