These 3 Stocks Trounced the S&P 500 in the First Half of 2026 -- and Wall Street Thinks 1 of Them Could Soar Even More

The S&P 500 finished the first half of the year with a win, but it wasn't without a struggle. Though the index had its ups, it also had its downs, as worries about turmoil in Iran, rising oil prices, an uncertain economy, and tech spending on artificial intelligence (AI) weighed on sentiment.

This also pushed down many of the recent stock market winners, such as AI stocks, and buoyed other potential growth names as investors shifted into new opportunities. And this brings us to the subject of the three stocks that trounced the S&P 500 in the first half of 2026. They are three biotech companies with key catalysts on the horizon, and investors recognized their potential, driving them to double- and triple-digit gains.

Now, Wall Street thinks one of them could soar even more. Let's jump in for a close look.

Image source: Getty Images.

Surpassing the S&P 500's 9% gain

So, which biotech companies surpassed the S&P 500's gain of more than 9% in the first half? They are Moderna (MRNA +2.56%), Revolution Medicines (RVMD +0.40%), and Axsome Therapeutics (AXSM 0.70%). The chart below illustrates this fantastic performance.

^SPX data by YCharts

Now, this performance wasn't random, and instead, there were very specific reasons for it. Moderna, which slipped in recent years following declines in demand for coronavirus vaccines, has taken important steps along the path to recovery and growth. The company predicts as much as 10% revenue growth this year, and it's awaiting the potential approval of a new product: a flu vaccine just in time for the fall season. Regulators have set a target decision date for Aug. 5. The biotech aims to launch as many as three new products through 2028, making now an interesting moment to get in on the stock.

But, after such a huge gain so far this year, Wall Street actually expects the biotech stock to pull back over the coming 12 months. The average price forecast calls for a decline of about 40% from today's level. So, while Moderna looks promising, the stock might have gotten a little far ahead of itself, according to Wall Street.

A potentially game-changing drug

Revolution Medicines also saw explosive gains this year as it reported strong phase 3 results for what could become a game-changing cancer drug. The biotech's candidates inhibit the activity of RAS proteins, which may promote the growth of certain cancers. Daraxonrasib delivered an "unprecedented" survival rate in previously treated metastatic pancreatic cancer, a median of 13.2 months versus 6.7 months for patients treated with chemotherapy. The company now plans to submit the candidate for regulatory review.

Considering this and Revolution's late-stage pipeline, now may be a great time to own the shares, but Wall Street doesn't expect a huge gain in the coming months. The average forecast calls for an increase of about 2%.

This stock may climb 13%

So, by process of elimination, we've reached Axsome, the stock Wall Street expects to climb another 13% from today's level over the coming 12 months. Axsome develops drugs targeting central nervous system conditions, from Alzheimer's disease to migraine and narcolepsy. The company has three commercialized drugs, two of which are delivering double-digit growth -- the third is relatively new, but seems to be on track for growth. And two particular things may drive revenue and stock performance.

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NASDAQ: AXSM

Axsome Therapeutics

Today's Change

(-0.70%) $-1.71

Current Price

$242.60

Key Data Points

Market Cap

$13BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.Market cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

Day's Range

$239.02 - $251.25

52wk Range

$96.09 - $260.19

Volume

842.1K

Avg Vol

902.9K

Gross Margin

91.30%

First, Auvelity, which is already sold for major depressive disorder, recently won approval for agitation associated with Alzheimer's disease. This approval and launch should generate growth in the coming quarters. Second, the relatively new drug I mentioned above -- Symbravo for migraine, approved last year -- should also act as a revenue driver in the months ahead.

On top of this, the company has several phase 3 trials ongoing across five treatment areas. If these programs make it to the finish line, we could see explosive earnings growth down the road. All of this supports the idea of Axsome stock soaring even more in the second half of this year.